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Elasticity vs inelasticity
Elasticity = (% Change in Quantity)/(% Change in Price)
Suppose the price of apples rises from $3 a pound to $3.45 and your consumption of apples drops from 30 pounds of apples a month to 21 pounds of apples. Calculate your price elasticity of demand of apples.
Elastic with respect to its own cost and whether Good Y is a substitute or a complement with respect to Good X.
Approx the marketplace demand curve and figure the existing Price elasticity of demand
Explain how banks and individuals can use "covered interest arbitrage" to protect themselves when they make international financial investments.
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
Compute the employment rate (i.e., number employed: population) in each year? How can employment rate may go up or down in the unemployment rate stays the same? How can employment rate go up if unemployment rate also goes up?
Write down his budget constraint and a utility function that captures his preferences. Draw his budget constraint and three of his indifference curves.
Discuss how a change in price affects total expenditure by filling in each cell with resulting change in total expenditure.
Suppose there are only two firms. It is better to be a quantity leader in a Stackelberg model than a member of a cartel in a one shot market. Use a graph if you want.
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese.
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
Find out an output which maximizes the total revenue. Calculate the price elasticity of demand at this output.
Indicate whether each of the following statements is true or false and explain why.
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