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1. Suppose the wage rate is w = 1. An agent is working 6 hours per day and consumes 5 units of goods per day. Suppose that the agent claims to be indifferent between his current situation or working one more hour in exchange for two additional units of consumption. Is this agent maximizing is utility? Why? Should he be working more hours? or fewer?
Learning curve implies: 1) The requirement of labor falls per unit. 2) Costs will be high at 1 st and then will fall with learning. 3) After eight years the labor requ
What is contraction of supply?
Define injections and withdrawals. "The inflows in circular flow of income are known as injections". Investment, government spending and exports are there in injections "The
If the quantity demanded of Pepsi Cola goes up, and its supply enhances what will occur in the market for Pepsi?
Explain the difference between elastic and fixed supply
Review: Full, Anonymous: No Answer each of the following questions using economic theory covered in this lesson. 1. Marginal revenue product is defined as the change in total
1- a- What are the five components of a time series? b- Briefly explain how you would estimate each component. c- What does deterministc trend mean? How do you detren
concept of narrowness in pure economics
"Cross-Correlations of output(t) with" "x(t-1)" [3,] "output" "0.3" [4,] "consumption" "0.1
give assumption, rules/formulas and demonstrate that ramsey prices are the seconnd best pricing. explain clearly.
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