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Why do long-run elasticities of demand differ from short-run elasticities?
Consider two goods: paper towels and televisions. Which is a durable good?
Would you expect the price elasticity of demand for paper towels to be larger in the short run or in the long run? Why?
What about the price elasticity of demand for televisions?
Illustrate what extent are these definitions of economics and happiness similar. To what extent are they different.
The largo Publishing House uses 400 printers and 200 printing presses to produce books. A printer's wage is $20 and the price of a printing press is $5000.00. If not, how should the manager of Largo Publishing house adjust input usage?
Explain how can you apply what you learned about the concepts of supply and demand from the simulation to your workplace.
Discuss the determinants of varying levels of income. What factors determine a person's wages. In your opinion, do these qualifications always hold true.
Explain how and why the firms demand curve for labor will compare to that of the firms operating in a competitive product market, and the consequences for the firms employment of labor. No graphs or calculations are needed.
Suppose that consumption schedule for a private open economy is such that consumption C=50+0.8Y. Suppose further that planned investment Ig and net exports Xn are independent of the level of real GDP
Define unemployment. Should everyone who does not hold a job be considered "unemployed" To help with your answer, draw a supply and demand diagram depicting the labor market. What is measured along the demand curve
Explain how does the economist's use of the term rent differ from everyday usage.
Over what range of labor input is marginal product minute than average product. Illustrate what is happenning to average product as employment increases over this range.
What is the impact of this on the revenues of the networks also why.
Consider the Figure below that represents a perfectly competitive firm
A good which if supplied to one person is supplied to all and whose consumption by one individual does not prevent its consumption by another individual is known as: a private good. a public good. an external good. an internal good.
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