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What is the theory of diminishing marginal utility?
Discuss how, why (and whether) consumer demand for gasoline changes when the price of gasoline falls. As part of your answer, indicate what role the theory of diminishing marginal utility plays?
Why the price of computers dropped as their power and features has have increased?
Using above demanded schedule, find out the elasticity of demand for each price change. (Example: when price changes from $5 to $10, quantity demanded changes from 1000 to 800 oz., so the elasticity of demand, by using average values, is 1/3 or 0...
Is the company charging the optimal price for the product. Demonstrate how you know.
Compute the point price elasticity of demand for bearing grease. Compute the optional price for bearing grease if marginal cost is $4.50 per unit.
Briefly discuss and illustrate the circumstances under which the minimum wage would (1) not lead to unemployement, amd (2) not cause a reduction in the total earnings of low-wage workers who are still employed.
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
What is the growth rate of nominal GDP in the economy?An adverse supply shock raises the inflation rate associated with every output ratio by 3 percentage points. Draw the new short-run Phillips Curve.
Explain International Monetary System
The largo Publishing House uses 400 printers and 200 printing presses to produce books. A printer's wage is $20 and the price of a printing press is $5000.00. If not, how should the manager of Largo Publishing house adjust input usage?
Draw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis.
Describe what do you mean by the price elasticity of supply.
The size of the worker force in a community these folks are gainfully employed What is the unemployment rate.
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