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Ranking only on the basis of GDP per capita is measuring the wealth of the individual in the nation. It's similar to comparing just wealth and overall welfare
draw Rachel's budget constraints before and after subsidy program. Also include an indifference curve and coordinates of Rachel's optimal bundle with subsidy.
In what ways do large businesses have advantages over smaller businesses in establishing their own level of equilibrium?
i) Discuss whether the library can be considered a public good ii) Explain which libraries will be built, and whether the outcomes are efficient
Draw the PPF for the Billy + Sally economy as a whole (like in question below). Put cake on the horizontal axis and donuts on the vertical axis.
There is a plethora of "dollar store" that purchase the oversupply of many manufacturers and sell it at a discount. Do you think this is efficient for economy?
State whether Timothy's bundle is preferred to Ann's bundle or Ann's bundle is preferred to Timothy's bundle. Why? Provide at least 300 words.
If you would have an average check of $21.50 how many covers the restaurant will have to serve to cover those expenses?
And Ginsburg wants to make the largest possible profit. Identify the conditions they would use to choose price and quantity for each goal and explain.
Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range?
What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space?
Do you think that the problems the DVC's face require a government-directed or a private-sector directed development process?
Is there any justification for that country to levy a "brain drain" tax on them? Do you see any problems with this idea?
In the last decade or so, there has been a dramatic expansion of small retail convenience stores. What explains the success of the convenience stores?
How can the income and substitution effects of a price change help explain this? Review price elasticity of demand and supply.
If the unit price of medicine is $15, what quantity will Jose demand if he gets sick? From Jose's perspective, what is his expected loss from sickness?
Explain what happens to Lulu's marginal rate of substitution as you move down her indifference curve? Explain what marginal rate of substitution means.
Using graphs, show, and verbally explain, how this change in demand in the market for cars affects the labor market for workers
The current unemployment rate in Caratas is 7%. The country is moving out of a recession and into economic recovery.
Find all mixed strategy Nash equilibra of this strategic game when k = 1, assuming that the expected payoffs represent utilities.
Identify a firm for each of these market structures and explain why each firm belongs in the market structure identified.
Describe opportunity cost, and then explain whether or not it's an out-of-pocket cost. Set forth the law of diminishing marginal utility.
To study this further, the manager selected a sample of 30 clients, which is shown as follows: Determine the sampling error of this sample.
In the short-run, your plant's capital is fixed at K = 2. Find the amount of labor you must employ to produce Q = 80 units of output.