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At which level do you get greater marginal utility: 14 gallons per day or 22 gallons per day? Why? Which are likely to be inferior goods?
If marginal revenue product of a gallon of oil used as input by a firm is $2.20 and price of oil is $2.07 per gallon, what can firm do to increase its profits?
Explain why elasticity of demand is measured in percentages. Explain why the elasticity of demand formula normally eliminates minus signs.
If the price elasticity of demand for gasoline is 0.3 and the current price is $3.20 per gallon, what rise in the price of gasoline will reduce its consumption?
What variables other than price and advertising are likely to affect the quantity demanded of a product?
Draw some hypothetical indifference curves for John Q. Public on a diagram identical to the one you constructed for Test Yourself Question 1.
What inferior goods do you purchase? Why do you buy them? Do you think you will continue to buy them when your income is higher?
Rather, they say, consumer would be better off quitting while ahead or buying a quantity such that marginal utility. Explain what is wrong with this argument?
A rise in the price of a certain commodity from $20 to $25 reduces quantity demanded from 25,000 to 10,000 units. Calculate the price elasticity of demand.
What is likely to happen to the marginal physical product of feed? What, therefore, is role of input proportions in determination of marginal physical product?
Does the farmer minimize costs by hiring nine workers and renting 10 acres of land? If not, which input should he use in larger relative quantity?
Which do you think will be lower, the short-run or the long-run average cost of the increased output?
In this same diagram, sketch a production indifference curve indicating that CCC can produce no more than 1,000 containers with this expenditure.
Describe some of the different ways you use water. Which would you give up if price of water were to rise a little? If it were to rise by a fairly large amount?
Relate the process of abstraction to the way you take notes in a lecture. Explain why a government policy maker cannot afford to ignore economic theory.
To explain how decisions on financial aid are made. To explain the quality of the faculty Relate this to the map example in the chapter.
Have the grid include a larger body of permanent water, such as a river. Describe the impact on survivability of the toads.
Simulate releasing 21 toads in a 20×20 enclosed area that does not allow migration. Can you adjust constants to obtain a closer match to the experimental data?
And how the jewish population was blamed for taking french jobs. And the conditions that were present during the roundup.
Describe the selected content and explain the significance of the selected category across all of the religions studied.
Describe specific elements of the works from the chosen artists that represent the multiplicity of the African-American experience.
A cantilever beam of flexural rigidity EI and length l is under a load. Find the beam deflection as a function of the coordinate x from the fixed end.
If the sides of the mask window make an angle of 45o with the directions, determine the length of the side of the pyramid after finishing the etching.
If the natural frequency of the original bell is fp, find the natural frequency of an n - fold increased model that is geometrically similar to the original.
He returns to Earth with the giant and puts it in a cage. By dimensional analysis, describe what happens to the giant ant.