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Amount of utility
The last cup of coffee I bought gave me a marginal utility of 10, bringing my total utility from all cups of coffee I have purchased to 200. The last pizza I bought gave me a marginal utility of 50, bringing my total utility from all pizzas purchased to 750 (I really like pizza!). The price of a cup of coffee is $2. The price of a pizza is $10. I have no more money to spend.
How might I have reallocated my spending so as to maximize my total satisfaction from pizza and coffee?
Assume you received a four percent increase in your nominal salary.
Among which of the subsiquent policies would decrease demand-pull inflation.
Three natural resources as well as products that could be traded abroad based on the principles of comparative advantage for India.
Describe the neoclassical theory of economic growth. Then explain how the neoclassical theory is impacted by research about endogenous technological changes and increasing marginal returns.
Define and describe the difference between the absolute advantage and the comparative advantage.
Consider the Figure below that represents a perfectly competitive firm
Expansion and contraction are commonly utilize terms in economics and the media.
Imagine that the firm must choose one of three quality levels: z = 1; z=2; and z = 3. Which quality choice will maximize the firm's profit?
If Tarzan also Jane are each nation willing to give-up on hour of patrol for 2 pounds of fruit, is the current allocation of Cheetah's time Pareto efficient.
All economics textbooks give examples that show diminishing marginal utility as consumption rises-However, it could be argued that a rational buyer should never experience negative marginal utility. Why?
Find out the price elasticity of demand regarding to the money price using "arc elasticity."
Utilize these determinants in judging either demand for every of the following products is elastic or inelastic.
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