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1. Please Define or explain Marginal Rate of substitution and Short-run in one or two lines:
2. Explain what we mean when we say that a decrease in the price of a good can change a person's income.
3. Would a business facing decreasing returns to scale have a reason to grow larger or smaller. Please explain.
Through periods of inflation, all prices increase. Inflation rates differ across regions mainly because of differences in housing prices.
Your supervisor has asked you to compute the elasticities for each independent variable. Assume the following values for the independent variables.
How much revenue will be collected from the tariff? Calculate the increase in consumer surplus under free trade, compared to autarky.
Why isn't the combination of consumer and producer surplus maximized if there is either excess demand or supply - Why does nearly every purchase you make provide you with consumer surplus?
What is the GDP by both the expenditure and income methods?
Draw a smooth convex utility indifference curve and indicate optimal consumption point for a student who chooses not to resell the ticket under (2)
Illustrated below are the marginal cost and average total cost curve for a small firm that is in long-run equilibrium. a. Locate the long-run equilibrium price and quantity if the firm is perfectly competitive. b. Label the price and quantity P1 and ..
Consider a Bertrand model in which the above firms choose prices to post P_A and P_B simultaneously. Since the goods are identical, consumers will go to the firm with the cheaper price.
The Canadian consumer confidence rebounded sharply in September 2012. This is a significant rebound since the plunge in October 2008. According to some analysts, the good news from Europe and the jump in the stock market appear to have had an effect ..
as a student what opportunity costs do you confront by enrolling in university of phoenixs mba program? does your
A representative firm in a perfectly competitive, constant cost industry has a cost function TC= 100+4Q^2+100Q.
analyze the effects of each of the following on national saving investment and the real interest rate. explain your
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