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Problems Using Point Elasticity
- We may need to compute price elasticity over portion of demand curve instead of at a single point.
- The price and quantity used as base will alter price elasticity of demand.
Point Elasticity of Demand: An Example
-Assume that
Elasticity equals:
-33.33/.25 = -1.33 or -.50/.20 = -2.54
-Which one is correct out of these?
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
ref article :http://www.economist.com/news/finance-and-economics/21587795-if-congress-fails-lift-limit-americas-debts-consequences-are a.assume that the debt ceiling crisis
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In his 2009 budget proposal for the U.S., President Obama wrote, "Unfortunately, we are also inheriting the worst economic crisis since the Great Depression which will force us to
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#quUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women
If demand goes down what happens to the equilibrium?
Halala is a small country that uses most of Its resources to produce fruits and vegetables. If the country produces only fruits it is able to produce 8000kg of fruit per year. If i
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