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Suppose one were asked to recommend a price for the output of a proposed downtown parking garage, so that the project would have as large a Net Present Value as possible. In this case, the optimal parking price or rate is the one for which the last person's willingness to pay for parking will exactly equal that person's marginal cost of parking, including the opportunity cost of that person's time.
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Describe Willingness to Pay?
#q7. Problem-solving question: Use the following data for a firm’s output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) sched
Ask question #Minintroduction to recent development in demand theory
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Price elasticity is used in economics to determine the changes in price of goods and services. It measures the change in price demanded and quality supplied. Determinants of pri
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reason for kinked demand curve
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