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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?
briefly explain any five uses of national income statistics
In 1 to 2 sentences respond to the following comment. "Cleaning your own house is not counted in gross domestic product because it does not represent economic production."
Determine the present worth of a geometric gradient series with a cash flow of $50,000 in year 1 and increases of 6% each year through year 8. The interest rate is 10% per year.
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Consider the following game [payoffs are in the form: (Ann, Bob, Carol)]: a) List each player's actions and strategies. b) If Ann "buys" Carol's position in the game (i.
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This problem revolves around determining the LM curve, as we did earlier in the term such that money demand (M D ) equals money supply (M S ), however in this instance under differ
ABSOLUTE ADVANTAGE
Absolute income hypothesis
Q. Important points about the classic model? The most important points about the classic model are as following: Monetary and fiscal policy can't affect the GDP or unem
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