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Question 1: Describe the relationship between total utility and marginal utility.
Question 2: Explain if marginal utility can be negative.
Question 3: Examine the diamond-water paradox. Why are diamonds more expensive than water?
Question 4: Evaluate the law of diminishing marginal utility.
Question 5: Identify some items, explaining your reasoning, that do not follow the law of diminishing marginal utility.
Question 6: Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox.
Firms cam increase profits by increasing revenue and/or reducing costs. Provide three example (cite all reference) of firms that are trying to increase profits by raising revenue and three that are trying to do so by reducing costs.
If the marginal product of capital net of depreciation equals 10 percent and the rate of population growth equals 2 percent what must be the rate of technological progress for the economy to be at the Golden Rule steady state?
Explain how their global business competitiveness affects FDI in these countries.
Which country is capital abundant according to the Heckscher-Ohlin theorem? Given your answer to (a), draw the PPF for Canada. Also draw the indifference curve and the relative price line for the no-trade equilibrium.
A truck powered by a diesel engine working at a 100 percent load factor is operated at a mine. If fuel consumption for this truck is 0.3 l/kW
She wants the database to capture all relevant information on the university's alumni, including qualifications and work experience, and any donations they have made to the university.
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but can't distinguish among them:
Discussions will focus on three perspectives: Analysis of economic issues of importance to a particular country. Indicate the key issue currently facing nation.
Suppose that a light bulb manufacturing plant produces bulbs with a mean life of 2000 hours and a standard deviation of 200 hours. An inventor chime to have developed an improved process that produces bulbs with a longer mean life and the same stan..
If a country's consumption is based on the permanent income theory, suppose that today's income (period 1) is $100 and is expected to rise to $200 and $300 in period 2 and 3, respectively.
In the late 1990s a growing number of economists argued that world policymakers were focusing too much on fighting inflation. The economists also argued that the technical level of potential output had risen
lars consumes only potatoes and herring. when the price of potatoes was 9 crowns per sack and the price of herring was
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