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Name at least 10 goods and services for which the demand would be elastic or inelastic. What determines the price elasticity or inelasticity of demand of a good or a service? Explain by referring to the list you have compiled. Submit your work in the form of a Microsoft Word document.
You have a utility function characterized by u(c)=c^(1/2). If you have just $5 before you play the game (so you have just enough to play), what will your expected utility be if you decide to play the game?
Write down some similarities and differences between monopolies and oligopolies. How would you classify Microsoft? How would you classify the power industry in your area?
Explain the concept of natural capital. Why is the World Bank concerned about protecting the natural capital of developing countries? How would you characterize the investment climate in India?
Would you expect the price elasticity of demand to be higher at the level of an individual school (e.g., Baker) or at the aggregate level
If there is a natural monopoly one firm owns all the natural resources in the production of a good, such as owning the diamond mines needed to produce diamonds.
Walden's Leather is part of a regional chain of stores that sells leather goods--mostly men's and women's clothing--with the upscale Walden's brand name. Walden's primarily relies on its own stores where knowledgeable salespeople offer great servi..
The fiscal policy measure that has more direct impact on the economy is an increase in government spending if consumer confidence is lower than the previous month. One of the ways the President Obama stimulated the economy was through increased g..
Find out the total revenue (TR) and total profits in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
Recognize similarities and differences among common goods, public goods, private goods, and natural monopolies.
You heard that you are being transferred to California where housing is 50% more expensive. In negotiating a new salary, your objective is to keep your real income constant.
If the two are not independent, a shift in the demand curve can lead to a shift in the supply curve referred to as? a)supply-side economics b)physician-induced demand
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