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Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity of a good and the availability of substitutes affect the price elasticity of demand in each of these specific cases: • Gasoline as a commodity • Gasoline sold at a local gasoline station • Hotel rooms for people planning a vacation • Hotel rooms for people on business to meet an important client
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
If a taxi company adds a tenth cab, the company's total daily cost will increase to $4,800 and its total revenue will increase by $100 per day. Should the company add the tenth cab?
Take a current environmental issue such as the Hurricane Katrina in New Orleans and examine it from the scientific, economics, and political perspective.
How does industry-level price elasticity of demand shape the opportunities for making a profit in an industry? How does firm-level price elasticity of demand do it?
Someone claims that the "bargaining" hypothesis appeared in the literature because of a significant flaw in the "comparative advantage" hypothesis. After you briefly explain what these two hypotheses stand for, identify what..
How long will it take for your money to double? Show your calculations. You are not allowed to use any approximation formulas, such as the "rule of 70". Round your answer to 5 decimal places.
How would a decrease in the reserve requirement effect the (a) size of the money multiplier (b) amount of excess reserves in the banking system and (c) extent to which the system could expand the money supply through the creations of checkable dep..
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
The demand for the firms services has been increasing as more consumers use the service for convenience and due to higher parking rates and gasoline prices, wage rates for drivers increase cost for the firm. Describe the supply and demand shifts t..
Taking business personally, Recognize some policy change that you propose to decrease the federal government budget deficits and debt.
Predict what would happen to the equilibrium price of marijuana if it were legalized. Use demand & supply analysis to answer. Provide verbal and graphical explanation.This paper has to be three pages.
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic product.
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