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Q-1 Explain how the market economic system works to answer the fundamental economic questions. Explain how this may differ from a command economic system. Historically, which has worked best and why?
Q-2 Explain how a market economy compensates for a market surplus. What about a market shortage? Why is price driven toward equilibrium? How does the relate to laissez-faire. What are some factors that may cause the market system to not function effectively?
Q-3 Explain a production possibility curve. Differentiate between points on the curve, points outside the curve, and points inside the curve. How does this related to opportunity cost and scarcity?
Q-4 Different products have different demand elasticity--Define elasticity. Heart medication, for example, is inelastic and corn is elastic. Find a product that has not already been selected and describe the price elasticity and income elasticity. How much control might an organization have over pricing based on a product's elasticity? Discuss which of the elasticity rules you used to determine your answer
explain the viewpoints of classical and keynesian economists. how did the economy that existed at the time of these
A rental apartment complex for residential use in the City was placed in service by a calendar year company 6 years ago on February 27 for $530,000. The apartments were sold on March 6 this year. A rental apartment complex for residential use in ..
The variables in the model with particular attention paid to whether consumer spending will increase, job growth will occur, and wages will rise.
Consider the differences between qualitative, quantitative, mixed methods, and action research and Discuss your basic understanding of each strategy - Discuss your basic understanding of each strategy.
Calculate the incremental profit that south park would earn by customizing its instruments and marketing them directly to end users.
identify an article that demonstrates the application of time value of money principles to a business decision.explain
you want to invest in a hot dog stand near the ball park. you have a 0.35 probability that you can turn your current
The three people in our model all have the same preferences, but each has a different income. One of them has an income of $100, another an income of $1,000, and the third has an income of $10,000. The price of water1 is $1 and the price of the compo..
how are the calculations made for this problemthe table below shows the demand and supply schedules for mouse padsprice
Bob is the company's best hourly worker, but his boss knows that Bob wishes to spend more time with his kids at home. Bob's boss gives Bob a huge increase in his hourly pay hoping to entice him to work more hours.
i would like to know more about dead-weight loss and externalities what is their relationship and the causes and
at the start of 1996 the annual interest rate was 6 percent in the united states and 2.8 percent in japan. the exchange
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