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Author Question: Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two ... (Read 47 times)

ishan

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Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of
 
  A) transitivity.
  B) non-dictatorship.
  C) independence of irrelevant alternatives.
  D) completeness.

Question 2

A U.S. firm currently produces 200 units of output according to the production function q = L0.5K0.5 and faces input prices equal to wU.S. = rU.S = 11. Should the U.S. firm move their company abroad where they will face input prices equal to wabroad = 6.50 and rabroad = 15.00?
 
  A) Yes, because the total costs will fall from 3,859 to 2,810.
  B) No, because the total costs will increase from 2,810 to 3,859.
  C) No, because the firm has decreasing returns to scale.
  D) Not enough information is given to answer this problem.


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amanda_14

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ishan

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)


coreycathey

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Reply 3 on: Yesterday
Wow, this really help

 

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