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Considering the constrained consumer choice problem for two normal goods, Explain the process by which the consumer would choose how much to consume of each good. Use the constrained optimisation model supported by graphical and mathematical analysis in your answer.
Price fixing is a per se violation of Clayton Antitrust Act. From the materials in library and the Internet, find out an example of the price fixing case or other violations of U.S. antitrust law.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related. How do active and passive views of these concepts di..
What happens to the scale of firms in the long run What motivates firms to choose the scale of operation that they do How does the market adjust in the long run when firms are earning short-run economic profits
The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco products such as cigars and chewing tobacco.
Suppose that you observe that total utility rises as more of an item is consumed. What can you say for certain about marginal utility Can you say for sure that it is rising or falling or that it is positive or negative
Larry, Curly, Moe run the only saloon in town. Larry wants to sell as many drinks as possible. Moe wants to make the largest possible profits. Using a single diagram of the saloon's demand curve and its cost curves, show the price and.
Economics is about trade-offs. If more scarce resources are used to produce one thing, fewer will be available to produce others.” Evaluate this statement
If the ABC company owns the exclusive rights to mine land in Afghanistan for Lapis Lazuli, a rare stone used in jewelry which is found only in Afghanistan, the company benefits from a barrier to entry.
In the short run, a firm operating in a competitive industry will shut down if price is less than average total cost, less than average variable cost.
Can you tell from the available information which product will generate the most revenue? If yes, why? If not, what additional information do you need?
Suppose that consumption depends on the level of real money balances (on the grounds that real money balances are part of wealth). Show that if real money balances depend on the nominal interest rate, then an increase in the rate of money growth a..
Two partners who own Progressive Business Solutions, which currently operates out of an office in a small town near Boston, just discovered a vacancy in an office building in downtown Boston
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