Economics for Environmental Studies by Alfred Endres & Volker Radke

Author:Alfred Endres & Volker Radke
Language: eng
Format: epub
Publisher: Springer Berlin Heidelberg, Berlin, Heidelberg

2.Please elaborate the common features, as described in microeconomics, of the decisions made by(a)An electric power-supply company;

(b)A cook;

(c)A professional rugby player.

3.What are the functions of an allocation mechanism?

4.What is the difference between judging a market outcome as “good” or “bad”, respectively, from an individual perspective, on the one hand, and a societal perspective, on the other?

5.Imagine that you have realized your individual equilibrium demand for pizza, on the one hand, and for burgers, on the other, given your income and the prices of both goods. Now assume that the price of pizza doubles, while the price of burgers remains constant, as does your income. How would you change your demand for pizza and burgers, respectively?

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