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1. The total demand (marginal benefit) curve for visiting the Great Barrier Reef is as follows: Price = 5000+100*Fish Biomass (tons per square mile) -10*Number of Trips.
a. Does the quantity of fish biomass increase or decrease the willingness to pay for an additional trip?
b. Suppose the density of fish is 2 tons per square mile. Draw the demand curve below, being sure to label the axes and the slope and intercept appropriately.
There are different reasons for state trading. Important reasons are given below. (i) State may directly buy the goods required by the various government departments and agencie
Homework 4 Q1. Suppose a consumer has utility function (u) = xy where x and y are amounts of two commodities that this consumer consume. Suppose this consumer’s income is $120, pri
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how has the haberlers theory of opportunity cost an improvement over the classical theory of trade
law
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