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What do economists mean by "diminishing returns" to an input? What causes diminishing returns? Have you ever observed this principle at work in a job you've had? Describe how you've experienced this concept in the real world.
Suppose a new product is developed and is supplied by a monopolist with a patent. Compared with the monopoly outcome, indicate whether consumer surplus.
Suppose a competitive firm previously set its price at $15 per unit to maximize its profit, which has been positive. Draw a graph representing your conclusion.
1. employment hardship - it has been implied that unemployment rate should be replaced with an employment hardship
There are two mutually exclusive proposals for a for a flood control project in Illinois. The first proposal involves an initial outlay of $1,350,000.
For Mitzi, shampoo and conditioner are perfect complements. She likes to use 1 squirt of shampoo and 1 squirt of conditioner each time she washes her hair. Draw a set of indifference curves for Mitzi that illustrate the utility she derives from using..
Why will a monopolist"s output increase if the government forces it to lower its price? If the government wants to set a price ceiling that maximizes the monopolist"s output, what price should it set?
Employment: With one month to go, 2014 is already the best year for employment growth since the '90s. Will 2015 be as strong? Or will job creation slow in 2015?
Hand washing has external health benefits, helping prevent the spread of communicable. How would it affect the number of people who are sick at any given time?
What about lowering interest rates and increasing money supply (i.e., monetary policy) If you were the chair economic advisor to the President of the United States, what would be your advice to him? What does the Scripture have to say about money
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Financial wealth and consumption: Consider the neoclassical consumption model with log utility and ß = 1. Suppose an individual begins with $10,000 in stocks.
What does this change show about how our understanding of the way the price system works to allocate resources has evolved? If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and ..
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