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Economic theory offers ______ about the full range of possible events and responses, which can prevent _______ about how households will respond to changes in prices or incomes.
a) systematic consumption choices; unrealistic conclusions
b) two budget constraint theories; misguided possibilities
c) one budge constraint theory; unrealistic possibilities
d) a systematic way of thinking; misguided conclusions
q1. an electrical utility is experiencing a sharp power demand which continues to grow at a high rate in a certain
Assume that an English worker can produce 50 bottles whisky every hour or 1 sweater every hour.
For each of Marshall’s four rules of derived labor demand, come up with one example of an industry or job that you would expect to have especially elastic or inelastic labor demand based on that particular rule.
What might you reasonably expect of an industry in which firms tend to have economies of scale?
Assume that the market for wheat is perfect competitive, with demand curve P = 5000? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by TC = 1+Q+Q2, which results in marginal cost of M C = 1 + 2Q. A) ..
Assuming that the income effect is negligible, how much will he be hurt if the cost of strawberries goes from $1 a pint to $2 a pint.
The Prestige Office Equipment Company produces and sells different types of office furniture. One of the important items it sells is a high quality desk. Assume the variable unit cost per desk in the coming year will remain the same. Evaluate the pro..
Elucidate which methods resulted in the most hits. Elucidate which methods resulted in few or no hits.
Describe the difference between nominal, effective and real interest and calculate what is owed after 5 years for the following example. 10% interest on $100 over the course of 5 years. Where relevant, the compounding period is 1 year. Inflation is 5..
elucidate what will be the effect on the world price of wool. How does the marginal revenue to Australia from an extra unit of wool relate to the price of wool.
For a monopoly, the level of output at which marginal revenue equals zero is also the level of output at which
Describe whether Indian Consumer goods industry is growing at the cost of future profitability.
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