Incorporate tastes into economic models only to the extent

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Reference no: EM1317825

Q1. Based on the sticky-price model, the short-run aggregate supply curve will be steeper, the greater the:

Q2. TC=100+15Q

Illustrate what is the minimum price necessary for this firm to produce any output in the short run?

Q3. A. Do not try to elucidate people's tastes, but they do try to Elucidate Illustrate what happens when tastes change.

B. Do not believe that people's tastes determine demand and therefore they ignore the subject of tastes.

C. Believe that they must be able to elucidate people's tastes in order to Elucidate Illustrate what happens when tastes change.

D. Incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.

Reference no: EM1317825

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