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Understanding elasticity and what determines its magnitude helps us understand how an economy is likely to respond to the ever-changing circumstances of the real world. In terms of this statement, explain, with the aid of examples, the type of elasticity that a business owner can useto determine whether the good that his firm is producing is a complement or substitute good.
Include in your answer a discussion of the fact that a major determinant of cross elasticity ofdemand is the degree of closeness that the second good serves as a substitute or complement good to the first good.
Explain about the barriers to change. Give a example for people barriers, technology barriers, infrastructure barriers and process barriers of your organization
Suppose that prisons historically have required inmates to perform, without pay, various cleaning and food preparation jobs within the prison. Now suppose that prisoners are offered paid work in factory jobs within the prison walls and that the clean..
There are 120 pounds of cotton available. How many pounds of cotton should be used to make hatss (CH) ?
Two firms are ordered by the federal government to reduce their pollution levels. Firm A’s marginal costs associated with pollution reduction are MC = 20 + 4Q. Firm B’s marginal costs associated with pollution reduction are MC = 10 + 8Q.
The base year is 2009. Real GDP in 2009 was $10 trillion (2009 dollars). The GDP price index in 2009 was 112, and real GDP in 2013 was $11 trillion (2009 dollars). Calculate nominal GDP in 2009 and in 2013 and the percentage increase in nominal GDP f..
What is the probability that a randomly selected? 3-year-old is enrolled in day? care?
6,000 children in the experimental? group,73 developed the disease. Of 6,000 children in the control? group,119 developed the disease.
Ajax Cleaning Products is a medium-sized firm operating in an industry dominated by one very large firm Tile King.
a. Should the landowner hire Alfred to plant corn? b. What will be the marginal cost of the land owner to produce 80 extra sacks of corn?
1. Explain the impact that a host or hostess has on a customer's impression of a restaurant.
Jimmy deposits $3,200 now, $2,100 3 years from now, and $4,600 6 years from now. Interest is 7% for the first 3 years and 10% for the last 3 years. How much money will be in the fund at the end of 6 years? What is the present worth of the fund?
Alternative Uno has a first cost of $10,000 and annual expenses of $3,000, whereas Alternative Dos has a first cost of $35,000, annual expenses of $2,000, and a recurring cost of $5,000 every 10 years. If both alternatives have an infinite life, whic..
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