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Question
(a) Describe clearly the three concepts of elasticity of demand. Use appropriate examples and diagrams to support your answer.
(b) Consider you have been appointed manager of a chocolate company. How far can you use these concepts to maximise revenue? Illustrate your reasoning, with the help of appropriate examples and diagrams.
The daily demand for ABC shoes is estimated to be as follows:-
Qx = 100 - 3Px + 4Py - 0.01M + 2Ax
Where Ax represents the amount of advertising spent on shoes (X), P is the price of good X, Py is the price of good Y and M is the average income. Suppose good X sells at $25 pair, good Y sells at $35, the company utilises 50 units of advertising and average consumer income is $20,000. Calculate and interpret the price, cross and income elasticities of demand.
explain the concept economies/diseconomies of scale and minimum efficient scale
What is utility maximization according to consumer behavior? Consumer Behavior: Utility Maximization A foundational hypothesis onto individual behavior within modern econ
Explain the difference between a change in quantity demanded and a change in demand. Change in quantity demanded" refers to movement with the demand curve. For instance, if th
a) Consider the following flows (in thousand of people) between the various labour market states in a particular month: UE = 240 000; UNLF = 180 000; EU = 190 000; NLFU = 220 000
an emission fee levied against polluting firms will tend to shift the supply/demand curve of the firm/product to the left/right?
concept of supply
Discuss about the evaluation step in analytical frameworks. Evaluations: The fifth step into studying an economic step is to estimate outcomes resulting through the under
Female-headed households: The high incidence of unemployment among the educated in general and women in a particular reflects that the pace of creation of diversified employme
Mg(OH)2 + 2HCl-----> MgCl2 +2H2O how many grams of magnesium chloride can be produced from 14.60mL of a 0.546M hydrogen chloride solution?
fundamental problems
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