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There are 4 factors that influence the price elasticity of demand:
The availability of substitutesThe specific nature of the goodThe part of income spent on the goodThe time consumers have to buy the good
discuss the following:
Choose a product you have purchased in the past month from a clothing or shoe store.Describe how each of the 4 factors contributed to the elasticity of the good.Is the product considered elastic, inelastic, or unitary elastic?In a few sentences, what effect does the current supply and current demand have on this product?
Explain the science of economics in the presence of making a profit with scarce resources
Suppose the ABC Corporation adopts a policy prohibiting its top-level executives, whose compensation packages-Use economic theory to analyze the incentive effects of this prohibition.
Until the twelfth century, Latin was the language used between the educated and within literature. Research and report on the origins of vernacular language, and its spread. Assess and evaluate the impacts the spread of vernacular languages on cul..
Economic growth is driven by household savings being made available for capital investment. Describe the key aspects of the globalization of financial markets since 1980 that have helped drive growth in the world economy.
SAR Publisher is a monopolist in publishing a textbook on Hong Kong economy. Besides the Hong Kong market, SAR Publisher also sells this textbook in United State.
Assume that your firm above is the N.Y. Yankees and the league owners impose a lump sum tax of $4 million dollars on your firm.
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
Let us say that an economy has a consumption function given by C = 900 + 0.9Yd where Yd is the disposable income. There is a lump-sum tax of 90. Investment level is autonomous at 400 and government spending is also constant at 600.
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said
Find MPS (marginal propensity to save), MPC (marginal propensity to consume) and the multiplier. b. What is the break-even level of income? c. Would you consider the break-even point as the equilibrium point? Why or why not?
Using algebra find out the effects of this change in cost on profit maximizing output and the optimal profit.
Discuss actions the government could take to induce firms in this industry to produce the socially efficient level of output.
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