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Question: Explain why the demand for the good or service provided by a firm is elastic or inelastic. How does the elastic or inelastic demand influence pricing decisions by the firm to maximize profit? What are the impacts of elastic demand and inelastic demand on total revenue?
Provide examples on how the availability of close substitutes affects price elasticity of demand for a good or service.
Give specific examples of necessities or luxuries, and explain how they affect price elasticity of goods or services.
Principles of Macroeconomics Assignment- Why do economists use real GDP rather than nominal GDP to gauge economic performance.
Discuss the use of such national income accounting metrics as GDP as measures of social well-being - Is GDP a useful and accurate guide to the attempt to quantify the welfare of society in the aggregate? Explain.
Which of the following is not a component of the M1 money supply? When the Federal Reserve sells U.S. Treasury securities to the public, it directly.
Why do countries repay their foreign debts? Why don't countries repay their foreign debts and what is the risk with exchange rates when they are fixed? What is the risk with exchange rates when they float?
On the industry for Goldmans Sach overview following refined topical areas determine the Future market condition and trends analysis for the following?
Sarah buys a house in 1999. She obtains a mortgage that carries an annual interest rate of 12 per cent, and makes payments of $880 per month. The CPI in 1999 is 100, in 2000 it is 110, and in 2001 it is 120. What is the inflation rate in 2001?
What is economic efficiency? Why do economists define efficiency in this way? What other points in the chapter did you find interesting?
How do you make a forecast for gdp growth rates unemployment and inflation that might be experienced in one year, three years and ten years from now. I have the current and past rates but do not know how to forecast out 1 yr, 3 yr, 10 yrs. Can you he..
You are to 'connect' a situation and information from a current news article to the economic theories and concepts we have studied in class. What is the connect
1. Write down an educational production function in levels and another in a value added form. Explain their elements. Which form of educational production function does Hanushek favour? List three difficulties in estimating these production fun..
Diminishing marginal productivity of capital. Change of saving rate and shift of savings-investment function Change of population growth rate and shift of breakeven investment function.
The secretary of state has asked you to prepare a memo describing the key policies and economic arrangements that a specific less developed country should follow in order to achieve rapid growth and higher income levels.
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