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Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q) = 28Q – 5Q^2 and C(Q) = 100 + 8Q. (Note: MB(Q) = 28 – 10Q and MC(Q) – 8.)
Suppose that the cost of living increases, thereby reducing the purchasing power of your income. If your money wage doesn't increase, you may work more hours because of this cost-of-living increase. Is this response predominantly an income effect ..
Illustrate the point price, income, also cross elasticities at the present values. Interpret your answers, saying how much a 1% change in each variable impacts demand.
Suppose that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase.
Determine which of the following combination of inputs is most closely reflective of decreasing marginal rate of technical substitution?
You have been hired as a consultant by your local mayor to look at the various market structures. Your role is to provide analysis and answers to these important questions that will help the mayor understand the structures of many of the businesses i..
The utility-maximization model assumes that the typical consumer is rational and acts on the basis of well-defined preferences. Because income is limited and goods have prices, the consumer cannot purchase all the goods and services he or she migh..
Is raising agricultural productivity sufficient to improve rural life in LDCs. Illustrate what policies can be designed to transform agricultural development and raise levels of living in rural areas in LDCs.
The Bureau of Economic Analysis has been hit by the flu; consequently, it has been slow in getting out data on economic performance. A recession is developing, but nobody knows it yet. This delay is an example of
Starting from the uncontrolled level of pollution claculated in part c, find the marginal willingess to pay for polloution abatement, A, for each consumer class (Abatement is reduction in pollution; zero abtement would be associated with the unctr..
Select 2 companies in the geographical location you live in and find out if they price discriminate. Why do these two companies price discriminate?
Use the expenditure approach to comput GDP. Use the income approach to calculate GDP.
A market total demand is given through P = 80-(z/2). This market is supplied by a dominant firm & by other, relatively "small firms". The small company total supply is given by P=4y.
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