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It appears that iPhone users tend to be very loyal to Apple technology overall and are unlikely to switch to the products of competitors. Why does that not make demand for iPhones price-inelastic?
You might be tempted to claim that it does, but remember: it is never optimal for the seller to operate on a price-inelastic part of the demand curve. Whenever demand is price-inelastic, the revenue will go up and the costs will go down if the the seller increases the price.
According to the "Rule of 70", how many years will it take for real GDP per capita to double when the growth rate of real GDP per capita is 5%?
assume that the regulator knows the marginal cost of abatement fairly well but there is uncertainty about marginal
How is external debt repaid, i.e., where do the funds come from to repay external debt?
last week wallys burgers inc. reduced the average price on the frac12-pound papa burger by 1.in response sales jumped
How economists are both scientists and policymakers and what principles society uses to allocate its scarce resources.
Discuss healthcare system impacts on economy development in Sierra Leone (from macro level). First, analysis the economy and healthcare system before 1990s.
A firm must decide which of three alternatives to adopt to expand its capacity. The firm wishes a minimum annual profit of 20% of the initial cost of each separable increment of investment.
choose and reserach a specific company that is traded publicly where there has been a pattern of change in a particular
The following equations represent the MWTP function and the private MC function in the market for some good where a negative externality (i.e., pollution).
Production suppose that the production function for a company is given by Q = 80K1/4L3/4.
Evaluate the following statement: Even if the prices of a large number of goods and services in the economy increase dramatically, the real GDP for the economy can still fall.
Use appropriate assumptions where required. These may help you to simplify any complexity. Selecting appropriate assumptions in economics is
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