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Substitution vs Income Effect & Diminishing Marginal Utility
1) Explain how a price change is affected by (a) the substitution effect, (b) the income effect.
2) If someone is very thirsty and drinks five glasses of water, explain how the principle of the diminishing marginal utility is related to drinking each glass of water.
3) Explain the relationship between the ratio of marginal utility and the price of each good consumed in consumer equilibrium.
The Wozniak Corporation, a maker of aircraft engines, determines that in 2008 the demand curve for its product is as follows-What is the price elasticity of demand if price equals $500?
Vulnerability Analysis
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Suppose planned investment falls by 100. Graphically illustrate using the AE-Y graph the effects of this reduction in planned investment on the economy. Also calculate the new equilibrium level of income.
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
Explain why is it important for a country to calculate their GDP and release this information to the public.
As with this data how could you make the cost benefit test to tell if at a given percentage level abatement is effiecient.
Emily makes cartoons whioch she sells to her classmates. Her average product of labor is 5 cartoons every hour if she works for one hour, four per hour
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
Bertand: If the firms compete on the basis of (continuous) price, what is the Nash equilibrium if the game is played once? A finite number of times? Explain clearly.
Expalin how the actions of a mine operator can spend $5 million to free a trapped miner.
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
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