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Applications of the price elasticity of demand
1) Why do you think that whenever the government wants to increase their revenue they usually decide to increase the tax on items such as gas, tobacco products and/or alcohol?
2) Why is it unlikely that a firm would sell at a price where its demand curve happens to be price inelastic?
3) Assume the demand for cosmetic or plastic surgery is price inelastic. Are the following statements true or false? Explain.
a. when the price of plastic surgery increases, the number of operations decreases.b. the percentage change in the price of plastic surgery is less than the percentage change in quantity demanded.c. changes in the price of plastic surgery do not effect the number of operationsd. quantity demanded is quite responsive to changes in pricee. if more plastic surgery is performed, expenditures on plastic surgery will decrease.f. the marginal revenue of another operation is negative.
Field discusses the key threats to sustainable management of forests and agricultural resources. First summarize these threats. Then,
Which of the following goods or services would be most likely to be subject to (1) external economies of scale and (2) dynamic increasing returns? Describe your answers.
What is national saving? What is private saving? What is public saving? How are these three variables related?
Suppose Bank of Canada (BOC) purchases $100 million worth of government bonds from a chartered bank. Assume BOC imposes 5% legal reserve requirement ratio to the banking system.
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
What are the two problems facing the Bank of Canada in trying to control the money supply precisely?
Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment.
Define in general the term "internalize the externality" and explain its application in this case. Discuss a policy other than a tax or subidy that could cause individuals to internalize the externality. Explain briefly.
In the short-run, machinery is fixed also labor is variable for a business that uses only these two inputs. If, at the current level of output, marginal product of labor is declining
The winners of the Nobel Prize in economic science were recently announced-who were they? For what contribution to our understanding of economics were they recognized?
Find out the range of outputs over which the firm's technology exhibits Increasing, Decreasing or Constant Returns to Scale.
A firm with costs C(Q) = 1,000 + 60Q + 0.1Q2 is able to price-discriminate-What would happen if it were forced to charge all its customers the same price?
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