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A consumer purchases food (X) and clothing (Y). Her utility function is given by: , income is $100 and the price of food is $1 and the price of clothing is Py. a. Derive the equ
7.Consider the following production possibilities table: Option Y X A 0 100 B 80 80 C 120 50 D 140 10 a)Provide a measure of the approximate marginal opportunity cost of
Explain why goods provided by natural monopolies are often publicly owned. It would seem that most normal monopolies come with high MSB and also that society has deemed these g
the fours laws of chemical combination
how do cooperative and noncooperative games differ
Determine The Rule of Divergence in General Though even if attention is confined to non-communist-ruled economies there still has been huge divergence in relative output per w
Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de
how does utility figure in the analysis of consumer demand
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
What barriers to economic growth can be explained using the Harrod-Domar model? Definition and outline of the Harrod-Domar model; growth in national income = savings ratio over
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