I was given possible questions for my microeconomics quiz and two of the questions I can't seem to find a good answer/explanation. Your help would be great!
1. Use the law of diminishing utility to explain why a demand curve is typically downward-sloping.
2. You own your own business, and your...
Yes, I'm aware that this question has already been asked (http://answers.yahoo.com/question/index;_ylt=AmIXh8n09ZpojwfYR4K2NLUAAAAA;_ylv=3?qid=20070123194843AAW7L11), but those answers don't fit mine.
So, what are some SPECIFIC interesting microeconomics topics, such as how global warming can...
A family is currently paying $40 a month for basic phone service for two phone lines. A representative from another phone carrier calls the family to offer a service that will include basic phone through a cable connection that includes two phone numbers, call waiting, voice mail, and caller-ID...
...introduced? •The labor market is perfectly competitive.
•Labor income is taxed at a constant rate of 40%. That is, if a worker’s pre-tax income is I, her post-tax income is 0.6I. (The marginal tax rate for a typical U.S. worker is around 40% when payroll taxes are included. The average tax...
Explain what happens to demand, supply, and the equilibrium price and quantity
for sweatshirts in each of the following:
a. A hurricane in South Carolina damages the cotton crop.
b. The price of leather jackets falls.
c. All colleges require morning exercise in the appropriate attire.
d. New...