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Bob views apples and oranges as perfect substitutes in his consumption, i.e., MRS = 1 for all combinations of the two goods. Suppose the price of apples is $2 per pound, the price of oranges is $3 per pound, and Bob's budget is $30 per week. What is Bob's utility maximizing choice between these two goods?
Why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the elasticity of the demand for a good with respect to another g..
What quantity should Titan produce to maximize total revenue and what is Titan's fixed cost? How do Titan's marginal costs behave as output increases?
What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
a.What happens to the reserves of the bank b.What happens to the money supply in the economy as a whole if the reserve requirement is 10%, all payments are made by check, and there is no net drain into currency
Describe the opportunity and accounting costs of "Going Green." Use a specific example to illustrate your point. For example, purchasing a Chevy Volt.
Under what circumstances would a discriminating monopolist produce more socially optimal quantity than a nondiscriminating monopolist Is there any situation under which a discriminating monopolist could produce the quantity that would be produced ..
The firm's president concurs with the opinion of the executive vice-president and As the head of marketing you respond with a memo pointing out that the price elasticity of demand for the firm's product is about -0.5. Why is this fact relevant?
Consider a country called Hitech where new arrangements for making payments, such as credit cards and ATMs, have been enthusiastically adopted by the population, thereby reducing the proportion of income that is held as real money balances. a) Ass..
You decided to open a restaurant, named FunMeal. FunMeal is a fast food restaurant with a very limited menu. What is FunMeals elasticity of demand? Is demand elasticity, inelastic, or neither?
What is the maximum quantity of quarks it can produce and what is the opportunity cost of producing the first 600 quarks?
A revolutionary technology used in the production of brown rice lowers its cost of production given ceteris paribus. As a result, the market changes to a new equilibrium because of a(an)
Doesn't the labor theory of value imply that people should write the labor content of their commodities on the price signs instead of amount of money? How would you answer your friend?
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