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Suppose that there is a hurricane that wipes out a significant portion of Mexico's avocado production. As a result, the price of avocado toast in San Francisco increases from $10.00 to $10.50. In the week after the price change, the number of orders of avocado toast sold decreased from 7,500 to 6,800. What is the elasticity of demand at this time scale? Is demand elastic or inelastic? If prices stay the same for several months, do you expect the change in consumption from the first few days to increase, decrease, or stay the same? Briefly explain your reasoning.
q1. unlike discretionary changes automatic stabilizers have the obvious advantages that they act instantly explain
Under perfect price discrimination, there is no deadweight loss. If a monopoly can separate its buyers into relatively few identifiable markets and pursue a separate monopoly pricing policy in each market, then profit-maximizing price will be higher ..
In a particular industry, labor supply is ES=20+w and labor demand is E D=60-4w , where E is the employment level and w is the hourly wage. What are the equilibrium wage and employment if the labor market is competitive?
Elucidate how does the price of fertilizer compare to the average total cost, the average variable cost also the marginal cost of producing fertilizer.
"The Neoclassical/Neoliberal Dogma," and chapter 6, "A Radical Economic Perspective," from Naming the System: Inequality and Work in the Global Economy by Michael D. Yates. Comparing the key arguments made by neoclassical and radical economists. T..
The price of televisions has been declining in Japan for the past few years. Explain how it affects the value of marginal product of labour (VMPL), equilibrium wage and quantity of labour in television factories in Japan. Explain with a diagram.
What constraints does the consumer who follows Biblical principles have on his consumption that a non-Bible believing consumer would not have? How do these Biblical constraints affect the shape of the consumer’s indifference curve and budget line?
What do economists believe about the bias in the CPI as a measure of the cost of living?
Publishers have traditionally sold textbooks at different prices in different areas of the world. For example, a textbook that sells for $70 in the United States might sell for $5 in India. Using the theory of price discrimination carefully analyze t..
Your corporation has a marginal tax rate of 40% 70% of dividends received our excludable from Texas the corporations before text David in yield is 15% what is the corporations after-tax dividend yield
Considering a machine which will have an estimated service life of 10 years with a salvage value of 10% of the investment cost. Its expected saving from annual operating and maintenance costs are estimated to be $60,000.To expect a 15% rate of return..
How is the duration of a bond calculated? Why is this perhaps a more important calculation to the manager of a pension fund than to the manager of the daily deposits for its commercial banking division?
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