EBK MICROECONOMICS
2nd Edition
ISBN: 8220103679701
Author: List
Publisher: YUZU
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Question
Chapter 1, Problem 5P
(a)
To determine
All agents are not optimized in the given scenario.
(b)
To determine
Results of being in equilibrium.
(c)
To determine
Shopper with most informative behavior.
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Students have asked these similar questions
How would you choose between a diamond and a bottle of water in the different scenarios described in the video? You MUST explain your answer using economic concepts you have learned in the course so far.
What did you or your family do during the severe shortage of toilet paper at the beginning of the pandemic in 2020? How would you value a bag of 12 toilet paper compared to a diamond back then? Would it be different compared to during normal circumstances? Explain your answer.
Table 7-8
Seller
Cost
(Dollars)
Evan 50
Selena 100
Angie 150
Kris 200
Refer to Table 7-8. If the sellers bid against each other for the right to sell the good to a consumer, then the good will sell for
a. $100 or slightly less.
b. $150 or slightly less.
c. $50 or slightly more.
d. $200 or slightly more.
What type of economists believe that markets naturally self-correct, and will reward good strategies and punish bad ones?
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