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Suppose the daily benefit you get from spending another hour studying microeconomics is described by B(t) = 12t - tr^2. a) What amount of studying time per day maximizes your benefits? b) Derive the marginal benefits, MB(t) c) Suppose that an alternative use of your time is to play video games that yields a constant benefit of 4 per hour, no matter how many hours you spend playing. How much time should you spend studying microeconomics?
Among which of the following U.S. policies and institutions may negatively influence U.S. long-run economic growth.
Elucidate in detail the interrelationships between economic facts, theory, and policy. Critically evaluate this statement: "The trouble with economics is that it is not practical. It has too much to say about facts."
For each option calculates the profit-maximizing price and quantity. Which, if any, of these compensation schemes would alter the deadweight loss from monopoly.
Illustrate what are the indicators of underdevelopment in a world economy.
what way the U.S trucking industry exemplified the capture theory hypothesis of government regulation prior to the capture theory hypothesis of government regulation prior to the passage of the Motor Carrier Act of 1980
Compute the certainty equivalent of his bet. Calculate the Arrow-Pratt measure of absolute and relative risk aversion.
As per to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. Elucidate is a company violating the optimality rule.
The Marginal Product of Labor and the Marginal Product of Capital are given.
Assume the market for cough syrup is in equilibrium. Now, suppose the government imposes a price ceiling that is above the original equilibrium price. Illustrate what are the economic effects of the price ceiling?
Milton Freedman, the champion of the Monetarists School of Economics, basically proved that it was monetary theory, changes in the money supply, that was the only way to affect the economy. Pump priming was false.
Suppose that both countries are currently producing three pairs of boots and three shirts. Elucidate that both can be better off if they each specialize in producing one good and then engage in trade.
What will happen to equilibrium price of new textbooks if more students attend college, paper becomes cheaper, textbook authors accept lower royalties and fewer used textbooks are sold.
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