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Total utility, marginal utility, and utility maximization
Can you please explain the concepts of total utility, marginal utility, and utility maximization.
Can you please define diminishing marginal utility and illustrate with two real-life examples - one for a business and one for an individual?
Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
Illustrate what are the 2 policy options used to influence the economy
Explain how each of the following would cause the yield curve to shift if between now and next year:
What is business cycle? Describe the four phases of the business cycle. Where on the business cycle do you think the U.S. economy is today?
In the short-run, machinery is fixed also labor is variable for a business that uses only these two inputs. If, at the current level of output, marginal product of labor is declining
Illustrate what can you say regarding your price elasticity of demand of apples
Calculate the cross-price elasticity for the following goods. Are they complements or substitutes?
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
After two years the City of Plentiful is faced with a fiscal crisis and decides that it wants its garbage back.
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
Make a schedule showing total product, average product of labor, and marginal product of labor using a range of labor inputs
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