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Q1. The demand for basic food stuffs like grains tends to be inelastic with respect to price. Use this factor to explain why highly fertile farmland will fetch a relatively high price at any point in time, but that rising farm productivity over time has negative overall influence in farmland prices.
Q2. What is marshal's law of demand? Explain how does it relate to the equal marginal rule , the law of diminishing marginal utility and consumers surplus?
Q3. What is the difference between a change in the quantity supplied and a shift in the supply curve?
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
As control variables, Quinn's data also includes income the individual earned in the month the data was collected, and the amount that it rained in the month the data was collected.
Based on the IRS actuarial table, Mario has a life expectancy of 20 years. If Mario receives 12 monthly payments of $1000 the first year, how much taxable income must he report on his tax return.
The Coca-Cola Company has 40% of the cola market. Determine the probability that a sample proportion
Evaluate the financial performance of the company using the information providedin scenario. Consider all the key drivers of performance, such as company profit or loss.
What is the short-run equilibrium price. What is the short-run equilibrium market quantity.
Under oligopoly, if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
Outline reasons why the marginal revenue product differs between workers in different jobs.
the shortcomings of NAFTA for the last 20 years including what each country has lost as a result of NAFTA.
Assume that health insurance begins to cover hip replacement surgeries that everyone interested in getting a hip replacement has health insurance.
If you were a manager in a tobacco company, analyze the elasticity of demand for tobacco products. Evaluate the factors involved in making decisions about pricing tobacco.
In long run, what would you expect to happen to the price of steelin U.S. and Germany. What would be the price differential.
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