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A: * ANSWER :-
5
In models for homogenous goods, it is assumed that the good in question obeys the law of one price.
The above statement is Answer
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- In a two good model if a consumer always spend his all money and if one good is aninferior good the other good must be a luxury good.• True• False Please explain!Which of the following is NOT the way you can understand interaction effects? a. by graphing the cell means b. through inspecting cell means c. through inspecting marginal means d. by a verbal description of resultsOften, firms offer a larger quantity (milk, paint, toilet paper, a cup of Coke, second dress, second pizza…) at a lower price. For example, a 12 oz cup of Coke is $1, and a 32 oz cup is $1.70. What explains this marketing strategy? With the help of graphs (economic models) demonstrate.
- Which one of the following statements about the static linear city model in topic 4 is correct? ( the topic 4 is explained in the images in attachments) A. The firms produce a homogeneous good and make decisons on quantities. B. The firms definitely produce a homogeneous good and make decisions on prices. C. The firms produce horizontally differentiated goods and make decisions on quantities. D. The firms produce horizontally differentiated goods and make decisions on prices.Analyze how pareto efficiency is achieved from consumption activities in an economyIn the Salop circle model, if all consumers get more pleasure from ice cream (u increases), how does the equilibrium change?
- 18. Why could experiments be used to solve the endogeneity problem? [answer in no more than 50 words]Using an Edgeworth box, illustrate and explain the concept of Pareto efficiencyWhich of the following is a typical concept discussed in Microeconomics and not Macroeconomics? 1. Profit maximization in a monopolistically competitive industry 2. Causes of our country's unemployment 3. The average increase in prices of all goods and services 4. The total amount of goods and services produced in a nation
- For example, a 12 oz cup of Coke is $1, and a 32 oz cup is $1.70. What explains this marketing strategy? With the help of graphs (economic models) demonstrate.When goods are called homogenous. What does this actually means?Suppose that Boris is a price taker and the price for each concert is $35. For Boris to maximise his total net benefit (total benefit – total cost), how many concerts will he attend? Draw Boris' individual demand curve to help you find the answer. Note: if Boris is indifferent between attending and not attending a concert, please assume that he attends it to break the tie. The optimal number of concerts that Boris will attend is:
