The above figure shows a production possibility frontier for a society with two members, Al and Bruce. If point "a" is the efficient product mix, draw a possible Edgeworth box and indifference curves
What will be an ideal response?
The Edgeworth box has 0,0 as the southwest corner and point "a" as the northwest corner. The indifference curves must be tangent where their slopes equal the slope of the PPF at point "a."
Economics
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For a monopolist, P < MR at all quantities
a. True b. False
Economics
A market basket is made up of three goods, 10X, 12Y, and 18Z. The prices in the base year are $1.20, $2.10, and $3.25, respectively. The prices in the current year are $1.44, $2.23, and $3.88. What is the approximate consumer price index in the current year?
A) 103 B) 111 C) 116 D) 110 E) 96
Economics