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Price elasticity of demand and expenditure
Suppose the own-price elasticity of demand for good X is -0.5, and that the price of good X increases by 10%. What would you expect to happen to the total expenditures on good X?
A. increase.
B. decrease.
C. unchanged.
D. none of the above.
Suppose Shaqueena is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
Suppose that Demand and Supply curves for coffee bean is given by-What value of t maximizes Government's tax revenue?
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As a manager of chain of movie theatres which are monopolies in their respective markets-Devise a pricing strategy to maximize your firm's profits.
Define the following in three senctence minimum definition.
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According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
Provide each of the subsiquent price elasticities, determine whether marginal revenue is positive, negative, or zero.
Suppose that the software market currently has one firm operating -Microhard. What contract should be writen between the bank and Newvel?
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