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Elasticity-
a) The price of good X goes up by 2.75%, the quantity demanded of good Y goes from 10,500 units to 25,000. What is the Exy? What does that number mean? What is the relationship between these two goods?
b) National incomes have gone from and average of $36,000 last year to $34,000 this year. We see that the amount of widgets has changed from 102,500 last year to 105,000 this year. What is the income elasticity of widgets? What does this number mean? What type of good is a widget?
c) Use Arc Elasticity To Find The Price Elasticity Of Demand. What does this number mean? Is it in the elastic or inelastic range? What would happen to total revenue with the price reduction?
d) Northern California Pro Bikes hired an economist to make predictions about the firm's sales and total revenue. The economist found that the price elasticity of demand for Pro Bikes is 0.8. Should the firm increase or decrease the price of Pro Bikes? Why?
compare and contrast adam smith''s theory of absolute advantage theory and david ricardo''s comparative advantage theory of international trade.
CURRENCY UNIONS AND OPTIMUM: This Section explains the working of monetary unions and common currency areas. The Section also examines the case for and against optimum currenc
large firms charge the price which is higher than the small firms, contruct the diagram
how do I determine the profit-maximizing quantity of a firm for different market prices when only given TFC, TVC, and the market price
Production having Two Outputs -Economies of Scope * Economies of scope exist when joint output of a single firm is greater than the output which could be achieved by two diffe
Households: The fundamental unit of individual economic behaviour. Households offer labour supply to labour market, make consumer purchases,earn income (from employment and other s
Determinants of Social Demand for Education - Excellence Apart from the three considerations identified by Prof. Musgrave for public investments in education and discussed abo
The objective of the Government of Mauritius, as announced in the Budget Speech 2007/2008, is to target 2 million tourists by 2015. (a) Critically assess whether the target of
What are the major differences between the equilibrium of profit maximiser and sales revenue maximiser?
The idea for the national accounts came during the 1930s depression in the U.S., when decision-makers wanted to get a better sense of by how much economic production had fallen. Si
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