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a) Define elasticity of supply and briefly explain any five factors that influence the elasticity of supply.
b) Explain why elasticity of supply for agricultural commodities is low.
c) The demand for a commodity is twenty units when the prevailing market price equals eighty shillings per unit. However, when the price per unit rises to one hundred shillings, the quantity demanded rises to thirty units.
Required: Calculate both arc and point elasticities of this commodity?
What do we call the events occurring in 1973 when the Organization of Petroleum Exporting Countries put an embargo on oil shipments to the United States and several European countries?
Is import substitution a necessary phase in industrialisation before a country can engage in exports? To what extent have industrialisation strategies in developing countries been suc- cessful in the post-war period?
What is the percentage of this problem a country has a population of 2,130,819, and another country's has a population of 11,862,740 what is the percentage when you compare the two countries?
However, Antonia can determine where the more common flaws develop and adjust the production process to eliminate these. Her yield rate for the initial batch is usually 60%, but increase by 2% with each additional batch up to 100%. What best descr..
Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.
For decr returns to scale, if a firm hires double the amount of managers and also doubles all other input, the managers may not be able to manage their tasks at hand because of how difficult the company has become to handle. Therefore output will ..
Use the data in the PPT provided to write a paper on regression analysis. The regession is on determining poverty levels in sub saharan africa, and is split between the two.
Using a traditional game theory 2x2 matrix, show how this law prevents a prisoner's dilemma and thereby actually makes models better off. In other words, show what the game theory matrix looks like without this law.
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
According to the table above, if the wage rate is $500 and the price of output is $5, how many workers should the company hire?
choosing a communication mediumintroductionmany companies are using computer mediated communication for training and
The major variables in this data are age of employee, wages earned by that employee before resigning, sex of employee, and series of variables indicating "membership" in a specific class, such as over 40, under 40, internal applicant, external app..
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