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Calculate the price elasticity of demand for the following products and state whether demand is price elastic, inelastic, or unit elastic,a. Raw sugar prices rose by 3% and raw sugar consumption declined by 2%.
b. A 10% increase in the price of cigarettes reduce smoking among 8th to 10th graders by 10%.
c. The price of luxury cars increases by 4% while the quantity demanded decreases by 8%.
What happens to price and output in the Cournot, Bertrand and Stackelberg models if marginal costs increase by 10 percent if N=2, there are constant marginal costs (c), and firms face demand p = a - bq?
Show whether change causes a shift in supply curve, a shift in demand curve, a movement along the supply curve, and/or a movement along the demand curve.
Explain which of these methods of encouraging growth would you suggest to a newly industrialized economy.
Compute the income elasticity also elucidate how sale of the novels would change during a period of rising incomes.
What implicit weight is placed on the inflation target under this rule? Discuss. Draw an IS-MP diagram but instead of the usual MP curve, graph the monetary policy rule.
The spreadsheet lists components of aggregate planned expenditure in the United Kingdom. The numbers are in billions of pounds.
Illustrate what are institutional arrangements. Why are they considered important fundamental determinants of economic growth and development.
Suppose the market for widgets can be described by the following equations: What is the equilibrium price and quantity?
Elucidate when producers reduce price for good and services, it increase consumers surplus and everyone standard of living.
Using the IS/LM model, demonstrate the effect of each of the following changes.
List the four assumptions for the Monopolistic competition model. Now explain how the market will adjust in the long run and draw a corresponding graph for the representative firm in the long run. (Explain your answer.)
Is the following statement correct or incorrect: "If a firm operating in a monopoly or imperfectly competitive industry is trying to maximize profits, it will always charge the highest price that the traffic will bear." Explain why or why not.
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