Reference no: EM131211663
1. The demand for new houses in Melbourne and Sydney have held up relatively well, compared to the other states in Australia. However, in Melbourne, it is expected that by the end of this year the increase of new apartments into the market will far outstripped any increase in the demand for new apartments. Explain, with demand and supply diagrams, the impact on price and quantity for new apartments.
2. Assume the price of a good decrease from $10 to $8, leading to a rise in quantity demanded from 475 to 500 units. Using the midpoint elasticity formula, calculate the price elasticity of demand for the good at this price range. Explain why it is important for a business to estimate the price elasticity of demand for its product.
3. a) It is assumed that all firms are profit maximisers. Explain, with diagrams, the 2 approaches used to explain profit maximising behaviour of a perfectly competitive firm.
b) If a profit maximising perfectly competitive firm is making an economic loss, explain, with diagrams, the options available to the firm in the short run.
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Calculate the percentage recovery of caso4
: Take a basis of one liter of solution leaving the crystallizer and calculate the mass (kg) and volume (L) of solid gypsum, the mass of CaSO4 in the gypsum, and the mass of CaSO4 in the liquid solution.
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Is the company free to adjust prices to inflations
: Are the ernings of the company strong and do they show upward trend? Is the company free to adjust prices to inflations?
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Does fite bros have any remedy
: Joe a well-known film actor, entered into a contract with Front Bros for a period of five years where he agreed to give his services exclusively to From Bros and not act in films for any other company during this period. During the first year of t..
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Control the price of gasoline
: The attempts to control the price of gasoline below its equilibrium level in the 1970's led to shortages and long lines at the gas pumps. On the other hand, attempts to support the price of farm products above equilibrium prices has led to large s..
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Profit maximising perfectly competitive firm
: If a profit maximising perfectly competitive firm is making an economic loss, explain, with diagrams, the options available to the firm in the short run.
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How a game operates to individuals in gaming community
: Write a description of how a game operates to individuals in gaming community. Also describe how the game operates to an audience of non-gamers.
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Determine the cost of goods transferred out
: GaoMaoling Corporation produces a product that passes through two departments. For May, the following equivalent unit schedule was prepared for the first department: Compute the unit ost for may using the weighted average method. (show all work for c..
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Problem regarding the operations management
: In a short essay 3 paragraphs, write an analysis to the following question. Describe what the term "Operations Management" means and be able to apply it within organizations.
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Explain the type of market
: 1. (a) Using your knowledge of basic market structures, briefly explain the type of market into whichbanana growing industry in Australia falls.
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