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(i) A major organization in the city closes down.
price and quantity combinations over time is not likely to yield good estimates.
Assume that the MPC = 0.75. All figures are in billions of dollars.
A concerned father wants to stop his young son smoking cigarettes. He decides to make his son smoke five full packets at once to convince him to stop.
1. Explain how the law of diminishing marginal utility will support the father’s plan and that his plan may actually work.
2. In your answer, explain all assumptions that you make and why they are important.
3. Do these assumptions apply to only the father’s plan or to the law of diminishing marginal utility in every situation?
In group A there are 40 workers with a marginal productivity of 9
In group B there are 60 workers with a marginal productivity of 5
Before hiring, employers do not know which group workers belong to
What would be the market wage rate? Illustrate with appropriate diagrams