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a. Generally, there will be a difference between the CV and the EV. Why?
b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled.
Risk Premium - The risk premium is amount of money which a risk averse person would pay to keep away from taking a risk. * Risk Premium: A Scenario - The person has a 5%
suppose, as in the federal income tax code for the united states, that the representative consumer faces a wage income tax with a standard deduction. That is the representative con
what are the limitations of economies of scale?
Market equilibrium happens where supply equals demand (supply curve intersects demand curve). An equilibrium implies that there is no force that will cause further changes in pri
What is Economics? Economics is explained as the study of how people choose to use their scarce resources in an attempt to satisfy their unlimited wants. In other words, we h
suppose either computers or televisions can be assembled with the following labor inputs: units produced: 1 2 3 4 5 6 7 8 9 10 total labor used: 3 7 12 18 25 33 42 54 70 90 Draw th
an increase in immigrants
Why do so many international markets tend towards oligopolist structure? Definition of oligopoly - few and large firms with market power Basic assumptions of oligopoly
Consider 2 firms i=1,2 producing quantities q1 and q2 respectively. Let the market price be given by P=a-b(q1+q2). Firm 1''s Marginal cost c is common knowledge but 2''s cost is no
concept of supply
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