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How does a change in the price of a product cause both a substitution effect and an income effect? Does the law of diminishing marginal utility hold true in every situation? Is it possible to think of goods for which consuming additional units, at least initially, will result in increasing marginal utility?

What are network externalities? For what types of products are network externalities likely to be important? What is path dependence? Can celebrities affect the consumption behavior and choices of rational, utility-maximizing individuals? Briefly explain.

Briefly explain how the consumption behavior of others can affect the choices made by a rational individual, pertaining to the consumption of a good or service.

How does economics explain people not makingeconomically rational choices at times? Define behavioral economics. What are the three common mistakes that consumers often make? Give an example of each mistake.

Fill in the missing values in the following table.

Think about the various flavors of chocolate blocks: dark, mint, ginger, and chilli. Suppose the price of all mint chocolate blocks increases. Would this affect the sales of that type of chocolate? Briefly explain.

Rubric for Literature Review section draftStudent:___________________________________________ Total APA Style & Paper Submission (40) 4 2 0 1 Body of paper is at least 5-6 full pages (APA) ☐ Yes ☐ No 2 Paper includes running head in APA Style ☐ Few Errors ☐ Occasional Error s☐ Many Errors 3 Headings are utilized and headings are

Suppose you are analyzing a market with a large number of active firms. What would you look for in order to determine whether those firms face a downward sloping demand curve or a horizontal demand curve?

Hedging exchange rate risk at Afterpay Version 1 Suppose today is February 27, 2020. You are a risk analyst working at the finance department at Afterpay, an Australian e-commerce platform that allows consumers to “buy now, pay later”. Due to the growing importance of the US and UK segments, the company’s Chief Financial Officer is

What is a monopoly? Can a firm be a monopoly if close substitutes for its product exist? Why are there two definitions of a monopoly, a narrow and a broader one?