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Illustrate the market for oranges with a supply and demand diagram. What would happen to equilibrium price and quantity if a citrus fungus attacked orange orchards, making many orange trees produce far fewer marketable fruits?
A policy that results in a Pareto superior outcome will always satisfy the Kaldor-Hicks Criterion; however, it may not increase social welfare.
Suppose that Marie’s marginal utility from consuming one more unit of bubble gum is 10 utils while her total utility from consuming one more unit of cake increases from 130 utils to 142 utils.
You cat's summer kitty-cottage needs a new roof. You are considering the following two proposals and feel a 15-year analysis period is in line with your cat' remaining lives. (There is no salvage value for old roofs.)
Cockatoos are drugged and smuggled in suitcases to the United States. Half of the smuggled cockatoos die in transit. Each smuggled cockatoo has a 10% probability of being discovered, in which case the smuggler is fined.
can country A change the outcome of the game by burning the bridge they are crossing to invade and committing its troops to fight? expand the game tree to show this option for county A and find the new Nash equilibrium. Explain
Describe the difference between rise in demand and an increase in quantity demanded, through giving an example of what would cause an rise in quantity demanded
Monopolistically competitive industries consist of a large number of firms, none of which has a large market share. Oligopoly is different. This market structure involves an industry that is dominated by a small number of firms.
Discuss the roles and responsibilities of three other professions in the health sciences. Discuss three ways in which you may interact with colleagues in other professions. List and describe several things you could do to prepare yourself to interact..
you are given the following demand function for the ?rm q 20 - p. its total cost function is tc q2 8q 2.
consider the cobb douglass utility function ux y x16y56 of a typical student. x denotes time spent studying and y
The mayor’s economic adviser reminds her that she is focusing only on the price effect and ignoring the quantity effect. Explain why the mayor’s estimate of a one-third loss of revenue is likely to be an overestimate.
Using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer
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