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Describe or give example of a real-world dilemma where these six principles could be applied.
1. Understanding each dimension of the problem?
2. Who would benefit/suffer?
3. Alternative solutions legal/fair?
4. Your "gut feeling" level?
5. Defend your decision in public?
6. Did you consider and reconsider your responses to each question?
Consider the market for electricity. Suppose demand (in megawatt hours) is given by Q=50-p and that the marginal private cost of generating electricity is $10 per megawatt hour (p is the same units). Suppose further that smoke is generated in the ..
Explain which of the following transactions would be directly counted in 2007's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export.
Illustrate what is approximately the maximum amount the firm is willing to pay to be allowed to use more units of input x, for small.
Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
A rural utility company provides standby power to pumping stations using diesel-powered generators. an alternative has arisen whereby the utility could use a combination of wind and solar power generators, but it will be a few years before the ene..
The marginal damages to Community A are 1q. The marginal damages to community B are 2q.Now, two other factories start producing in the area and benefit from polluting, too. For each, the marginal benefit. two other factories start producing in the ar..
Elulcidate briefly the fundamental determinants of economic growth and development.
A manufacture is planning outsourcing their product to China, where the costs to produce the product are considerably cheaper. You have been brought in as a consultant to discuss economic considerations of such a move.
If the government equally increases pending and taxes by 1000, income will be increased by how much and what should the government do to increase income by 400?
Explain what would happen to the slope or position of the AD curve in the following circumstances.
Illustratr what is the Keynesian solution to a recession or depression. Explain how does the Keynesian multiplier work.
Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
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