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Part 1:
1. Define supply as an economist would.
2. List and explain three (3) non-price factors that will shift the supply curve.
3. If the cost of production of fountain pens falls how will the market for fountain pens be impacted? (Hint: start by drawing the appropriate supply and demand curves)
Part 2:
1. Define utility as an economist would.
2. State and explain the Law of Diminishing Marginal Utility.
3. How is the Law of Diminishing Marginal Utility reflected in the demand curve?
Part 3:
1. Assume that a product has an elastic demand. Explain what will occur to the firm's total revenue if the price of the product is increased.
2. List and explain three (3) factors that could impact price elasticity of demand for a product.
3. What is income elasticity? How is it used by economists?
4. What is cross elasticity of demand? How is it used by economists?
Use EViews to get the correct critical t values for constructing the interval.
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Elucidate and illustrate how they will help to improve the GDP as a tool for measuring the well-being of a nation.
q.use the following table to answer questions a-c.output q0 1 2 3 4 5 6total costtc36 45 52 61 74 91 110a. what is the
Which of the following would NOT cause a shift in demand for Coca-Cola:
Illustrate what is the constant term if the equation for the demand curve is written in the form.
Suppose someone else tells you that even if average real wages or average real compensation per hour increase, economic inequality could increase as well. Is this possible? To judge that overall prospects for a motion, what information might you want..
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Apple Inc is planning on launching the new iWatch product in April 2015. The Marketing Department has determined the initial demand function by using regression modeling over the last 12 months. The initial demand function for the iWatch is estimated..
The import tariffs that President Bush placed on imported steel likely had what effect?
q.suppose that you are interested in comparing the costs of producing inpatient services at saving grace hospital with
Which of the following would shift the short-run aggregate supply curve to the right?
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