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Your assignment is to write a short (2-3 page, double-spaced, typed) essay identifying and describing two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand. Indicate why your choices have the relative elasticities they do. Hint: Use the determinants of elasticity to sort why some products are elastic and others are inelastic. Market One: What are some of the goods you purchase in your life for which your demand is most elastic? Why? Market Two: What are some of the goods you purchase in your life for which your demand is highly inelastic? Why?
What are the advantages of the HHI over concentration ratios in measuring the degree of concentration in an industry? What is the Bertrand model? What is its relationship to the Cournot model? What is the Stackelberg model?
Suppose the civilian non-institutional population equals 250,000; there are 132,500 employed persons and 10,000 unemployed persons. How many people are not in the labor force?
The seaport town of new monopoly has become extremely popular with shipping companies due to its superior location. The port has become so congested that ship must wait hours every day just to dock this is an example of
The XYZ Printing Co. wants to calculate the cost of adding a third machine. Comment on the following statement made by the company accountant: “If we add a third printing press, our total costs will increase from $870 to $960. Therefore the marginal ..
Suppose you have $2000 in currency in a shoebox in your closet. One day, you decide to deposit the money in a checking account. How will this action affect the M1 and M2 definitions of the money supply?
Create a mind map to illustrate the ways that human behavior has influenced the formation and implementation of the policy. You may complete one of the provided templates or create your own. All maps must include a minimum of 7 influential factors.
The amount of money generated in a week can be viewed as a random variable with a mean of $700 and a standard deviation of $130. Find mean and standard deviation of an employee's total pay in a week.
A multi concept restaurant incorporates two or more restaurants, typically chains, under one roof. Sharing facilities reduces costs of both real estate and labor. The multi concept restaurants typically offer a limited menu, compared with full-sized,..
Explain at the current price, eight units are demanded each period. If the objective is to increase total revenue, should the price be increased or decreased.
A Mexican restaurant offers a special menu for children for which there is a choice of a beef taco or a chicken burrito with either french fries, refried beans or a salad, plus one of four beverages. How many special menu possibilities are there?
MMM expects to generate $60,000 in earnings that will be retained for reinvestment in the firm this year.
During World War II there was a freeze on wages, and corporations found they could evade the freeze by providing other fringe benefits such as retirement funds and health insurance for their employees. The Internal Revenue Service went along with thi..
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