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Question: The paradox of value was a problem which preoccupied many economists during the early stages of the development of economics as a social science. The question was posed along the following lines: why is it that water, which is essential to human life, is cheap, whereas diamonds, which are inessential, have a high price? Distinguish carefully between total and marginal utility and use this distinction to explain the paradox of value.
What do measures above tell us about consumer behavior? Have incomes changed enough to offset inflation since 2000? What can we predict about future inflation?
This exercise will demonstrate the gains to total national output from a better distribution of an economy's labor force to higher productivity activities.
Based on the data provided here, calculate the items requested: a. The total annual operating cost of the motor vehicle.
Draw the capital market line. What is the optimal portfolio of a mean-variance in-vestor with risk aversion A = 2? What is the mean and standard deviation of this portfolio? Show this portfolio in the .gure. What is the value of this investor’s mean-..
Could NASCAR have done anything differently to insulate itself against the economic downturn - What should the series be called? Where will races be held? What companies
Describe the circumstances under which a firm chooses a low-cost strategy to attain sustainable competitive advantage. What about the situations when a differentiation strategy is chosen?
A study has estimated the effect of changes in interest rates and consumer confidence on the demand for money to be: ln M = 14.666 + .021 ln C ? 0.036 ln r, where M denotes real money balances, C is an index of consumer confidence, and r is the in..
After owning a used car for two years, you start having problems with it. You take it to the shop, and a mechanic tells you that repairs will cost $4,000. What factors will you take into account in deciding whether to have the repairs done or to j..
Explain carefully in terms of production theory why it might be that no amount of "cracking down" can increase worker productivity at CF&D.
Describe those parts of the U.S. agricultural system dependent on slave labor. Why was the U.S. agricultural labor partly and not wholly dependent on slavery? Use economic reasoning.
Big Drops in Prices for Crops Make It Tough Down on the Farm Grain prices have fallen roughly 50 percent from earlier this year.
Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.
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