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1.If a 3-percent increase in the price of corn flakes causes a 6-percent decline in the quantity demanded, what is the elasticity of demand?
2.Explain the difference between shift in the supply curve and a movement along the supply curve.
3.Explain w y for many goods, the long-run price elasticity of supply is larger than the short-run elasticity.
car breaks down and you are deciding to have it repaired. The most relevant issue in this economic decision is:A. How much you spent on past repairs on the car B. How much you paid for the car when you bought it
Based on your understanding of frictional, cyclical, and structural unemployment, do you think that this high unemployment rate can be explained by frictional unemployment? Why or why not?
What is meant by the reservation wage What factors determine the reservation wage for an individual How does the concept of the reservation wage help to explain the pattern of labour force participation within a two-partner household
Determining who benefits can be tough for negative events, but it's especially important in order to prevent the unscrupulous from recapitalizing on them. Consider the following events and trends, and determine possible winners and losers from an ..
Select one topic. This will be the subject you will research over the course of the quarter. You will submit an outline of your paper in Unit 4 and a draft in Unit 6.
Describe the economic impacts of subsidizing beef, pork, corn, soybeans, rice, and wheat on U.S. food prices and food prices in other countries, and how any negative impacts can be minimized.
What is the slope of the line described by this equation: P = 3Q + 1/2? P is plotted on the vertical axis, and Q is plotted on the horizontal axis.
Show how a monopoly firm (industry) behaves in short run (using any practical example: emphasize on output, price and average cost).
Describe how the market for corn would be influenced if ethanol, a corn derivative was used to fuel cars in US. How would market be influenced if a new technology caused corn farming to be more efficient?
Write a situation that would cause a shift in labor supply and demand. The following areas have had high job growth values and can be used for your scenario:
What is absolute advantage What is comparative advantage Is itpossible for a country to have a comparative advantage in producinga good without also having an absolute advantage
Production costs chargeable to the finishing department in June for the Cascio company: Materials: $16,000, labor: $29,500, overhead: $18,000, equivalent units of production/materials: $20,000, conversion costs: $19,000
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