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A person should consume more of something when its marginal: benefit exceeds its marginal cost. cost exceeds its marginal benefit. cost equals its marginal benefit. benefit is still positive.
Using production theory as a basis, is the CEO correct in his assumption that lazy workers or ineffective supervisors are to blame for the decline in productivity? What other explanations might be possible?
In the short run, a firm cannot vary its capital, K = 2, but can vary its labor, L. It produces output q. Explain why the firm will or will not experience diminishing marginal returns to labor in the short run if its production function is
Yet medicine with brand names that the man recognizes from television commercials sells for more the unadvertised versions. Elucidate in economic terms, this perplexing situation to the father.
The absolute value of Mars’ MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
A MN legislator proposes that increasing the tax on cigarettes from $1 per pack to $2 per pack. Our legislator believes this tax increase is justified because of the health risks from cigarettes. Is this tax increase economically justified? Explain c..
Use the Wall Street Journal article below “Copper Prices Slide to 5 1/2-Year Low” to analyze the recent changes in the market for copper. Demonstrate the changes in price on a supply and demand graph. Use specific price(s) and quantities when you can..
Determine how much a car owner would be willing to invest to achieve the new energy efficiency standards of 54.5 mpg. Assume that gasoline sells for $2.50/gallon and the owner expects to receive a 5% return on their investment. The owner travels 15,0..
You are a magazine publisher. You are in the middle of a one-year rental contract for your factory that requires you to pay $400,000 per month, and you have contractual labor obligations of $1 million per month per the labor union agreement. If the e..
A rightward shift of the long-run aggregate supply curve is caused by
q. 1. last year president obama proposed a job creation program that included a payroll tax cut? using economic theory
For each of the linear demand function p = -6q + 540 Calculate the price elasticity and write it only as a function of q, Calculate the marginal revenue, Draw demand and marginal revenue together on 1 graph. Show that the expected relationship betwee..
What are switching costs and what do they imply for pricing? Discuss three examples from the financial services industry showing how a marketer can take advantage of switching costs.
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