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A two-year-old child is eating raisins one at a time from a large box. Even though the child doesn't understand formal economic theory, he knows when to stop eating because he is full. Describe how this child has already mastered marginal analysis.
Microeconomics, Economics
Question: Two consumers hae identical utility functions, U(x,y) = Max(x,y). There are eight units of x and eight units of y. What are the pareto optimal allocations for this economy? Math not required (intuition question ...
Question: Identify a solution that the business community appears to favor for the current annual budget deficit in the US. For example, in the area of health care, the business community may prefer a policy that permits ...
Question: Suppose that a firm's technology is given by the following production function: f(k, l) = 6k^1/6 l^1/6 Prove that this production function exhibits diminishing marginal product in both k and l. This is not the ...
Question: Use the following Taylor rule to calculate what would happen to the real interest rate if inflation increased by 7 percentage points. Target federal funds rate = 2 + Current inflation + 1/2 (Inflation gap) + 1/ ...
Question: In a certain market demand is Q = 2000 - 100P, cannot produce more than 10 units. No other sellers may enter the market. a. Draw the demand and supply curves and find the equilibrium price, quantity, and profit ...
Question: Consider an economy with the representative consumer, representative firm, and government. Suppose that G = 12. The consumer's preferences over the consumption good and leisure are given by the utility function ...
Question: The northern community of Assiniboine Narrows has a population of 12,000. It has one medical clinic with three doctors, each working 40 hours per week. Each doctor sees four patients per hour. The clinic would ...
Question: Economists say that there is a difference between economic profit and accounting profit. What do you think that difference is? Begin by defining the concept of opportunity cost. The response must be typed, sing ...
Quesiton: The firm's demand for labor is a derived demand. A. Explain the law of diminishing marginal returns and show graphically how it affects labor demand curves. B. Explain and show graphically why the marginal reve ...
Question: Assume a firm has an inaccurate or inadequate performance measurement system. What types of decision errors might this cause the firm to make? Be specific, using personal workplace examples if you have any. The ...
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