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In which of the following cases must price always fall?
a. demand increases and supply increases
b. demand decreases and supply decreases
c. supply increases and demand remains constant
d. demand decreases and supply increases
e. both c and d
Elucidate using a diagram the substitution also income effect which would result from a change in the price of a normal good.
Assume that the price of smart phones increased from $420 to $444 per unit. The manufacturer decides to supply 15,000 units instead of 12,000. Calculate the price elasticity of supply. Is supply elastic or inelastic? Compare and contrast a public goo..
Even though transport costs could allow for large variance, why is re a large variance. Do we see same sort of variance for prices in markets within a country that are segmented by large distance.
First-degree price discrimination
What are the potential ethical or moral effects of the organization’s social initiative or potential social initiative?
Trace the evolution of work on the laissez-faire doctrine through two arcs. First those theorists who are trying to prove that the system is stable.
RAND study found that the income elasticity of demand for dental care is 0.15. Over the last one decade, income of the population has increased by 21%. Therefore, the income effect alone should a)Increase the demand for dental care by about 3% b)Incr..
A survey of economists revealed that more than three-fourths of them agreed with a number of statements, including which of the following.
Draw the average and marginal revenue curves and the average and marginal cost curves. What are the monopolist’s prot-maximizing price and quantity? What is the resulting prot? Calculate the firm’s degree of monopoly power using the Lerner index.
Why do you think the FED evaluates the money multiplier when making decisions with regards to the money supply
How are customer expectations today different from customer expectations of say 10-15 years ago? What are some reasons that contribute to that change's expectations regarding the level of customer service received?
Chapter 8 presents an example of Hamal & Prahalad’s core competency agenda (p207) to identify appropriate opportunities and to justify those opportunities for a firm. In your analysis/model, address each of the four quadrants by answering the questio..
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