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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.
illustrate graphically the influence of an increase in immigrants on the market supply of labour
#question.explain three neccessary condition to achieve pareto efficiency.
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
Rational Expectations- Inflation Unemployment Trade-off : Now, consider what happens if we suppose that workers have rational expectations about the rate of inflation First, th
Assume that the U.S. Department of Agriculture (USDA) administers the price floor for cheese, set at $0.17 per pound of cheese. (The price floor is formally set at $16.10 per hundr
Explain about the duality between direct and indirect utility. Duality between Direct and Indirect Utility: While seen how one can recover an indirect utility function by ob
For each of following production functions, comment on the ability to substitute capital for labor. Note that Q, K, and L denote output, capital, and labor respectively. A: B
Factors of Production : The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu
Attitude towards Risk: Let's assume the following: The utility function • has the single argument "wealth" measured in monetary units, • is strictly increasing, and
a) Collect costs, revenue data, or other data from the industry that you deem relevant. Describe how you would modify the data in order to make it relevant to decisions a manager m
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