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You participate in a taste test for a new protein supplement called "Boost." You are given five consecutive one ounce vials of the supplement and after consuming each vial you are asked to note your reaction. You consume the first vial and your response is: "Hmmm, quite good!" After the second, you say, "Not bad at all." After the third, you note, "It's alright." and after the fourth you wince, "No more, the after-taste is getting to me. I need water." What economic principle does this scenario illustrate? Define the principle.
What is the MRP of labor equal to in this situation? Assuming that Economan takes the price of labor as a given, what is the maximum daily wage that would make it in his best interest to hire this additional employee?
The wage in the U.S. is $20. Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
Which of these two strategies do you think would have the greatest impact on sales volume. Explain
Explain why is it important to take into account changes in the participation rate and in the ratio of full to part time employment in assessing the economic and social impact of changes in the unemployment rate.
Elucidate the equilibrium price and equilibrium quantity. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price.
illustrate what would need to reduce the supply of money if Canada was an open economy with a flexible exchange rate.
Illustrate what role do fiscal and monetary policies have to lead to higher or lower budget deficits.
Supermarket ends its promotion. What does her budget constraint look like now. What combination of meat and potatoes maximizes her utility.
Assume Arturo is willing to trade 6 burritos to Dina for each 10 tacos which Dina produces also send to Arturo.
If these economists ignore the possibility of crowding out, illustrate what would they estimate the marginal propensity to consume (MPC) to be.
Illustrate what could be related goods to health care. Illustrate what are the inter-relationship between these goods.
Why would you sell these items through retail stores, or would you try direct marketing.
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