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After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Suppose that John has $3 in his pocket. If coke costs $1 each and John is willing to spend his first dollar on purchasing a first can of Coke, would he spend his second dollar on a can of Coke too? What about the third dollar? If John's marginal utility for coke keeps increasing no matter how many Cokes he drinks, would it be fair to say that he's addicted to Coke?
The text argues that the greater the importance of an item in consumer budgets, the greater its elasticity. Health-care costs account for a relatively large share of household budgets. How could the price elasticity of demand for health care be suc..
If the government imposes a quantity tax on the consumption of a good, it means that the consumer has to pay for each unit of the good its price plus the tax.
This does not required to be loaded with information just basic overview with some graphs, and some notes on the history of Japan's economy and their update.
In the wake of the energy crisis in California, many electricity generating facilities across the nation are reassessing their projections of future demand and capacity for electricity in their respective markets. As a manager at Florida Power & L..
The fear of unwanted price wars may explain why many firms are reluctant and suppose that a new machine tool having a useful life of only one year costs $80,000. Exam: 050474RR - MACROECONOMIC MODELS AND FISCAL POLICY
When McDonald's Corp. reduced the price of its Big Mac by 75 percent if customers also purchased-Using your knowledge of game theory, what do you thank disrupted McDonald's plans?
What takes palce to output, the optimal scale of a firm, and price if there is a free entry into the market.
Describe how the federal reserve kept the US from sliding into a deeper recession after.
In order to reduce farm output, raise farm prices, and thus raise farm incomes (revenues), the government pays farmers to set aside a portion of their land from production. Using a graph, explain in terms of the elasticity of demand for farm produ..
The impact of changing from a federal income tax to a federal consumption tax would be:
You estimate that the price elasticity of demand for clinic visits is ?0.25. You anticipate that a major insurer will increase the copayment from $20 to $25. This insurer covers 40,000 of your patients, and those patients average 2.5 visits per ye..
Explain the factors and mechanisms of growth, explain how governments use monetary and fiscal policy to manage the economy and use technology and information resources to research issues in principles of economics.
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