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1. How can a nation and its producers determine whether or not it has a comparative advantage in producing a particular good or service?
a
2. The above figure shows the market for the three moving companies in a small nation. If the movers act as perfect competitors, what is the price per mile and the number of miles per year? If the movers collude and act as a single monopoly, what is the price per mile and the number of lines per year?
3. a. "The marginal rate of substitution of the good measured along the x-axis increases as a consumer moves downward along an indifference curve." Is the previous statement correct or not?
b. Describe the consumer equilibrium in the indifference curve/budget line model.
The monetary calculate of the welfare associated with the change in the provision of some good. It is not to be confused with monetary value, unless the latter is explicitly desig
why does economist agree or disagree?
discuss scarcity,choice and opportunity cost
Axioms: It is possible to construct a utility index which can be used to predict choice in uncertain situations if the consumer conforms to the following five axioms: • A
1. Let's get some practice plotting budget constraints. On the graph below, plot the budget constraints when: a. (Use Black): P x = 57,P y = 18, and M = 342. b. (Use Blue):
Which of the following industries do you think are likely to exhibit large economies of scale? Explain why in each case. a. House building b. Electricity generation c. Market ga
identify any four other law of demand and give examples
what are the microeconomic encompasses
AskPharmaceutical companies can expect to earn large profits from blockbuster drugs (for high blood pressure, depression, ulcers, allergies, sexual dysfunction) while under patent
what is break even quantity
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