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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
What is inflation gap
Problem 1: a. Describe the term ‘inflation' and explain the relationship between money supply and inflation. b. Describe the conditions and processes that are associated wi
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Due April 8 a) Produce some initial summary statistics of the data. b) State the hypotheses that will be tested. Show me advanced results (analyses, not write-up/paper) Due April
why diminish MRS?
argument against in favour of traditonel theory profit maximisation
Ask question what is frugal economy
The government notices that there is an output gap and decides to increase government spending with a stimulus package of $4 trillion in hopes that it will spur growth and stop une
How to solve questions of endowments?
Marginal revenue: Marginal revenue is the change in total revenue with respect to a change in quantity sold. That is, it is the change in total revenue that results from the s
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