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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?
Specialty Steel has carefully measured production in its new plant to determine whether it is technically efficient in production.
Why did people believe the difficulties Aisian economies were expericing in 1997-1998
q1. suppose there is a sudden change in the preferences for chocolates. however the price of production rises due to a
How does a government budget surplus affect the U.S. economy? Identify two periods in recent history in which the United States has run budget surpluses. What were the reasons for the surpluses during those time periods?
Suppose the store manager observes that the quantity demanded increases from 700 CD players to 1,300 CD players. Illustrate what is the price elasticity of demand for CD players.
The bank you are going to get the mortgage from uses a 28% qualifying rate. How much will you need to put down in order to buy this house?
Illustrate what is micelles opportunity cost of producing potatoes and or chickens if she were to produce 200 pounds of potatoes per year and 50 chickens per year.
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
Assume that the central bank refuses to change the interest rate from 10%. In this case, illustrate what is the new level of output. What is the money supply.
find out goods that lie near these extremes. Characterize demands for the following goods as being near perfectly elastic or near perfectly inelastic.
What is current process capability as measured by Cp. What is current process capability as measured by Cpk.
The market where business sell goods and services to households and the government is called the
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