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There are 4 factors that influence the price elasticity of demand:The availability of substitutesThe specific nature of the goodThe part of income spent on the goodThe time consumers have to buy the goodIn a 2-4 paragraph Discussion Board post, discuss the following:Choose a product you have purchased in the past month from a clothing or shoe store.Describe how each of the 4 factors contributed to the elasticity of the good.Is the product considered elastic, inelastic, or unitary elastic?In a few sentences, what effect does the current supply and current demand have on this product?
Describe the factors that may cause economies and diseconomies of scale. Give an example of each. Describe the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?
Suppose the demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the price elasticity of demand equals
Moral hazard and adverse selection are both examples of a) the principal-agent b)externalities in consumption c)efficiency in markets
A huge number of successful businesses' such as Apple, The Cheesecake Factory, and E-Bay, were built around the personal passions of their founders. Consider your own personal passions. What do you love to do What are you great at doing
Suppose the information in the following table is for a simple economy that produces only the following four goods and services: textbooks, hamburgers, shirts, and cotton. Assume that all the cotton is used in the process of producion.what is the ..
You know from data gathered on the widget market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your widget..
How much does the economy have to grow (potential output is, 3.5% and the unemployment rate is 7.3%) in 2014 to bring the unemployment rate down to 5%? How much does it have to grow each year to bring the unemployment rate down to 5% by 2017.
Assume you are an aid to a government official planning on some recently proposed excise tax on welfare of her constituents.
Indicate whether or not each of the following examples of business behavior are legal or illegal under current antitrust law, and mention whether violations under the Sherman Act, Clayton Act, and/or Federal Trade Commissions Act are involved. Pro..
(a) What marketing research did Vivian Callaway execute (b) What were the critical questions that she sought research and expert advice to get answers to (c) How did this affect the products marketing mix price, promotion, packaging, and distributi..
What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation were introduced to the production..
Assume that the government proposes to cut taxes while maintaining current level of government expenditures. To finance this deficit, it may either
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