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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?
assumptions
supply and demand
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Question 1 (9 marks) During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following mark
example of cournot model
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The Money Multiplier is explained below: If you see carefully, the money multiplier is nothing but an inverse of a reserve ratio. Therefore, we can write MM = 1/rr, where rr is
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