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QUESTION ONE: Analyse and discuss five (5) factors that affect price elasticity of demand. Use examples to motivate your answer.
QUESTION TWO: Examine and explain the kinked demand curve theory of oligopoly. Include in your answer criticisms of the theory.
QUESTION THREE: Explain, with the aid of diagrams, the economic impact on a firm if it discovers a moreefficient technology for the production of its good or service. Use the cost curves and productcurves as the basis for your answer.
QUESTION FOUR: Discuss whether a perfectly competitive firm can engage in price discrimination. Substantiate your answer with the aid of diagrams.
Consider an income support program (similar to AFDC after 1967) in which a family with no income would receive $1500 in cash benefits per month, and if the family receives income from working Y, At what income Y would benefits be eliminated? Suppose ..
Sickle-cell anemia is caused by an abnormal hemoglobin molecule that changed the shape of red blood cells. This disease can lead to various health complications
Political ideology is said to play a large role in our Supreme Court. A conservative president, if given the opportunity, will often times appoint a court justice who also has a conservative ideology and the same goes for a liberal presidents as well..
Explain the impact of COVID 19 on the GDP of Fiji. (Hint: Study the components of GDP with respects to the effect of COVID 19 on each component)
We normally think of currency and banking risks as being something confined to third-world or developing countries. But events in the past few years such as the Euro crisis or the financial crisis in the United States have shown that not even the wea..
Suppose that a 20% decrease in the price of coffee leads to a 15% decrease in the quantity of coffee supplied. Compute and give the value of the price elasticity of supply. Determine if supply is price elastic, price inelastic, or unit-elastic.
Write a three paragraph report from a Western perspective summarizing the topic. In paragraph three, explain the economic impact imposed on the U. S. in attempt to settle the tension with Western nations. Cite your sources using APA Guidelines.
What is fallacious about the following two arguments? Is there any truth in either?
If, at the current price, there is a surplus of a good, then
a) Determine the efficient level of abatement. b) Show on a graph of marginal benefit and marginal cost.
1. a. The demand for skilled workers has risen relative to less-skilled workers, which has increased inequality. How would you show this through a Lorenz Curve
Based on land, minerals and natural resources, labor and entrepreneurial innovation, which country do you feel has the greatest long-term potential China or Rus
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