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Question 1 . For the following situations, calculate elasticity of demand and comment on the answer.
When the price of commodity X was Rs. 12/-, 40 units it were demanded. When the price decreased to Rs. 6/-, 50 unit are demanded. Find price elasticity of demand and comment on the answer.
Question 2. When the income of a consumer was Rs. 24,000/-, he was demanding 20 units of a commodity. Now his income has gone up to Rs. 28,000/- and the demand for the same product has gone down to 15 units. Calculate income elasticity of demand and comment on the answer.
One of the reasons Joseph Schumpeter argued that capital was doomed was because he predicted that big corporations would naturally shift away from risk-taking entrepreneurship in favor of low-risk managerial strategies. Has this happened? Have major ..
Illustrate what is the reason the productivity also real incomes of workers in the industrially advanced economies have risen historically partly.
The difference between a U-shaped AC curve and an L-shaped AC curve is that: Diseconomies of scale are greater as represented by the L-shaped AC curve. The Marginal Cost (MC) of production increases more rapidly beyond the minimum efficient scale poi..
In Japan, pharmaceutical prices faced by consumers
Elucidate the marginal cost of a string. Compute marginal revenue and marginal cost for each quantity.
Naomi's clothing company produces hooded sweaters. Her fixed cost is the cost of her knitting machines, and her variable cost comes from maintenance for the machines and her workers. Use the purple line segments (diamond symbol) to plot the long-run ..
What is the own price elasticity of demand when price is $100? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $100? What price should you charge in order to maximize the fir..
A man pays $160 a year for a life insurance policy with a coverage of $145,000 payable to his survivor upon his death. The probability that he will live through the year is 0.9992. Supply the probability table for this problem. (In this case the outc..
What would be the effective rate of protection on bicycles in China if China places a 50 percent tariff on bicycles, which have a world price of $200, and no tariff on bike components, which together have a world price of $100?
Provide a definition of Foreign Direct investment (FDI). Provide an example. Why do you think Starbucks originally chose to expand internationally through licensing its format to foreign operators? Define "offshore production." Why do you think it is..
Suppose that, for the population of all entering freshmen, the distribution of the number of correct answers would be normal with a variance of 250. what is the probability that sample variance would be less than 100?
We are looking at the market place for good ABC. Supply and/or demand conditions are changing. Assume that after these changes occur, the equilibrium price increases while the equilibrium quantity decreases. Now, based on those possible changes suppl..
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