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A person should consume more of something when its marginal: benefit exceeds its marginal cost. cost exceeds its marginal benefit. cost equals its marginal benefit. benefit is still positive.
Business Economics, Economics
Suppose the quantity of fish purchased by Mr Singh family is 21 kilos per year when the price is $11.50 per kilo and 17 kilos per year when the price is $20.50 per kilo. Calculate the price elasticity of demand coefficie ...
Electric car technology has been improving and the U.S. shale gas oil supply has been increasing. What will be the impact on the crude oil market price? What will be the impact on the gas-burning auto market price? Expla ...
A decision maker has ordered every commodity in Walmart alphabetically according to the commodity's name. Every time when he needs to choose from several commodities, he always choose the second one according to his orde ...
You just signed a 30-year lease agreement for a business property. The monthly rent for the first year is $1,000/month, with the ?rst month's rent due today. Starting from the second year onward, the monthly rent will be ...
Some farm land is more productive than other land in the sense that it can grow more food per hectare. Farmers also use fertilizer to grow food (i.e. adding fertilizer increases crop yield by 10 percent) earn more revenu ...
What does it mean to have an 80% learning curve when time and units produced are used?
Lisa and David have been married for two years. They have just decided that summer of 2020 should be spent in Switzerland. They figured out that in order to meet the cost of the entire vacation they would only have to de ...
A factory makes parts for laptop computers, including screws. The screws are required to have the right length. The lengths of the screws obey a normal distribution with mean μ=4.25 millimeters and standard deviation σ=0 ...
Suppose Oregon proposes indexing the minimum wage to inflation. Describe the substitution and scale effects you anticipate with this policy? (In your response, assume that the minimum wage is an effective price floor and ...
Why is the term asymmetric information in order to understand why some people are better informed than others, and the imbalance in information affects the choices they make and how they deal with one another?
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