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1. A good without any close substitutes is likely to have relatively _______? demand, because consumers cannot easily switch to a substitute good if the price of the good rises.
2. A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the least elastic demand?
a. Sports car
b. Amputation procedures for patients with diabetes
3. Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the following goods has the most elastic demand?
a. Toothbrush
b. TV and Internet service plan
c. Light bulbs
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Suppose low-income people have preferences for non-food consumption (NF) and for food consumption (F). In the absence of any income transfer programs, a person's budget constraint is given by NF + PFF = I where PFF is the price of food relative to no..
1. in which market model would there be a unique product for which there are no close substitutes?a. monopolistic
Which of the following would shift a supply curve in a perfectly competitive market for a good? Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. ..
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Graph the Demand facing your situation. Note that this requires information from the Supply Determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.
Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elastici..
By how much should the U.S. automakers adjust the price of their automobiles if they wish to increase the volume of their sales by 9.2
A vendor is offering an extended repair contract on a machine. The firm's experience is that this will cover repair costs over the next four years of $200, $200, $400 and $500. At 6%, what is the extended repair contract worth now?
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