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All economics textbooks give examples that show diminishing marginal utility as consumption rises. In addition, these books show that negative marginal utility will occur at some high level of consumption. However, it could be argued that a rational buyer should never experience negative marginal utility. Why?
Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades
If I told you that GDP was forecast to rise by a bit more than 3% over the next year, what would that mean to you? What should you be asking about the forecast?
Explain how each of the following scenarios would cause the aggregate demand, short-run aggregate supply, and/or long-run aggregate supply.
Consider the following situations. Evaluate how they would affect the level of productivity of labour.
Complete the following table by computing the marginal utility per dollar for successive units of X, Y, and Z to one or two decimal places.
Assume that the following information about the economy is correct. The potential GDP is 3 percent. Real GDP has fallen at a minus two percent rate in the last 12 months.
The Hanover Manufacturing Company believes that the demand curve for its product is P = 5 - Q-Evaluate the wisdom of the firm's pricing policy
Please evaluate the effect of the following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Assume an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP?
What are primarily intended to address the problem of insuring people who do not have health insurance? Would a public national health insurance system reduce total spending on health care in our economy?
In a simple model with no government or foreign sector, the amount of involuntary inventory accumulation at equilibrium is
Which of the following goods or services would be most likely to be subject to (1) external economies of scale and (2) dynamic increasing returns? Describe your answers.
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