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The two elastic goods that I bought recently are: Car and foreign travel ticket. I always take my time to search for cheapest car and in good condition, as for travel ticket I am looking for low rate and good service. If the price in one compagny is more expensive I will look for companies which are selling the same products to find the more affortable price which will not affect my budget because my goal when purchasing those goods is to save money as much as possible.
The other two inelasatic goods are: salt and water. Those two goods are part of my daily life. I use salt on meals and need water to survive and nothing can replaced them in my life. Therefore, I will buy them no matter what the price is. Also, the price of those two goods are affordable. Even if the price were to double, I would continue to afford them.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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