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Illustrate the content in the rational consumer?
Content in the rational consumer:
a. How to spend income onto goods and services?
b. Why maximizing usefulness?
c. Why the principle of diminishing marginal utility applies to the consumption of most goods and services?
d. How to utilize marginal analysis to determine the optimal consumption bundle?
e. How decisions by individual consumers provide rise to the market demand curve
f. Income and substitution consequences
g. For a tax imposed while demand or supply, or both, is inelastic will cause a comparatively small reduce in quantity transacted and a small deadweight loss.
Really briefly, what are 2 methods of measuring external stability? In Australia generally.
Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema
Shifts in Supply and Demand When supply and demand vary at the same time, the impact on the equilibrium price and quantity is known by: 1. The shape of the supply and dema
You are the CFO for Carnival Corportaion and your boss, the CEO informs you that he wants to add three new cruise ships to the company''s inventory. Each ship will cost $500 millio
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
Specific Monopolist: Suppose a monopolist firm, I-Tech, pays $500,000 in short-run costs for its capital and unskilled labor. Its only short-run decision, th
What are the properties of indirect utility function? Properties of the indirect utility function: While u(x) is continuous and monotonic onto R L + and (p, m) > 0, the in
draw demand curve for a-phone explain how the graph, price ,and quantity demand will change if there is an overall increase in income.
suppose the production function is given as:X=b0Lb1Kb2,where b0=level of technology find marginal product of factors(MPL0and MPK) find factor intensity
Outline four limitation of game theory?
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