2. Suppose you are studying a community that has 10 individuals. Each individual has the utility function U(c, p) = c + ln(p). a. Suppose each individual has an income of 30. P is a unique good because its a public good. This means that if I purchase police, my neighbors gets to consume whatever […]
1. Power curves cross-classify the likelihood of detecting any possible effect with the a) level of significance. b) null hypothesis. c) decision rule. d) sample size. 2. If you select one restaurant entree from among three possibilities (steak, lobster, and prime rib) by eliminating all but one possibility, this strategy could be described (loosely) as one that […]
10. This firm is selling its output in what type of market? A. Perfect competition B. Monopolistic competition C. Oligopoly D. Impossible to determine with the information provided E. Pure monopoly 11. If this firm were to shut down then it would lose _______ dollars. 12. The profit-maximizing level of output is equal to _______. […]
Scientists have successfully cloned sheep and cattle for several years. A farmer is considering the advantages and disadvantages of having a flock of sheep cloned from a single individual. Discuss the issues the farmer should take into account before making a decision. Your response should include: how a cloned flock would be different from a […]
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