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Discussion: Marginal Rate of Substitution
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Guided Response: In 300 words or more, please, provide your response to the above discussion question. Find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other. Respond substantively to at least two of your classmates' postings. Substantive responses use theory, research, and experience or examples to support ideas and further the class knowledge on the discussion topic.
Solve this exercise using Solver. Summarize the optimal solution and SPs. List three factors (other than relative crop prices) that influence the optimal crop mix in this exercise.
8. Julia's publisher sends her a $15,000 check every year that her book is in print. Suppose Julia's book is in print for five years and the inflation rate during that period is (-2) percent.
1. Explain Mill's description of the stationary state and how it differs from Smith and Ricardo's descriptions. 2. In what ways did the Utopian Socialists seem to influence the PE thought of John Stuart Mill
Describe Secondary and credible sources such as CNN Money, The Wall Street Journal, trade journals, and publications in EBSCOhost.
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Many firms offer employees various "perks" for working for their firm. Often times these benefits are in the form of discounts at restaurants, movie theaters.
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The marginal cost for a software company is zero. There are equal numbers of home users and commercial users, and the company cannot distinguish between the users. What is the best strategy for a software developer given the demand below?
suppose that the most popular car dealer in your area sells 10 percent of all vehicles. if all other car dealers sell
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