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Elasticity of Natural Gas
1. Using the elasticity concept explain why the demand for residential natural gas (gas used for heating, cooling, and cooking) is more elastic than the demand for residential electricity.
2. What were some changes of the demand and supply fconditions that lead to the housing market bubble and collapse?
Describe the effects a 15 percent price increase would have on the demand for the product.
Illustrate what are the production elasticities of demand for labor, capital (trucks) and energy. What type of returns to scale is consistent with the above production function.
If a industry wants to raise total sales revenue. What happens to the demand for beer if the price of soda falls.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Address whether any of these are a factor when looking at the future exchange rate among the United States and Egypt.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
Explain how the distinction between expected and unexpected inflation is important to the distributional effects of inflation.
A firm in an oligopolistic company has the following demand and total cost equations Maximum quantity at which profit will be at least $850.
Illustrate the economy's adjustment to its long run equilibrium only, as the formerly dislocated (and now retrained) labour force is finding employment in new industries.
Providing the current situation with General Motors, our team is recommending that they (GM) reduce their current operations in order to maximize profits.
Explain the science of economics in the presence of making a profit with scarce resources
Assume which is more difficult to monitor workers at larger firms than at smaller firms. According to the delayed payment compensation model,
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