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Determine if each of the following economic statements is correct or incorrect and explain your answers.
(a) Increasing energy cost incurred in production will push up the implicit cost of running a business.
(b) A company can reduce its rental space immediately if its business is below expectation in the short run.
(c) In the long run, there is no fixed factor input in a business.
(d) When output of a firm increases, the fixed cost will not increase in the short run.
Illustrate what happened in the case, cause/impact/outcome.
leadership style immelt and obamado you think the leadership style of people like immelt and obama is a result of
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Which products, if any, will have a perfectly inelastic demand? Pick one of the products. How, if at all, could consumers adjust to a rise in the product's price ? Compare the elasticity of demand for that product in the short and long run.
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Do you think the risks to quality of life and longevity associated with these factors are greater for children or adults?
Explain the company's supply chain and find a process internal to the company that you wish to analyze.
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