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1. Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are thes

1. Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain in details with an example.2. In theory, “Giffen good” is a good for which the demand curve is upward-sloping, which violates the law of demand. Please provide at least one example as a Giffen good and explain briefly why the demand curve is upward-sloping.

 

Apr 27 2020 View more View Less

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