In the 1970s there was a long draught in California that left a large section of Southern California parched
As water prices began to soar how do you think most residents changed their consumption of water? What kinds of water consumption probably did not change and why? Make sure to use utility in your explanation.
Most people probably either eliminated or reduced drastically the washing of cars, the watering of lawns and maybe even the filling of swimming pools. But the drought probably did not have much of an impact on internal consumption, bathing or the brushing of teeth. The items that were curtailed were no doubt those that provided the least amount of marginal utility.
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The unemployment rate for the economy as a whole is a(n)
a. normative value judgment b. positive value judgment c. microeconomic statistic d. macroeconomic statistic e. example of an economic model
If a firm is hiring variable resources D and F in imperfectly competitive input markets, it will maximize profits by employing D and F in such quantifies that:
A. MRP D /MRC D = MRP F /MRC F = 1. B. MRP D /MRC D = MRP F /MRC F . C. MRP D /P D = MRP F /P F = 1. D. MRP D /P D = MRP F /P F