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1. Explain-
a. Tragedy of commons
b. Free rider problem
c. Diminishing marginal utility
d. Diseconomies of scale
e. Tax incidence
f. Elasticity
g. Gains from trade
h. Rent- seeking in monopoly
i. Public goods
2. a. If the price elasticity of supply for corn is 3.12, then is the supply of corn elastic or inelastic?
b. If the cross elasticity of demand between peanut butter and milk is -1.11, then are peanut butter and milk substitutes or complements?
c. The income elasticity of demand for movies in the United States is 3.41. If people's incomes decrease by 1 percent, what is the decrease in the quantity of movies demanded?
Consider a market that is served by a single-price monopolist with marginal cost given by MC = $100 + Q. The market demand is given by P = $800 – 3Q. Determine the following: the f
all the problems involved in measurement of profit
meaning of opportunity cost
Arc Elasticity of Demand - Arc elasticity calculates elasticity over the range of prices - The formula of it is: * Arc Elasticity of Demand: An Example
what is bains theory ? describe with the diagram
Assume that John has the following preference relation over two goods, bread and bear (x1, x2). He strictly prefers any bundle x over y whenever x haves more bear than y, whatever
a project report on marshalls marginal utility analysis
Assume there is a remote area in china with high population.The area is composed exclusively of apartments and is populated by low-income residents .The people tend to stay in that
#queIn a particular year, an organization earns cash revenues of Rs. 2,00,000. Total material and labour expenses are Rs. 1,09,000. The depreciation claimed on the equipment is Rs.
Mathematical Derivation of ordinary demand function: Here we present the mathematical and more general proof of the above result. Consider, again, the initial price income sit
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