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Questions on Elasticity
1. Using the supply and demand model, explain what would happen to the supply curve during a drought. Also explain the affect on the price of water.
2. Name a relatively inexpensive product that you purchase on a regular basis. If the price of that product increased by 25% how would you react? Why is your response elastic or inelastic?
3. Name a relatively expensive product that you purchase less frequently. If the price of that product increased by 25% how would you react? Why is your response considered to be elastic or inelastic?
4. Let's consider the price of gasoline. It has been changing a lot over the course of the last few years. How have you responded to the changes? Explain your reaction to the change in terms of it being either elastic or inelastic.
5. Would you react differently if you believe that increased gas prices will be temporary (short run) as opposed to being a long run phenomenon? How so and why?
At the management luncheon, two managers were overheard arguing about the following statement: "A manager should never hire another worker if the new person causes diminishing returns". Is this statement correct? If so, why? If not, explain why no..
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
Elucidate three manufacturing companies that experienced large percentage increases in the number of firms between 1997 and 2002.
Make a monthly sales forecast for the firm for 2001. Why would the managers of the Chemical Company want monthly sales forecasts of this kind.
Illustrate the difference among the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution.
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.
Select a U.S. multinational company. In terms of currency denomination, discuss how the firm prices its revenues and costs.
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
From the information in the following table, calculate the income elasticity of demand for this good if income increases from $10,000 to $20,000, and if income increases from $40,000 to $50,000.
Elucidate what happened in the simulation as you increased and lowered spending and income tax rates
Milton Friedman faiths in a steady growth monetary policy. Illustrate what does that mean and critique this approach.
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