• Study Resource
  • Explore
    • Arts & Humanities
    • Business
    • Engineering & Technology
    • Foreign Language
    • History
    • Math
    • Science
    • Social Science

    Top subcategories

    • Advanced Math
    • Algebra
    • Basic Math
    • Calculus
    • Geometry
    • Linear Algebra
    • Pre-Algebra
    • Pre-Calculus
    • Statistics And Probability
    • Trigonometry
    • other →

    Top subcategories

    • Astronomy
    • Astrophysics
    • Biology
    • Chemistry
    • Earth Science
    • Environmental Science
    • Health Science
    • Physics
    • other →

    Top subcategories

    • Anthropology
    • Law
    • Political Science
    • Psychology
    • Sociology
    • other →

    Top subcategories

    • Accounting
    • Economics
    • Finance
    • Management
    • other →

    Top subcategories

    • Aerospace Engineering
    • Bioengineering
    • Chemical Engineering
    • Civil Engineering
    • Computer Science
    • Electrical Engineering
    • Industrial Engineering
    • Mechanical Engineering
    • Web Design
    • other →

    Top subcategories

    • Architecture
    • Communications
    • English
    • Gender Studies
    • Music
    • Performing Arts
    • Philosophy
    • Religious Studies
    • Writing
    • other →

    Top subcategories

    • Ancient History
    • European History
    • US History
    • World History
    • other →

    Top subcategories

    • Croatian
    • Czech
    • Finnish
    • Greek
    • Hindi
    • Japanese
    • Korean
    • Persian
    • Swedish
    • Turkish
    • other →
 
Profile Documents Logout
Upload
Solutions 11 - Emilio Cuilty
Solutions 11 - Emilio Cuilty

... In both cases, the answer depends on the elasticities of supply and demand, and the size of the tariff or tax increase. You could probably also discuss how revenue is maximized when the demand elasticity = 1, and why. 3. Suppose the price elasticity of demand for rice is 0.5, while the cross-price e ...
Major Field Test in Economics Sample Questions
Major Field Test in Economics Sample Questions

... (A) Impose a tax on producers to correct for the underallocation of resources to this industry. (B) Grant a subsidy to producers to correct for the underallocation of resources to this industry. (C) Impose a tax on producers to correct for the overallocation of resources to this industry (D) Grant a ...
Lesson 6 - BYU
Lesson 6 - BYU

Preview Sample 1 - Test Bank, Manual Solution, Solution Manual
Preview Sample 1 - Test Bank, Manual Solution, Solution Manual

... The best bundle to choose from a set of available bundles would then be the one that was assigned the biggest utility number by the agent’s utility function or, more precisely, the one that maximized the utility function over the feasible set of consumption bundles. B. The Continuity Assumption Cont ...
Decision Making and Demand and Supply
Decision Making and Demand and Supply

Midterm and Key 04
Midterm and Key 04

... e. all of the above are true. Answer: b 10. In economic analysis, attention often shifts to marginal and average measurements. Considering marginal and average values, whether of costs, productivities, or other values, which of the following statements is correct? a. When the average value is below ...
Ch 30. - Cloudfront.net
Ch 30. - Cloudfront.net

... an economic allocation or outcome in the presence of externalities. The theorem states that when trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights. In practice, obstacles to bar ...
File
File

Behavioral economics
Behavioral economics

Total costs
Total costs

Micro Test Prep Questions
Micro Test Prep Questions

... The price of cigarettes will be too low and the quantity sold will be too high. The price of cigarettes will be efficient but the quantity sold will be too high. The market will be efficient because markets always equate marginal benefits and marginal costs. The price of cigarettes will reflect the ...
CS 188: Artificial Intelligence Uncertain Outcomes Worst
CS 188: Artificial Intelligence Uncertain Outcomes Worst

Value of the Marginal Product
Value of the Marginal Product

Midexam
Midexam

... To produce a firm's current output level, total cost is $600, and the total variable cost is $450. Therefore, the firm has (a). a marginal cost of $150 (b). sunk costs of $150 (c) . total fixed cost of $1,450 (d). total fixed cost of $150 ...
Test 2 Fall 2001
Test 2 Fall 2001

David Besanko and Ronald Braeutigam Chapter 3: Consumer
David Besanko and Ronald Braeutigam Chapter 3: Consumer

... For Giffen goods, demand does not slope down. When might an income effect be large enough to offset the substitution effect? The good would have to represent a very large proportion of the budget. ...
Utility Maximization
Utility Maximization

Answer Key
Answer Key

PS6
PS6

... The monopolist must lower its price to sell more. Two things happen when a monopolist lowers its price. First, revenue will tend to rise as the monopolist sells more units and second, revenue tend to fall because less revenue is received from each unit than the amount received at the higher price. T ...
Midterm Two , Spring 2000, ANSWERS
Midterm Two , Spring 2000, ANSWERS

... Write your answers in the space provided. Be sure to completely label any graphs. 1. (8 points) Assume that Mei has $100 per month to divide between dinners at a Chinese restaurant and nights at Zanzibar, a local pub. Assume that going to Zanzibar costs $20 and eating at the restaurant costs $10. Su ...
Elasticity FRQs answers
Elasticity FRQs answers

... and quantity will both increase. Peanuts and bananas are substitutes (they have a positive cross-elasticity); a decease in the supply of bananas causes an increase in the price of bananas, which causes demand for peanuts to increase. ...
basic supply and demand - Fairfield Public Schools
basic supply and demand - Fairfield Public Schools

PART IV
PART IV

Demand and supply
Demand and supply

... DEMAND ꜜ PRICE ꜜ DEMAND ꜛ ...
Monopoly: static and dynamic efficiency
Monopoly: static and dynamic efficiency

... ÆNo firm has an incentive to innovate. • Market power has an important role in incentivating firms to  innovate, introduce new goods and improve quality. ...
< 1 ... 76 77 78 79 80 81 82 83 84 ... 143 >

Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. The theory has been used in order to explain the difference in wages among essential and non-essential services, such as why the wages of an air-conditioner repairman exceed those of a childcare worker.The theory arose in the mid-to-late nineteenth century in response to the normative practice of classical economics and growing socialist debates about social and economic activity. Marginalism was an attempt to raise the discipline of economics to the level of objectivity and universalism so that it would not be beholden to normative critiques. The theory has since come under attack for its inability to account for new empirical data.Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost. The neoclassical tradition that emerged from British marginalism abandoned the concept of utility and gave marginal rates of substitution a more fundamental role in analysis. Marginalism is an integral part of mainstream economic theory.
  • studyres.com © 2025
  • DMCA
  • Privacy
  • Terms
  • Report