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“The number of firms in an industry is not always a good indicator of the extent to which that industry is competitive.” Do you agree with this statement? Critically examine.
_________ have saved foreign exchange by way of import substitution.
Explain the utility-maximizing rule of a consumer.
89. Outline and explain two characteristics of indifference curves.
Discuss how the law of diminishing marginal utility occurs.
Explain the rationale why buffet or all-you-can-eat restaurants offering unlimited meals.
Cite a real-life example of how you rationally behave as a consumer.
Explain the concept of Isoquent and isocost and how they used to atain equilibrium
If the utility function involving commodities X and Y is U= 8x + 22y - x² - 2xy - y² and the budjet constraint is 12= x + 2y, determine the values of x and y that maximize the utility?
John, age 10, found an old baseball glove while exploring an old shed on the property of his new home. His Father, Jerome took the glove to a dealer in baseball memorabilia who verified the glove belonged to Babe Ruth. Jerome sold the glove for $75,000.
- What tax issues should Jerome consider? Write a paragraph
- Is John the owner of the glove? Should he be taxed on the proceeds? Write a paragraph
- Does John giving the glove to Jerome constitute an assignment of income? Write a paragraph
