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Concept of Elasticity
Use an elasticity concept to explain each of the following observations.
a. During economic boom times, the number of new personalcare businesses, such as gyms aand tanning salons, is proportionately greater than the number of other new business such as grocery stores.
b.Cement is the primary building material in Mexico. After new technology makes cement cheaper to produce, the supply curve for the Mexican cement industry becomes relatively flatter.
c. Some goods that were once considered luxuries, likea telephone, a new considered virtual necessity. As a result the demand curve for telephone service has become steeper over time.
d. Consumers in a less developed country like Guatemala, spends proportionately more of their income on equipment for producing things at home like sewing machines, than consumers in a more developed country like Canada.
Construct a table shoeing Grey's marginal sales per day in each state. Calculate Grey's maximum monthly commission income.
From the regression output, estimate the demand function when income is $40,000 and price is $2 per gallon. Explain the result in terms of R-square, T-test, F-statistic, and signs of each X variables.
Pawel spends half of the year working in Britain where he consumes British food q and half of the year in Poland where he consumes Polish food Q.
Explain the difference among a price floor also a price ceiling. Provide a situation in which a price ceiling may be used.
Assume that software purchases by businesses are treated as expenses, as they were before November 1999. Calculate GDP using three different approaches: expenditure approach, income approach, and product approach.
Jermaine has a health insurance policy that has a deductible of $1,000, a $10 copayment on doctor visits, and coinsurance of 10% on all expenses other than those for which there are copayments.
In each of the cases listed below determine what this consumer needs to do (in terms of purchasing X and Y) to maximizes their utility.
Make a short paper which relates how specific material from economic course where we cover supply and demand, elasticity and etc.
Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input? What will happen to the labour demand if price of the output goes up?
An open economy has the following pattern of income and domestic expenditure: For each of the three years, evaluate the balance of trade facing the economy.
All semester we have been tracking the economy to discern where it currently resides along the business cycle and where it seems to be headed over the next 6-9 months.
A scientist wants to determine the half-life of a certain radioactive substance-Based on the data, what is the half-life?
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