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Q. I choose a sweater at the price of $12 in the past month. Describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic? In a few sentences, what effect does the current supply and current demand have on this product?
Over the long run historically, real wages produce about same pace as labor productivity.
Compare the sum of consumer and producer surplus for the monopoly with the results for perfect competition.
Brenda Johnson has used a preprinted form that she got from the internet to create her will.
Suppose the government increases G to 1250. Compute private saving, public saving, and national saving and the new equilibrium interest rate.
Prime Products manufactures specialized goods to customers' specifications and operates a job-order costing system.
Describe the Schumpeterian notion of "creative destruction"
Calculate the amount of former foreign monopoly profit that is transferred as tariff revenue to the home country when the home country imposes the tariff.
The municipal swimming pool charges lower entrance fees to local residents than to non-residents. Conclude that non-residents must have for swimming at the pool than residents.
Distinguish between the resources market and the product market in the circular flow model.
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
When a company's depreciation is larger than its gross investment, net investment becomes negative and the firm's capital stock decreases.
What factors influence Under Amour's ability to make an economic profit in the cross-training shoe market.
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