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Use real life example of autarky and explain the term.
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- What is meant by the term autarky in the field of economics. Please answer from an economics point of view. Thankyou!Explain the components that constitute aconceptual model of consumer behavior.Does the law of diminishing marginal utility applies to writing (like for example academic writing not a sort of hubby or addiction)? And can you explain why or why not? Thank you so much
- Compare and contrast Jevon’s and Gossen’s view of the equimarginal rule for maximizing consumer utility. Which approach best captures the current state of knowledge in microeconomic theory? Why?Illustrate the Law of Equi-marginal roles in terms of total utility andmarginal utility.Altruism: now consider the case where each individual cares about the benefit from the museum to the other two. For example, any additional utility to Alice or Bianca is also a utility gain for Claire. Hint: for each person, the total marginal benefit is TMB= MBA+ MBB+MBC Find each person’s optimal number of art works. Who will contribute and how many works of art will be provided?