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Synopsis of Chapter-3 of the textbook - Economics:The Essentials
How the hypothesis of diminishing marginal utility is used to explain both the demand curve's negative slope and consumer surplus - a central concept in benefit-cost analysis;How small user charges can generate both large resource savings and small reductions in household utility; andHow supply and demand analysis is used to determine the extent to which taxes can be passed on to others.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
Explain how would either decision change if the government imposed a 20 percent tax on earnings and interest income. Illustrate what would happen if the government exempted interest income.
Illustrate the impact of inflation on consumption, aggregate demand.
Discuss the difference among inflationary gap and deflationary gap.
The president of a small industry has been complaining to his controller about rising labor and material costs.
The entire satisfaction consumer gets from consuming a good or service is________ utility, but the extra or additional satisfaction that a consumer gets from a good or service is ________ utility.
A severe drought has make a shortage of tomatoes. Jim makes his own barbeque sauce. One of the main ingredients of his sauce is fresh tomatoes.
Describe your understanding of what makes a cost or factor relevant to economic reasoning.
Using the midpoint formula, calculate the price elasticity of demand for the following problem: Calculate the income elasticity of demand using the general formula for elasticity:
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
What is the difference between the real interest rate and the nominal interest rate? How would not knowing the difference effect perceptions of the economy and affect people's decisions?
You are a manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online.
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