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If you owned a business, how will you apply your understanding of price elasticity of demand in your pricing policy? Use a numerical example in your answer. 2 Marks b. The Western Australian government is thinking of setting a minimum price on alcohol in order to minimise the risk of alcohol related illness. Graphically represent and explain the possible impact of the government decision on the market for alcohol.
Consider two hypothetical countries. In Country A, 20 percent of the labor force is unemployed for half the year and employed for the other half; the remaining 80 percent of the labor force is never unemployed. In Country B, 100 percent of the labor ..
The United States is planning to push Europe towards new and more aggressive efforts to boost aggregate demand given a renewed risk of deflation in the Eurozone
Draw a supply and demand diagram to show what happens to price, quantity, consumer surplus (CS), and producer surplus (PS) in the market for computers.
What are the economic and political arguments for regional economic integration? Given these arguments, why don;t we see more integration in the world economy?
If interest is compounded at 15% per year, how long (i.e., the number of year-long periods) will it take for $50,000 to accumulate to $66,125? Hint: you can check your work using the FV function in Excel with the annual payment set to zero, since we ..
Along a demand curve, the price changes from 60 to 70. This causes the quantity demanded to change from 70 to 65. Calculate the demand curve and the inverse demand curve. Calculate the price elasticity of demand using the price/quantity combination o..
Explain who ultimately bears the higher cost entailed in circulating paper dollar bills instead of dollar coins?
When individual fishing boats harvest more fish each year in order to maximize profits while, as a result, threatening the fish population with extinction, it is called:
Jamal has a utility function U=(w^1/2) , where W is his wealth in millions of dollars and U is the utility he obtains from that wealth. In the final stage of a game show, the host offers Jamal a choice between (A) $4 Million for sure, or (B) a gamble..
Explain the effect of the following events on the interest rate in the loanable funds market. Demonstrate you answer graphically. tax revenue is lower than expected and people expect cities to default on municipal bonds. They sell thier bonds and..
Explain how the government can stimulate the aggregate supply. What are the implications of using this stimulus to help stabilize an economy?
Consider the following economic scenario: The first sushi restaurant opens in a city. People are initially cautious about eating sushi, until an influential health report warns consumers against grilled meat and suggest that they increase their consu..
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