The demand curve, which is a downward-sloping straight line, crosses the supply curve,
which is an upward-sloping straight line. If a tax is introduced where sellers must pay a
tax of $2 per unit sold, then the equilibrium prices paid by demanders will rise by less
than $1 if the absolute value of the slope of the demand curve is smaller than the
absolute value of the slope of the supply curve? Please evaluate. (10 分)
Explain how a buffet meal in a restaurant illustrates the concept of marginal cost. (10 分)
It is possible to have decreasing marginal products for all inputs, and yet have
increasing returns to scale. (10 分)
In a competitive market, price equals marginal cost is a necessary condition for profit
maximization. It is not in general a sufficient condition. Why? Please explain your
answer. (10 分)
Please explain why Giffen good must be inferior good. (10 分)
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