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Matt and Johnny both purchase pop and chips at the same convenience store. They have different tastes for pop and chips, so Matt buys 3 cans of pop and 10 bags of chips whereas Johnny buys 15 cans of pop and 2 bags of chips. If they both have well-behaved (monotonic and diminishing MRS) preferences, then Matt's marginal rate of substitution between cans of pop and bags of chips is lower than Johnny's.
Suppose two identical firms produce widgets and they are the only firms in the market. Find the Cournot-Nash equilibrium.
You are a member of the Metropolitan Taxi Commission, which sets taxi fares for your city. You have been told that long lines of taxis form at the airport during off peak hours. At peak hours, on the other hand, few taxis are available and long li..
Elucidate what is the difference among real GDP and nominal GDP.
Will sales of whiskey increase or decrease also by what percentage amount.
Would you assume this as an externality, and if you do, what would you suggest be done about it.
Suppose that a firm in a perfectly competitive industry has the following total cost schedule; Compute a marginal cost and an average cost schedule for the firm.
The absolute value of coefficient of the price elasticity of demand.
Include an evaluation of the impact of past and current budget deficits or surpluses on the United State economy and on the airline industry.
Explain how would your answer change if you also noted that the biggest declines in the unemployment rate occurred.
In what ways do the offering MBA courses at other locations create producer and consumer borne value to both the university and the malls? What factors affect the ability of the university and malls to capture value?
The FCC has hired you as a consultant to design an auction to sell wireless spectrum rights. The FCC indicates that its goal of using auctions to sell these spectrum rights is to generate revenue.
In 1971, Congress conducted headings on emergency loan guarantee legislation for Lockheed Corporation, which was in the middle of a severe liquidity crisis due to losses on a number of military contracts.
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