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Distinguish between Cardinal utility approach and Ordinal utility approach to consumer behavior.
Explain the consumer's equilibrium in terms Marshallian Law of equi-marginal utility. Give illustrations in support of your answer.
Identify at least one important entrepreneur that you would consider an "entrepreneurial legend" and state why you consider the person to be (or have been) exemplary. You must also identify at least one economic decision made by this entrepreneur tha..
Suppose a consumer’s preferences over goods 1 and 2 are represented by the utility function u(x, y) = (x+ y)^3. Draw an indifference curve for this consumer and indicate its slope.
Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20. According to the midpoint method, the government policy should hav..
Elucidate why it is often claimed that hospitals compete for doctors rather than patients. What are some of the implications of this phenomenon.
Suppose there is an increase in the population growth rate. Show graphically how this affects the growth rate of both output per capita and total output in the short and the long run.
One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. Depends on the costs and revenues above, which should you do. Elucidate and show any relevant calculations.
According to the law of increasing opportunity cost,
According to Malthus’s view, which of the following is a consequence of increased population? Which of the following happens when a person buys shares in a mutual fund? Which of the two bonds in each example would you expect to pay the higher interes..
Discuss the factors that cause the average income of nonwhites to be lower than the average income of whites. Explain how welfare creates work disincentives. Explain the changes in welfare caused by the "Personal Responsibility and Work Reconciliatio..
q1. the government of new holland is experiencing lower energy costs due to new technology in extracting energy sources
Use a diagram to explain the following: In the case of perfect substitutes, if the ratio of input prices equals the MRTS, will a unique solution to the firm's cost-minimization problem exist? In the case of perfect substitutes, if the ratio of input ..
The state government collected all taxes due, but its tax revenues were equal to $40 million each year. What happened to the sales tax base between 2006 and 2007? What could account for this result?
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