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1. When the price of souvenir t-shirts increased from $10 to $11, the quantity of t-shirts demanded decreased from 100 to 87 a week. Using theMid-Point Method(page 99), what is the price elasticity of demand for the t-shirts? Explain why the demand is elastic or inelastic (not just that it is greater or less than one, but what about them makes the demand elastic or inelastic)?Show your work. If you are unsure about how to determine percentages, review the appendix to Chapter One. Name a product you regularly purchase for which you have an inelastic demand and one for which you have an elastic demand. What determines whether your demand is elastic or inelastic for these products?
Design a simple econometric research project
Multiplicative decomposition method
The Australian government administers two programs that affect the market for cigarettes.
Solve the forecast model
What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).
Explain why this model violates the assumption of no perfect collinearity. Write the t statistic for testing the null hypothesis
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
Determine when a competitively produced product generates negative externalities in production, the industry will,
Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.
M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.
Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:
Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.
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