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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?
definition of abnormal isoquant and normal isoquant
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i) Two firms, A and B, are operating in a UK textile industry under duopolistic condition and choose to either produce at "High" price or a "Low" price. Suppose you are the man
Define and explain the following economic terms: Economics, Microeconomics & Macroeconomics Positive vs. Normative Economics Law of Diminishing Marginal Utility Opport
significance of income elasticity coefficient
The distinction between supply and the quantity supplied is best made by saying that
Neoliberalism So much thinking about the proper role of government in economic growth over the past 2 decades has tends to conclusions which are today known as neo-liberal. The
In a competitive market, the market demand is Qd = 150 - 5P and the market supply is Qs = 5P - 10. As a result of a price ceiling imposed at $14, the new consumer surplus and produ
I have an article about 40 pages long that''s needs to be read and then a discussion question. The post has to be 35-40 lines. I will have to send/ attach the article
The Concept of Money: Money or paper currency serves three functions in any case: it is the medium of exchange, a store of value and the unit of account. Before paper money was
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