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1. What is the meaning of market equilibrium? Explain why everyone is not satisfied with a particular equilibrium point?
2. Discuss a benefit and a cost of raising the minimum wage to $10/hr. from its present $7.25/hr.
3. It is said the nation's legal system is a public good. Does the legal system have the key characteristics of a public good? Explain.
4. A product has a negative income elasticity. What does that measure tell us about the product?
5. Define the Law of Diminishing Marginal Utility. What is the significance of this law?
6. Which three costs are primarily used in economic decision making?
"Corporate governance" refers to aspects of the corporation such as:
Discuss how the GDP might be understood orused differently
a normal demand curve is downwards identify four abnormal exceptional demand
Calculate the present worth of the following geometric series cash flow: Annual interest Rate =8.19 %, Annual cash flow increases 21% each year, The first year value is $85 and the series is 8 yrs long.
Since, income elasticity of luxurious goods is positive i.e. as income increases;demand also increases. So, with the increase in income, demand ofluxurious goods from abroad will increase because such types ofgoods are not produced domestically in..
Regardless of whether the short run or the long run is being considered, a firm should continue to operate as long as its price is greater than its average variable cost
Identify three criticisms of GDP as a measure of economic activity.
illustrate the market for oranges with a supply and demand diagram. what would happen to equilibrium price and quantity
1. Many ethical thinkers have called for a worldwide ban on all forms of human cloning. Do you agree with the this argument Could we realistically allow therapeutic cloning but ban human cloning
A cost minimizing firm's production function is given by q=lk, where MPl=k and mpk=l. the price of labor services is w and the price of capital services is r. suppose you know that when w=$4 and r=$2, the firms total cost is $160.
What are the four stages of the product life cycle? How does product life cycle stage impact marketing strategy? The effectiveness of different marketing strategies varies according to product life cycle. The stages are listed below, along ..
State and explain the law of diminishing marginal utility and do the same for the law of diminishing returns and identify and explain two similarities and two differences between these two laws.
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