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Wicksteed made a significant contribution to value theory during the marginal utility revolution. This contribution was the "Exhaustion of the product". Explain the importance of this contribution. Explain the significance of the Euler theorem and the assumption of constant returns to scale in deriving the solution. In what ways is this contribution similar to Marx's Transformation Problem, in what ways is it different?
describe how the US oil companies can remain competitive in the US market when over 35% of crude oil is currently sourced from domestic deep water drilling.
When she hired a fourth worker, her total product increased but by only 1,000 bullfrogs. Yolanda pays $1,000 a week for equipment and $500 a week.
Illustrate the expected total monetary loss under 4% of annual interest rate if this park is permanently closed this year.
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
Assume to latest discoveries in biochemistry significantly lengthen our life expectancy. Illustrate what is the impact on the educational attainment of workers
Compute the new equilibrium wage and the new number of jobs. Will the number of jobs increase or decrease.
Smith has been trying to sell his house for six months, but so far, there are no buyers. Sketch the market for Smith's house.
Some people are saying which majority of the budget deficit are funds which some branches of the government owe to other branches.
What is the equilibrium price? What is the equilibrium quantity? (d.) If the market price is $5 will there be a surplus or a shortage? Of how much?
Illustrate what marketplace structure did you assume. Would your answers in b change if the marketplace for sewing machines were competitive.
When the work was complete, Chuckrow paid Gough the original contract price but refutilized to pay him for the additional cost of reerecting the trusses.
Why does a union electrician earn less than a non-union electrician? Why does a white male earn more than a white female with the same level of education? Why does a movie actress like Angelina Jolie earn more than a movie actress from the 1940s?
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