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1. Calculate Elasticity in the following cases:
a) Assume that a business firm sells a product at the price of Rs 500. The firm has decided to reduce the price of the product to Rs 400. Consequently, the demand for the product is raised from 20,000 units to 25,000 units. Calculate the price elasticity of demand.
b) Suppose the monthly income of an individual increases from Rs 15,000 to Rs20,000. Now, his demand for clothes increases from 35 units to 40 units. Calculate the income elasticity of demand.
c) Assume that the quantity demanded for detergent cakes has increased from 400 units to 500 units with an increase in the price of detergent powder from Rs20 to Rs 25. Calculate the cross elasticity of demand between two products.
A problem with third-party financing of so much of health care is that
In a country with a labor force of 200 people, a different group of 10 people becomes unemployed each month but becomes employed once again a month later. No others outside these groups are unemployed. A. What is the country’s unemployment rate? B. W..
Consider an agricultural subsidy provided by the US government. Consider also that milk is one of the products subsidized. If there is NO trade with the rest of the world, the domestic price of milk in the US would be $2.25 per gallon and the equilib..
q1. what are the highest and lowest payments from the writer that the bookkeeper farmer team will accept for the 6th
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Analyze the forms of aid to developing nations and determine which have the greatest and least amount of impact on a country during a natural disaster.
q1. hillary proposes instead that she specialize in making clothing i.e. shell do all the clothing production for the
Consider and economy with the following production technology: Y = 9K1/3 L2/3 , where the aggregate capital stock is K=100, and aggregate labor is L=100. The price of output is 1. a) Compute the equilibrium wage and capital return. b) Compute total p..
Prepare a recommendation for each company. Should your recommendations be the same for both companies
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Aerospace contractor have four employees whose combine salaries through the end of this year are$250000. if the contractor expects to give an average raise of 5% each year, calculate the present worth of the employees' salaries over the next 5 years...
q. foreign-born population which countries have the most? the united nations department of economic and social affairs
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