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One of the functions of price is to ration resources and goods and services. What do we mean when we say price serves as a rationing device? Elaborate your response in relation to scarcity and in terms of the demand and supply model
What's the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?
Do you think the demand for mangoes is price elastic or price inelastic? Explain your answer based on the determinants of price elasticity of demand.
Assume you ran the only bakery in town. Further suppose that it was currently very profitable. A. What things might you consider if you wanted to ensure that you continued to enjoy the same success in the future?
Beer and pizza are compliments because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplies, quantity demanded, and the price in the market for pizza.
The NCAA prohibits schools that are caught paying athletes from participating in bowl games, and sometimes the punishment is even more severe. Explain why schools don't break away from the NCAA and form a league in which athletes can legitimately ..
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
Health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test. How many MRI tests are now demanded? Is the result in the market a surplus or shortage?
Price elasticity of demand depends on various factors. Explain each factor with the help of an example and how how producers equilibrium is achieved with isoquants and isocost curves.
During the reading of research data collection tool I select the scanner data system due to the saving and targeted coupons first hand and saving money on discounted items and various products throughout the store .The drawback is when potential ..
Suppose that you are a government official in charge of your country's fiscal policy. The country maintains a flexible exchange rate system. You are asked by your country's citizens to use fiscal policy alone to expand the country's..
MICROECONOMICS
Second-degree price discrimination is also known as block rate setting. captures all consumer surplus. sets a different price for each customer.
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