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Apply the concept of price elasticity to a purchasing decision you made within the past year. Provide support for your response.
Give an example on how the elasticity of demand helped you determine whether a product or service was a luxury to have or a necessity. Provide support for your response.
What monetary policies do you think caused the crisis and what were the effects of the policies implemented in reaction to the crisis
What subsidy is necessary to induce the monopolist to produce the socially optimal level of output?
What is the profit maximizing price and quantity of output for Ajax, assuming it is an unregulated monopoly? What are its profits?
What is the first order condition for profit maximization for firm 1? compute the optimum quantity x1 for firm 1 as function of quantities x2 and x3.
Frederic Bastiat (1801 - 1850) was a French political economist famous for exploding popular economic misconceptions
Evaluate the impact of the proposal to cut prices and what is the optimal profit-maximizing markup suggested by economic theory?
Suppose that the economy of Tunisia in which there are two products, Determine dollar value of gross national income in Tunisia evaluated at exchange rate?
Why would your company have bid with a zero mark-up on some past tenders? Why didn't it win all of those contracts and what is the bid price that maximizes the expected contribution of the contract
Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?
Make a research on the elasticity of beef and eggs in regards to price changes and explain how do supply, demand, and price controls interact to affect equilibrium price of eggs?
What price would Soft Rock have to charge to sell 2,000 T shirts? Compute the own price elasticity of demand when the price goes from $5 to $4.
Using calculus, show that the demand and supply curve have constant elasticity along their entire length. What are the values of the demand and supply elasticities?
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