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Consider some determinants of the price elasticity of demand: • The availability of close substitutes • Whether the good is a necessity or a luxury • How broadly you define the market • The time horizon being considered A good without any close substitutes is likely to have relatively demand, since consumers cannot easily switch to a substitute good if the price of the good rises. 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 most elastic demand? Diamond necklace Chemotherapy for cancer patients
Suppose that a firm sells $10,000 worth of shoes that it has held in inventory for several years. What happens to GDP as a result? Which of its components are affected and how?
The demand for a product is Qd=100-4P-3Px and supply is Qs=10+2P, where Q is the quantity of the product, in thousands of units, P is the price of the product, and Px is the price of another good. When Px = $20, what is the equilibrium price and quan..
The EZ Credit Company offers to loan a college student $6,200 for school expenses. Repayment of the loan will be in monthly instalments of $382.95 for 18 months. The total repayment of money is $6,893.10, which includes the original $6,200, $1,234.72..
Pros and cons of active stabilization policy using fiscal policy. What are the benefits and cost or each option? What are the political problems with using fiscal policy?
we want to take a random sample of four accounts in order to learn about the population. How many different random samples of four accounts are possible?
Explain how the introduction of new goods might bias the calculation of the consumer price index. Why is there a lag between the Fed’s actions and the economy’s response? Why is there a lag between the Fed’s actions and the economy’s response?
How did political revolutions in the Atlantic Ocean basin affect or alter the institution of slavery and the lives of slaves? What were the long-term consequences of revolutionary ideologies for peoples of color?
A coffee retailer (Joe’s) developed the following daily demand curve for coffee for Elizabethtown, KY. Q = 500 - 300(P) + 200(Pc) + 0.01(A) Where P is the price of Joe’s coffee, Pc is the price of Starbuck’s, and is income in Elizabethtown. Currently..
If there are n firms in the marketplace also every firm charges p. Illustrate what is total producer surplus.
Describe at least one government policy that you believe would be effective in increasing our nations' production possibilities (creating economic growth) and therefore increasing our nation's average absolute standard of living. What explains why mi..
XYZ School District is having budget issues and is facing the possibility of cutting some programs. How could one use ethical principles to address their budget issues?
Calculate and compare the profit under each flight. Should the airline replace its night flight from Los Angeles with a morning flight?
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