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a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity.
(i) Consumer preferences, that is, whether consumers regard the commodity as a "luxury" or a "necessity".
(ii) The narrowness of definition of the commodity.
(iii) The length of the period under consideration
(iv) The availability of substitutes for the commodity question #Minimum 100 words accepted#
No of Pages/Words : 500 words
Complete the columns for to conclude the profit maximizing output for this firm. Draw the relevant graph to show the profit maximizing output.
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Several costs may be associated with firms that use the market. These include which of the following:
An auto-part manufacturer is considering establishing an engineering computing center. This center will be equipped with three engineering workstations that each would cost 25,000 and have a service life of five years.
If the Fed purchases Treasury Bills from banks:
Discuss how your expected and disposable future income, after receiving your college degree, may change your saving and investment decisions and transactions in the loanable funds market.
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Sam promises to pay Sandy $2,000 in four years and another $3,000 four years later for a loan of $2,000 from Sandy today. What is the interest rate that Sandy is getting? Assume interest is compounded monthly.
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q1. if the demand curve is qp 20-2p and the marginal cost is constant at 8 what is the profit maximizing monopoly
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
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