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Q1. Explain why the following situations would occur in terms of the factors that affect elasticity.
(a) Demand for cellular service is inelastic in the short run, but more elastic in the long run.
(b) Demand for a bakery's bread is elastic, while demand for bread is inelastic.
(c) Demand for personal computers is elastic.
What is the main determinant of the price elasticity of supply? Explain.
Q2. Explain the difference between economic and accounting profits. Explain how could you graphically illustrate economic profits made by a perfectly competitive firm; monopolist; and firm competing in a monopolistic competitive market? What conditions exist when economic profits are maximized?
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
Board of directors has directed you to choose an output level that maximizes the firm's profit. You have an incentive to maximize profits because your job and salary depend on the profit performance of this company.
If you deposit money today in an account that pays 6.5% annual interest, how long will it take to double your money.
Why the short-run demand for gasoline is less elastic than the long-run demand, when the price of gasoline rises, people immediately cut back on unnecessary trips.
Why is efficiency lost at the boundaries as when substantially more of one good and very little of another is produced.
What are some methods for improving the financing of the U.S. health care system. Are these methods realistic and achievable? Justify your answer with solid reasoning and appropriate references.
An open economy with a fixed exchange rate follow a money growth rule successfully if capital moved freely across its borders..
Evaluate the financial performance of the company using the information providedin scenario. Consider all the key drivers of performance, such as company profit or loss.
What can you provide as advice to a manager concerning their choice on the quantity of labor and quantity of capital.
Depreciation taken in the third year if the machine is also sold during the third year.
If it had doubled its land as well as labor, production would have been 325000 bushels. Does it have increasing, decreasing or constant returns to scale.
Federal Reserve lowers the required reserve ratio from 0.10 to 0.05. How does this affect the simple money multiplier.
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