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Elasticity of demand : explained
The following is a straight-line demand curve:
Price Quantity Demanded
$12 110 28 36 44 5
a) Calculate the elasticity of demand in going from 2 unit to 3 units.
b) Is the demand elastic or inelastic in this range
If the price of manufactured goods rises to $6 bushel (a rise of 50%), the parity price of corn as well rises by 50% - to $4.50 in this hypothetical example.
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
It is the measure adopted by the Government for its UK inflation target. The Bank of England's Monetary Policy Committee is required to achieve a target of 2 per cent. Inflation is the percentage change in the index compared with the same month one..
Consider the Figure below that represents a perfectly competitive firm
Suppose the CFO of a German corporation with surplus cash flow has 1 million Euros to invest. Suppose that interest rates on 1-year CD deposits in U.S. banks
Derive an expression for the marginal utility of good 1, and for the marginal utility of good 2. Using these, solve for an expression describing the slope of an indifference curve: MRS(x1,x2).
What is the value of the money multiplier? What is the value of the nomial money supply? What are the nominal values of deposits, currency and reserves?
What is the equilibrium level of income? Compute disposable income, consumption and aggregate demand.
Discuss how a change in price affects total expenditure by filling in each cell with resulting change in total expenditure.
Explain what happens to the nation's aggregate supply curve, the short-run equilibrium level of output, and the price level if:
At what price will she buy four visits? Eight visits? What is the elasticity of between a price of $5 and $6 per visit? Between a price of $29 and $31?
In the short-run, machinery is fixed also labor is variable for a business that uses only these two inputs. If, at the current level of output, marginal product of labor is declining
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