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"If price changes by 20 percent and quantity changes by 10 percent, demand is:"
inelastic
unit elastic
elastic
Granny’s Restaurant sells apple pies. Granny knows that the demand curve for her pies does not shift over time, but she wants to learn more about that demand. She has tested the market for her pies by charging different prices
a doctoral student has just completed a study for her dissertation and found the following demand and supply
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
elasticity-a the price of good x goes up by 2.75 the quantity demanded of good y goes from 10500 units to 25000. what
Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
a. state and explain the law of diminishing marginal utility and do the same for the law of diminishing returns.b.
Through the energy crisis of the 1070s, and again in the last five years, Congress bemoaned the "windfall" and "price gouging" profits of the major oil companies. In the 1970s Congress imposed an "excess profits tax" on these companies.
Suppose that a profit maximizing companies short run cost is TC=700+60Q. If the demand curve P=300-15Q, which of these options should it do in short run?
Consider two metropolitan areas, one that has many small school districts and one that has only a few large school districts. In a paragraph, what are the efficiency and equity effects of introducing a voucher system likely to differ across these two..
given an mpc of .8 if the equilibrium level of aggregate expenditure is 80 billion and there is a reduction in
Long run average costs rise as output increases if and only if the production function is homogeneous of degree p?(0,1). True or false? Explain your answer.
Consider a firm that is a monopolist in the domestic market facing a demand curve given by p = 100 - q, but can also sell in the world market where there is perfect competition and the market price is 60. The firm is a price taker in the world mar..
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