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Question 1 . For the following situations, calculate elasticity of demand and comment on the answer.
When the price of commodity X was Rs. 12/-, 40 units it were demanded. When the price decreased to Rs. 6/-, 50 unit are demanded. Find price elasticity of demand and comment on the answer.
Question 2. When the income of a consumer was Rs. 24,000/-, he was demanding 20 units of a commodity. Now his income has gone up to Rs. 28,000/- and the demand for the same product has gone down to 15 units. Calculate income elasticity of demand and comment on the answer.
Suppose a market is defined too narrowly as product A. That is, the correct definition of the market should include other products as well, such as B, C, and D. Explain how this affects the values of the concentration ratio and Herfindahl index. What..
Examine the procedure Herb will use to estimate the demand model. Analyze the elasticity of demand for products within the selected industry. Determine the factors involved in making decisions about pricing these products that you believe to be the m..
Suppose changes in autonomous consumption affect investment while changes in autonomous government spending do not. In this case, identical changes in autonomous consumption and autonomous government spending:
XBC Inc. is planning to buy a new car. Model A costs $22,000 and is expected to have a life of 4 years. Model B costs $35,000 but it is expected to last 6 years. The salvage value is expected to be 10% of original cost for either model. Using annual ..
The ultimate goal of most nations that desire political independence is the creation of: __________ is an example of a nationally divided state:
The Cobb-Douglas Production function is Given as: Find the real wage of labor (marginal product of labor), W/P. Find rate of return of capital (marginal product of capital), and
When the price of pizza was $10.00 for a medium pizza, students at SUNY Canton consumed 600 pizzas per week. Calculate the price elasticity of demand for medium pizzas for SUNY Canton students. You must show your work to receive credit for your calcu..
Define the opportunity cost of getting your degree by analyzing what steps and economic factors a potential student must make when choosing to pursue an education. Given your answer, is getting a formal college education worth your opportunity costs?..
The Keynesians claim interest rates guarantee that savings will equal intended investment. The Keynesians claim that wages and prices are “downward sticky”. In the Keynesian model the velocity of money moves against GDP. Determine the socially effici..
explain how much the minimum wage was, employers would still be more likely to pay it.
In 1996, the drug Prilosec became the best-selling anti-ulcer drug in the world. Given the fact that the drug was the most effective among all other competing drugs, managers at Prilosec initially set price at a 400 percent markup over cost in order ..
Sally the Greek’s preferences can be described by the utility function U(x, y) = (2x1/2 + y1/2)2. What is equation for the indifference curve for a utility of 25? (2). By how much does utility increase when Freddy increases consumption of good y by o..
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