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One of the famous Utopian Socialists, Robert Owen, disagreed with Adam Smith that self-interest would bring harmony of interest. Explain his viewpoint on the relationship between human character and their surrounding environment and the social revolution that he introduced in his New Lanark Mills in order to prove his theory.
Explain in brief why Marxian Socialism dismissed the moderate approach used by Utopian and Christian Socialism to eradicate the worst aspect of Capitalism
What desire to purchase does not vary with time. Ignore the time value of money and compute the optimal pricing scheme of the iPhone.
Using demand–supply diagrams in the labour market, show what it means that there is a minimum wage but it is not “binding”. Should we have unemployment if it is not binding?
Suppose that a firm’s fixed proportion production function is given by q = min(5k,10l). Calculate the firm’s long-run total, average, and marginal cost functions. Suppose that k is fixed at 10 in the short run. Calculate the firm’s short-run total, a..
What is the present value of $2,500 received in years 3 and 6, $2,000 inyears 7 through 10 with an interest rate of 10% compounded annually? What is the annual equivalent payment in problem 1a over 10 years?
In Telekom Malaysia, analyze the concept of demand, elasticities, production, and costs.
A study was conducted to find out whether the price for 12-pack organic eggs has increased since last year. In November of last year, the average retail price f
Consider the following game. Firm 1, the leader, selects an output q1, after which firm 2, the follower, observes the choice of q1 and then selects its own output q2. The resulting price is one satisfying the industry demand curve P = 200 − q1 − q2. ..
Suppose a consumer’s preferences over goods 1 and 2 are represented by the utility function u(x, y) = (x+ y)^3. Draw an indifference curve for this consumer and indicate its slope.
Suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 units of capital and 2 workers and that it is the case irrespective of prices. What does this indicated about the relat..
You see an advertisement for a book which claims to show how you can make $1,000,000 in investment profits in a year, with no initial investment required and no risk of any loss. The book costs $500. Would you buy it? Why or why not?
(a) This was also illustrated in class and in the lecture notes. Where {a; b; cg} > 0, p(Q) = a-bQ, and TC(q) = cq, show that the equilibrium quantity chosen by a Cournot competitor in an n-firm oligopoly is equal to qi =(a-c)/(n + 1)b (b) Show th..
What is the future worth of $1,000 in month 1, $1,040 in month 2, and amounts increasing by $40 per month through month 12, at the end of year 2 if the interest rate is 23.7631528% per year, compounded continuously?
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