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1) Demand of a product is usually very sensitive to economic variables, such as the prices and consumer income. This responsiveness of demand is elasticity. Compute elasticity in the below scenarios:
a. Yesterday, the price of envelopes was $3 a box, and Jacky was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Jacky is now willing to buy 8 boxes. Is Jacky's demand for envelopes elastic or inelastic? What is Jacky's elasticity of demand?
b. Katy advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of demand? Assuming that the elasticity of demand is constant, how many would she sell if the price were $10 a box?
According to the production possibilities model, does a reduction in the unemployment rate cause the economy to grow (yes or no)? Explain why or why not. What about Improvement in technology.
In what types of situations is conducting a census more appropriate than sampling? When is sampling more appropriate than a census?
Events like hurricane Katrina have revealed the extent of poverty in modern America. What does poverty in the United States look like over the last 200 years? What are the root causes of poverty? How have people reacted to poverty? How has the govern..
Choose one financial topic (i.e., Stocks, Bonds, US Economy, Oil, China Economy, Interest Rates, Foreign Currencies, Japan Economy, Precious Metals, European Economy, etc.) and answer the following questions: What is the history of your topic (includ..
What is the economic profit and economic cost for Amy's store. Are these figures the same as the accounting cost and accounting profit?
Analyze how physicians and hospitals have negotiated service contracts with third party payers. Discuss how fee for service versus managed care models of reimbursement have contributed risk avoidance in their contract negotiations. Recommend future s..
Explain what occurs when a new technology makes another one obsolete in terms of economic profit?
The U.S. faces the world price, and domestic suppliers sell as many. Discuss the effect of the tariff on the number of imports.
What can be accomplished about the impact of transportation costs on the price of the traded product in each trading nation.
Create a PowerPoint presentation addressing the following three questions for each of the three eras of social welfare history you chose. Groups: Who are the groups needing services and what are their needs for each of the three time periods you have..
Suppose the following equations represent the demand and supply of a good: Qd = 400- 2P Qs = -50 + P Find the inverse demand-supply equations. Graph both the original and inverse demand-supply equations and highlight their differences (slope, interce..
For the production function F (K, L) = √ KL the marginal product of labor is: Suppose that a firm with this production function uses 9 units of capital and 4 units of labor. Show that this production function demonstrates a diminishing marginal produ..
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