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Q. Calculate the income elasticity of demand for product X when I= $30. Explain how could we categorize product X? Do you reflect on commodity X a cyclical or non recurring good? Explain why. Do you consider product X a necessity or luxury good? Explain why. Suppose the economy is in a recession and per capita disposable income is expected to decrease by 5%, then what percentage effect on sales would you expect to take place?
At what price would demand be unit elastic, assuming all else equal. Justify your answer
Pharmaceutical drugs have an inelastic demand, as well as computers have an elastic demand.
Explain why monopolistically competitive firms frequently prefer nonprice competition to price competition.
Calculation of the unemployment rate and part time workers who would prefer to work full time.
The university is seeking a grant to cover capital costs. How big of a grant would make this project worthwhile (to the university).
For each values for the MPC, determine the size of the simple spending multiplier and the total change in real GDP demanded following a $10 billion decrease.
What happens to the demand for Sara's sweatshirts in long run. In long run, what happens to Sara's economic profit.
Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility.
Analyze a situation in which both parties entering into a contract could benefit, economically or otherwise, from slightly ambiguous language contained in the contract.
Winston Churchill once thought that democracy is the nastiest form of government except for all others.
How would you use these cost and revenue estimates to determine whether a sales force increase or possibly a decrease is warranted.
Evaluate Rusal's prediction by using the demand and supply equations to make a prediction about the movement of world aluminum price.
Illustrate the significance of resource pricing explain rule or criteria of employing for resources under pure and perfect competition.
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