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At a unit price of KES 16,000, the demand of a product is 300 units and at a unit price of KES 48,000 the demand is 100 units. At a unit price of KES 30,000 the supply is 550 units and at a unit price of KES 50,000, the supply is 650 units. Determine the market equilibrium point
A food supplement store sold a vitamin for $2.00 a bottle and in one month sold 2,000 bottles. After a price increase, the vitamin sold for $2.20 a bottle and the store sold 1,900 bottles the next month. What is the elasticity of demand
write your own brief definition of the term "ethnocentrism." Then, discuss at least one example or phenomenon in which ethnocentrism plays a part. Finally, describe any situations in which you have experienced ethnocentrism, either negatively or posi..
Prepare the necessary adjusting entries at December 31, 2015, for the Jasper Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Depreciation on equip..
In Thailand, researchers have found that the price elasticities for food, alcohol, and telecommunications are -.10, -.84, and -.025, respectively. If the goal is to raise tax revenues with the least excess burden possible, what should should be the t..
What statistic is designed to detect multicollinearity in a regression model?
What is the best way to analyze database indexes so that they run in an optimal fashion. Give examples
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
Which of the following is generally part of a formal report?
When a computer firm is producing a level of output at which MC is greater than price, from society's standpoint the firm is producing too
Consider two countries that are freely trading in differentiated products. Each producer in the industry is subject to increasing returns to scale, derived from fixed costs of production. In particular, the cost function of a firm in the industry is ..
The market system cannot supply each person with an unlimited amount of resources, so choices must be made. Given the following events, Identify whether this event is a macroeconomic issue or a microeconomic issue and explain why you came to that con..
For each event given below, respond to the following points using the determinants of demand and supply: Determine whether demand or supply changes or if the event instead causes a change in quantity demanded or quantity supplied. State whether the c..
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