Why do economists pay little attention to the algebraic sign

Assignment Help Microeconomics
Reference no: EM13239326

Why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the elasticity of the demand for a good with respect to another good's price?

Reference no: EM13239326

Questions Cloud

Early modern period by historians : The era from 1500 – 1750 is often labeled the Early Modern Period by historians. Discuss the elements (political, economic, social/cultural, intellectual, etc) of this period that lay the foundations for the modern world or today’s society. Use speci..
Determine the short run and long run impact of events : a. An epidemic decreases the amount of labor by 10%. b. A domestic campaign has a strong success on increasing the MPS and decreasing the population growth rate.
Determine the astronauts tangential acceleration : Astronauts use a centrifuge to simulate the acceleration of a rocket launch, What is the astronaut's tangential acceleration during the first 20.0s
Find out the bimolecular rate constant of a reaction : Determine the bimolecular (second order) rate constant of a reaction if the initial reagent concentration decreases from 4.6900 mol/L, to 0.59400 mol/L in 13.00 seconds.
Why do economists pay little attention to the algebraic sign : Why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its own price, yet pay careful attention to the algebraic sign of the elasticity of the demand for a good with respect to another g..
What motivates some spanish and portuguese americans : What motivates some (not all) Spanish and Portuguese Americans to begin to seek independence? [Bourbon Reforms, creoles vs. peninsulares] What makes some Spanish and Portuguese fearful of the consequences of independence, especially after the Tupac A..
Explain what is the hypothesis testing conclusion : A study by the centers of disease control (CDC) found that 23.3% of smokers are adults and that roughly 70% of those who do smoke indicate that they want to quit (Associated Press, July 26, 2002).
Find the length of wire you must use to wind the coil : Nichrome wire of cross-sectional radius 0.782 mm is to be used in winding a heating coil, find the length of wire you must use to wind the coil
State what is the final concentration of potassium hydroxide : What is the final concentration of (in M) 15.7 mL potassium hydroxide solution with an initial concentration of 1.553 M which is diluted with 15.6 mL of solvent? Assume the volumes are additive.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd