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What is law of diminishing marginal utility? What are its practical applications in the real life?
Suppose that crude oil extraction imposes an external cost of $84 per million barrels/day (constant marginal external cost). Plot a new graph that includes these external costs. Identify the optimal quantity and market price in the presence of the ex..
Please provide a 3-4 page in depth analysis on Jarvis, Darryl (2010). "Theorising Risk and Uncertainty in Social Enquiry: Exploring the Contribution of Frank Knight," History of Economics Review, Issue 52 (Summer). Please make the paper as grammat..
Suppose there is an increase in the price of steel. We would expect the supply curve for steel beams to:
Suppose we investigate a particular example of a model with no government. Suppose the consumption function is given by C=100+.8Y, whereas investment is given by I=50. What is the equilibrium level of income in this case? What is the level of saving ..
If the value of M increased from 50,000 to 60,000 also nothing else changed which would equilibrium price increase or decrease. Would the equilibrium quantity increase or decrease.
Decide whether each of following statements is true or false. Then explain why your answer is correct, based on Slutsky decomposition into income and substitution effect.
How is culture of India reflected in idea of sacred cow. Illustrate what influence does this have on arts of India.
A former Federal Reserve official argued that at the Fed "the objectives of price stability and low long-term interest rates are essentially the same objective"
Consider the premier coffee industry, assuming Starbucks and Peet’s Coffee are the only two firms in the market. Both firms are contemplating the decision to advertise or not (for simplicity, assume the firms only decide whether or not to advertise, ..
One year of life is then worth a little less than $67,000. Actually, if you are talking of Quality adjusted life year, your last calendar year might be worth considerably less than one quality adjusted life year ignoring that. They can’t spend more t..
Suppose the money supply in country X is 25000 and nominal GDP is 89500. Calculate the velocity of money and enter it below. Round your answer to the nearest hundredth.
Illustrate what would you recommend that the firm do given this resource combination.
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