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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?
discuss utility
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities?
discuss how economic theory explains the optimum pattern of consumption of an individual consumer
Elasticities of supply and demand Other Demand Elasticities – Income elasticity of demand calculates the percentage change in quantity demanded resulting fro
Total cost curve (TC) is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed cost and total variable cost
i want to know that ,wheather lithium iodide can be used as redox electrolyte? and acetonitrile canbe used as redox electrolyte? ehich is more efficient?n..
What the definition of microeconomic
a. Suppose the demand for saline solution is perfectly inelastic for contact lens wearers. If the government imposes a tax on saline solution, what occurs? Be sure to tell what hap
Three factors that determine demand for coffee and tea
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