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Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work
The Midterm Exam is open book, open notes. The maximum time that you can spend in the exam is three hours. If you have not clicked the Submit For Grade button by then, you will be automatically exited from the exam. In the exam environment
The percentage effect which increase in output will have on the profit made from producing and selling commodity Alpha will be.
In the short run, a firm's total costs of producing 100 units of output equal $10,000. If it produces one more unit, its total costs will increase to $10,150. Illustrate what is marginal cost of the 101st unit of output.
Why does a teacher earn less than a firefighter? Why does a union electrician earn less than a non-union electrician?
Explain why Paul Collier seems to argue that export oriented industrialization or trade liberalization policies enacted by African countries would not help Africa develop.
q1. peter and sally enter a bus and two adjacent cramped seats are free. they must decide whether to sit or stand.
Suppose without trade, country A produces and consumes 100 units of widgets at a price of $10 each. Illustrate what is the total gain or loss from trade for country A.
The final submission of your project at the end of the term will be a 2000-3000 word document that you will submit to outline the problem, propose your solution, and recommend implementation of your solution.
In economic terms, when the wage rate increases we sometimes see the number of hours worked by individuals decrease now.
Would company benefit by advertising in this perfectly competitive market. What would happen to price of toothpaste, would it rise or fall. What would happen to profits company makers.
How it may be possible for increases in the minimum wage to have little impact on employment levels. Please explain using the following concepts: long-run versus short-run; b
Profits for Firm 1 have risen from $256 to $288, while profits of Firm 2 have declined sharply from $256 to $144. B. How much will each firm produce and what will its profit be.
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