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1. Suppose you attend a meeting at work to discuss whether to change the price of your product. You think demand is elastic, but a colleague thinks it is inelastic. Does it matter whether demand is elastic or not? Explain. Is it possible that you are both right? Explain.
2. In a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse, a colleague says, "We should use our own warehouse and save the cost of renting one." Do you agree or disagree? Explain.
3. Explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.
4. State the law of diminishing marginal utility. What does this law have to do with explaining consumer behavior? What is consumer surplus? How is consumer surplus related to the law of diminishing marginal utility?
5. Explain why demand is more elastic in the long run than in the short run.
Complete the table (find government purchases and government deficit/supply) by entering the government purchases and computing the budget deficit or surplus at each of the real GDPs.
About thirty United States localities circulate their own currency with names like "Ithaca Hours" and Dillo Hours." Doing so is perfectly legal although through law they are subject to a 10% federal tax, which currently the government is not collecti..
For this week, we are continuing our discussion on GDP and economic growth. We will realize that most of government spending goes towards welfare such as social security. However, it is a common belief that social security benefits
suppose the hotel in the lecture example raised its price from 30 to 30.50. with the new price the hotel expects 96
In spite of significant price increases for gasoline in the last two years, the amount of gasoline consumed has not decreased a lot--does this mean that gasoline is an exception to the law of demand.
people with bad credit were getting higher interest rates than people with good credit. the main reason is because the
If she apportions some resources to each, then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pounds of potatoes per y..
Suppose that the return on domestic bonds held by foreigners in country i are subsidized at the rate s and that returns on domestic bonds held by residents of country j are taxed at the rate.
he lease also provided that the vessel could be purchased at the end of 6 years by the oil company for $35,000. At the end of the 6 years, the oil company exercised its option and bought the vessel.
you have been contracted by an economic consulting firm to determine the economic structure and possible future actions
you are given the following information in relation to the market demand and supply of ford carsford cars market demand
Computer software utilizes skilled labor relatively intensively.If trade between the U.S. and India is free, which good will the U.S. export and which will it import? What will happen to production of the two goods (increase or decrease) in the U...
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