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In a practical sense, write your opinions on the effect a rule stating that university students must live in university dormitories would have on the price elasticity of demand for dormitory space. What impact might this in turn have on room rates and attending university if at all?
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
Assume that the demand curve for apples is given by Qd = 140 - 5P, where Qd is number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 3P, where Qs is the number of pounds provided.
Define the term Consumer surplus, Gien good and Income elasticity of demand using graph and equation.
Calculate the net present value and benefit-cost ratio for four different discount rates
Evaulate the price elasticity of demand for subway rides. The subway fare in your town has just been increased from the current level of 50 cents to $1.00 per ride.
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
For each of following changes, show/explain the effect on DEMAND CURVE and state what will take place to market equilibrium price and quantity (in the short run).
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
Evaluate the MU in the utility functions
The Business Cycle is the short-term fluctuations in the economy relative to the long-term trend in output; the recurring and fluctuating levels of the GDP growth rate over time.
Describe an example of risk calculation found on the web and what risk calculation technique is illustrated by your example? Would you have employed a different risk assessment technique than used in your example, and why?
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