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1. What is law of diminishing marginal utility?
2. Find out the marginal utility for the following schedule of consuming pizza
Pizza consumed
0
1
2
3
4
5
6
7
Total Utility
20
28
34
38
40
3. Explain briefly the Utility maximizing Rule.
4. How the demand curve can be derived from the utility Maximizing Rule?
5. What is income and substitution effect?
Which of the following is assumed in constructing a typical production possibilities curve? a. the economy is engaging in international trade. b. production technology is fix
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A scientist postulates that grazing by gastropod snails affects the settlement of Spirorbid worms in estuaries. She sets up a manipulative experiment to test this by using cages to
The following Table summarizes the profits of two firms as a function of their capacity investments levels (you can also interpret these levels as the quantities they produce):
Your project has an estimated cost for land reclamation to be realized at the end of 20 years from today for $70,000,000. If current bond long-term interest rates are 7% compounded
Enumerate the statement- Interest rates with longer maturity Since loans with longer maturities are substitutes for overnight loans, the central bank also has some control o
Below is a simple/familiar (I hope) worksheet for the "Dice Game". Answer the following questions given the data for the each Work Center's scheduled production:
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