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How have you responded to increases in the price of gasoline over the past few years? How would you respond if the price of gasoline doubled over the next two years? What alternatives do you have for buying gasoline? Could you change to zero consumption of gasoline in the short run? In the long run? In the short run, when the price of gasoline increases, what happens to the income you have to spend on other goods? Try to use concepts seen in this unit such as budget constraint, income and substitution effects, etc. in your answer
Derivation of Indifference Curve: Consider any commodity bundle denoted by point A in the above figure which consist x 0 1 and x 0 2 amount of good I and good II respectiv
Explain about a model and use of it in economics. A model is a simplified demonstration of a real situation which is used to better understand real-life circumstances. The
Unemployment rate (LUNEMP): A key variable to assess the performance of any economy when an economy is growing, the unemployment rate will fall as job creation increases and in
WHAT IS THE CENTRAL PROPOSITION OF THE ORTHODOX KEYNESNIANS?
Several species of Alternaria (A. citri, A. alternata, A. solani and A. tenuissima) produce toxic substances that have been found in apples, tomatoes, blueberries and others. The
Consider Gold-Bernstein's Integration roadmap (p. 18). Construct two business examples, one that clearly calls for a strategic integration effort and the other that call
why is international trade important for South Africa?
How can franchises ensure their products are appropriate for international markets?
What is productivity? Productivity or average product (AP): It is output person which is output divided through number of workers AP= Q/L. There labour Productivity can
compute: credit multiplier, maximum change in the money supply
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