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Q. 1. What is the difference between marginal and total utility?
2. Can marginal utility be negative? Provide an example using your original thoughts and words.
3. Why is it not sufficient to just compare the marginal utility of two goods when maximizing utility?
4. Explain the income and substitution effects and use the concepts to describe what happens when the price of a product decreases.
5. Why would an ounce of gold be priced higher than an ounce of coffee beans though coffee is generally considered more essential than gold? Explain the paradox in terms of marginal and total utility.
Draw and show the change in the PPF when an outbreak of avian flu sickens millions of agricultural and industrial workers.
Elucidate what other types of variables should be considered when determining what is reasonable in terms of maintenance expense.
At a separating perfect Bayes-Nash equilibrium, what is the maximum amount of advertising that a restaurant conducts. What is the minimum amount.
If you were a supplier to the furniture producer, would have chosen to see the analysis performed in physical sales units rather than dollars of revenue.
Represent graphically the effects of an expansionary monetary policy and a contraction fiscal policy in the IS/LM/FX model.
Calculate the amount of former foreign monopoly profit that is transferred as tariff revenue to the home country when the home country imposes the tariff.
Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
Show how the answer depends on the shape as well as location of the supply as well as demand curves.
a homeowner can insulate his house and save $50 each year in heating bills. If the interest rates are 6%, should the house owner insulate or not.
Compare the sum of consumer and producer surplus for the monopoly with the results for perfect competition.
Statistical analysis indicates that a=0.8 and b=0.3. The firm's owner claims the plant has increasing returns to scale.
Calculate the cross-price elasticity of demand. Given the elasticity you calculated, did it make sense for supermarket to raise its price.
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