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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.
Calculate the original market equilibrium price and quantity in absence of the price support policy.
Could trade help reduce poverty in Brazil and other developing countries. How do product and factor prices and wages eventually equalize between the two countries.
full over the last month, are you optimizing. Illustrate wow about if it is 75% full at 9 am.
In a recent article, a researcher reported that he had found the demand curve for kerosene to be upward sloping.-as the price of kerosene rose the quantity demanded of kerosene increased. Illustrate what questions might you have for this researche..
This graph shows an aggregate demand curve and an aggregate supply curve for an economy with no exports or imports. Adjust the position of one or both curves to elucidate graphically the scenario described.
each job this auto body repair shop handles is a special order job. What type of costing method would this auto body repair shop most likely use.
Raw materials cost for part is $150, and value added in manufacturing 1 unit from its components is $300, for a total cost per completed unit of $450. How many units of part are held, on average as pipeline inventory.
Explain why each of following is or is not a valid probability distribution for a discrete random variable x: See p.183-84. 4.16 Toss three faircoins and let x equal number of heads observed.
Which of the following products and services are likely to encounter adverse selection problems: golf shirts at traveling pro tournaments, certified gemstones from Tiffany's graduation gift travel packages, or mail-order auto parts? Why or why not?
Do you think such a policy will increase demand for electronic appliances.
Explain your answer the economy experiences an unexpected recession; the price of Good Z increases. The price of Good Y increases; the price of Good Z increases.
If the economy is competitive so that factors of production are paid the value of their marginal products, illustrate what is the share of total income that will go to land.
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