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Once upon a time there was a sacred temple hidden in the deep mountains, in which believers gathered to exercise meditation to become saints. The believers sat in a circle facing each other while meditating during the day, and retired to their separate rooms during the night. God would mark the foreheads of some believers one night when they were sound in sleep. Those who had a mark on their foreheads would become saints once they walked out of the temple, while those who walked out without a mark on their foreheads would starve to death in the wilderness. The believers could see the faces of all other believers except his or her own. There was no way for them to see their own faces and they never communicate to each other in any way. God would choose at least one from the believers. How could those who were chosen by God find out that they were the chosen ones? How many days would it take before all the chosen ones walked out of the temple, if God marked N foreheads?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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