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Why is that a profit maximizing businessman would always raise prices when facing an inelastic demand curve, but might or might not raise prices when facing an elastic demand curve? explain and justify your answers in detail.
The land has a basis to Randy of $8,500. The buyer makes a $6,000 down payment in year 1 and will make a $7,000 payment in year 2 and a $7,000 payment in year 3. In addition,
Discuss how absolute advantage and comparative advantage differ? Kyle can read 20 pages of the economics in an hour. He can also read 50 pages of history in an hour. He spends 5 hours pre day studying. Draw Kyle's production possibilities fron..
Elucidate the maximum amount that would pay for an asset that generates an income
A news magazine offers students a discount on the regular subscription rate. The total number of subscriptions is optimal, and, at the current prices, the marginal revenue from the last subscription sold to a student is $6, while the marginal reve..
In your own words, discuss the economic purpose of OPEC. Illustrate what has happened to oil prices over the past five years.
Describe briefly why time lags in discresionary fiscal policy can adversely affect the efforts.
Demand by senior citizens for showings at local movie house has a constant price elasticity equal to-4. The demand curve for all other patrons has constant price elasticity equal to-2.
Compute the price or output combination and the total economic profits which would result if competitors offer clones which make the QuickerBetter market competitive.
In the movement to downsize government, advocates often recommend turning over some government services to private firms hired by the government. What are the potential benefits and costs of such outsourcing
Explain what is the Ricardian model for international trade. In your explanation
All three spend half their time on each activity (C)iv. Larry spends half his time on each activity, while Moeonly washes cars and Curly only mows lawns (D)
Suppose that the tax rate on the first $10,000 income is 0; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $30,000; and 40 percent on any income over $80,000.Family A has an income of $40,000 and Family B has..
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