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Bruce had a rare encounter with the Almighty. The Almighty offered him 3 wishes of
his preference. Bruce very shrewdly chose these 3 things in that order – lots of wealth,
a popular life and never have to work again. The Almighty happily granted his three
wishes to Bruce. Few weeks down the line, with the spread of coronavirus, Bruce found
him to be affected by it. He has gone extremely pale and week, has lost his smell, has
lost his taste, can barely walk by himself. Not happy with what he has been going
through, he started blaming the Almighty for all this. Do you think that Bruce was
acting as a rational being? Why or why not, explain your answer.
9. Show that if the marginal product is always decreasing, the average product is always above the marginal
product.
Recent research estimates that the short-run price elasticity of demand for gasoline in the U.S. is -0.3, and the long-run price elasticity of demand is -1.4. What happens to consumer expenditures (in other words, price times quantity purchased) if the government increases the federal gasoline tax?
a. Consumer expenditures on gasoline increase over the short run and long run
b. Consumer expenditures on gasoline increase over the short run and decline over the long run
c. Consumer expenditures on gasoline decrease over the short run and long run
The effects on the equilibrium price and quantity of increase in income using the determinates that affect demand and supply
How can you utilize the limited resources to fulfill you needs as flower vender
how can you utilize the limited resources to fulfill your needs as petty shopper
How can you utilize the limited resources to fulfill your needs by flower vender
