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1).Explain a coordination failure. Using the Prisoner's Dilemma example above, discuss coordination failure.
2). What's a Market Failure? Please define the circumstances under which market failures occur. Give specific examples of market failures.
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
Describing Risk * To measure risk we should know: 1) All the outcomes which are possible. 2) The probability that each outcome will occur. * Interpreting Probability
Budget Constraints * The Budget Line - The budget line indicates all the combinations of 2 commodities for which total money spent equals the total income. * The Budget
a consumer consumes only two goods x and y is in eqillibrium price of x falls explain the reaction of consumer through utility analysis
give me three exceptional supply curves
how do i make one on excel
What is the Adam smith view of "invisible Hand"? Invisible hand is an unknown power which is working for the interest of total economy. In any economy, everybody cares for his
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
In the diagrams related to bandwagon effect, why do we say when the price is 30$ the demand is 40?
Using the Wage Rate and Output per Hour as indicated on the table below, calculate the output per dollar wage and unit labor cost. Then decide on the optimal wage rate for this c
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