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1. (Law of Diminishing Marginal Utility) Some restaurants offer “all you can eat” meals. How is this practice related to diminishing marginal utility? What restrictions must the restaurant impose on the customer in order to make a profit? (Answers may vary)2. (Marginal Utility) Is it possible for marginal utility to be negative while total utility is positive? If yes, under what circumstances is it possible?3. (Role of Time in Demand) In many amusement parks, you pay an admission fee to the park but you do not need to pay for individual rides. How do people choose which rides to go on? (Answers may vary)4. What is the diamonds-water paradox, and how is it explained? Use the same reasoning to explain why bottled water costs so much more than tap water.5. Please read Jane Katz’s “The Joy of Consumption: We Are What We Buy,” in the Federal Reserve Bank of Boston’s Regional Review at https://www.bos.frb.org/economic/nerr/rr1997/winter/katz97_1.htm and briefly discuss/summarize the evidence that Katz cites about how the rising value of time has affected consumer spending patterns.6. Suppose that marginal utility of Good X = 100, the price of X is $10 per unit, and the price of Y is $5. Assuming that the consumer is in equilibrium and is consuming both X and Y, what must the marginal utility of Y be? (Hint: Please apply the formula: MUx/Px = MUy/Py)7. Medicare recipients pay a monthly premium for coverage, must meet an annual deductible, and have a copayment for doctor’s office visits. Few years ago, President George W. Bush introduced some coverage of prescription medications (prior to that, there was none). What impact would an increase in the monthly premium have on their consumer surplus or economic well being? What would be the impact of a reduction in copayments? (Answers may vary)8. What is consumer surplus? What happens to consumer surplus as the price level falls?
According to economic theory, under what circumstances should a government intervene in issues of climate change?
There are two goods in the economy, anchovies (a fish) and bananas (a farm product). Draw the economy's production possibilities before and after a natural disaster that lowers the banana harvest but does not affect anchovies.
1. What are the effects on airport design and the frequency of airport pavement replacement and repairs? 2. What are the effects on taxiway and apron separations? 3. What are the effects on gate capacity and baggage handling operations?
what is information contained in an in different curve why are such curves (a) downward slopping and b convex to origin? why does total utility increase as the consumer moves to indifferent curve further from the origin why cant indifferent curves..
Historical data suggests that in the athletic shoe industry, the price elasticity for shoes is approximately -0.67. Explain what price elasticity is, and how to interpret the stated elasticity for athletic shoes of -0.67.
Define the factor that estimate the slope of the LM curve and whether an increase in theses factor will make the curve flatter or steeper.
Economic profits are:
Who was the economist who invented the idea of monetarism?
when the price of a top-of-the-line luxury sedan was 85000 there were 6184 sold. several years later when the price
Write a 750-word paper that summarizes the of macroeconomic analysis - history of your chosen ETF, in terms of U.S. dollars, by checking or entering the ETF call letters or ticker symbol in a financial search engine such as Yahoo! Finance.
Find the long run equilibrium price of a hammer and the number of hammers made by each firm in long run equilibrium. Find the number of firms which exist in this market in the long run
Supply and Demand Concepts
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