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Newspaper vending machines are designed so that once you have paid for one paper; you have access to all the papers in the machine and could take multiple papers at a time. However, other vending machines dispense only one item (the item you bought). You do not have access to all the goods (sodas, candy, snacks, etc.) at one time. Using the concept of marginal utility, explain why these vending machines differ? 2. Amy is shopping at a dollar store. She is currently buying 5 bracelets that cost $1 each and 4 sodas that cost $1 each. The table below indicates the marginal utility she obtains when she purchases this combination. Quantity Marginal Utility Bracelets 5 30 Sodas 4 40 a. Is this consumer maximizing his/her utility? b. If not, should she consume more bracelets or more sodas? Explain. c. Answer the following assuming that one more bracelet is purchased and one less soda is consumed: 1. What happens to the Marginal Utility of bracelets and the Marginal Utility of soda? 2. What happens to the Total Utility received? 3. What happens to the total dollars spent?
The price of gasoline has recently come down as has the quantity. Show graphically and explain what might have caused this.
What factors shift out the PPC and what is the opportunity cost of the economy moving out to get back on the PPC? Explain?
What are the differences between perfect competition and monopoly competition? Ans) In a monopoly, you are gaining an unfair benefit over any competition because you own so many
Inflation in Sweden Figure Inflation in Sweden 1830 - 2010. Source: SCB. There are four aspects which are interesting when we look at inflation data for Sweden
Figure below demonstrates a more developed version of the circular flow. In this figure we see how goods flow through various sectors of the economy. Figure Money in the c
Henry Ford's Model T was originally designed and built to be run on ethanol. Today, ethanol (190-proof alcohol) can be produced with domestic stills for about $0.75 per gallon. Whe
P and Y are both endogenous variables and according to the quantity theory of money we need P.Y = constant. If we divide both sides by P we get Y = constant / P. Because Y = Y D i
Over long spans of time, macroeconomies typically grow, but over short spans there are fluctuations in output and prices known as ____ ?
The AS curve Say that nominal wage in year 1 (at a particular point in time) is equal to 1000. On the horizontal part of response curve, real wage is constant and equal to its
Imputed values included in GDP are the: A) market prices of goods and services. B) estimated value of goods and services that are not sold in the marketplace. C) price of
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