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1. Seller has ample time to adjust to price change.
2. Buyer's response to small price change is significant.
3. Buyers are faced with many options when deciding to make a purchase.
4. Sellers do not have much time to adjust to price change.
5. Buyers consider this item to be a necessity.
a. Elastic demand
b. Inelastic demand
c. Inelastic supply
d. Elastic supply
Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
duality was used in comparative static approach in assessing the direction of change on economic variables . Why do we need duality and under what condition may duality can''t be u
1. Assessment Criteria The coursework will be marked on the overall outcome including: structure, quality of reasoning, quality of written English, data analysis, referencing, sty
difference between the cardinal analysis theory and ordinal theory
what is wage?
The production function for (a Music company ) their CDs is q= 25*K*L , where q is the number of CDs produced each month, K is the hours of equipment used, and L is the hours of la
Assume that milk operates in a perfectly competitive market, use a well labeled demand and supply model to explain how market equilibrium price of milk is being determined.
Problem: (a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society. (b) Distinguish bet
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#queA monopolist has a constant marginal and average cost of $10 and faces a demand curve Of Qd = 1000-10P. Marginal revenue is given by MR= 1000-1/5Q. stion..
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