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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?
Question : (a) Differentiate between the characteristics of a perfectly competitive market and those of a monopoly market structure. (b) To what extent is a monopoly mark
what the contenporary issues in micro economics in nigeria
GROWTH OF EMPLOYMENT OPPORTUNITIES: Policy failure refers to situations: i) When the objectives of public policy are attained partially or inadequately or in a distorted
REGIONAL FINANCIAL INSTITUTIONS: You have read about regional international trading blocs in Block 5 Course MEC 007 International Trade and Finance. This unit deals with regio
I have to make a research paper project on Investigating the buying behavior of individuals in the white goods sector and seeing if there exists any negative relationship between d
You are considering whether or not to go to graduate school. Well… there are many things to consider, of course, such as the type of job you would thus get, the opportunity to live
Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.” Types of Elasticity can be explained as follows: Th
b) Why is monopoly considered to be generally against public interests, and what policy instruments can be used to regulate monopolies?
2. Suppose the price of printing paper for digital cameras has recently risen by 10 percent due to an increase in the cost of materials used in the finish for the paper. As a resu
Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra
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