Gondwanaland chairman of production

Assignment Help Business Economics
Reference no: EM131357605

1. The Gondwanaland Chairman of Production reported that the new Altair chariots (most modern, horse drawn family chariot) had a PRICE elasticity of 3 and an INCOME elasticity of 2. The supply of these Altair chariots is elastic. Evaluate the following statements and explain why you think they are true, or false.

a. A 20% increase in the price of the Altair chariot will cause the quantity demanded to fall by an astounding 60%.

b. An increase in Gondwanaland consumers' incomes will cause prices to rise, but the total quantity demanded will also increase

Reference no: EM131357605

Questions Cloud

International bond-bank and equity markets : Briefly describe the differences among international bond, bank and equity markets. Would you support an MNC that favors financing through bonds issues or would you rather support one that favors financing through stock issues?
Discuss about the sadistic sexual assault : Articles are reviewed by a panel of experts before they are accepted for publication;articles are written by a scholar or specialist in the field;articles report on original research or experimentation;are often published by professional associations..
Determine the power required to overcome aerodynamic : Determine the power, in kW, required to overcome aerodynamic drag for a truck moving at 110 km/h, if CD 0.65, A 10 m2 , and 1.1 kg/m3
True statement about diversification : Which of the following is a true statement about diversification?
Gondwanaland chairman of production : 1. The Gondwanaland Chairman of Production reported that the new Altair chariots (most modern, horse drawn family chariot) had a PRICE elasticity of 3 and an INCOME elasticity of 2. The supply of these Altair chariots is elastic. Evaluate the foll..
Analyze the ways in which the main characters are crucial : Analyze the ways in which the main characters are crucial to the arc of the story. For example, a reckless climber might take a risk that becomes an inciting event that drives the entire story's action
Write a response about the given post : Interviews tend to focus more on gathering valuable information and knowledge related to the investigation, and typically this information comes from victims of the crime or witnesses that otherwise have no relationship to the criminal activity in..
Assessing the performance of the us economy over time : Define real and nominal GDP. Which form of GDP (real or nominal) do you believe should be utilized when assessing the performance of the US economy over time? Why?
Explore rationale behind equal prices for unequal distances : Explain the rationale behind equal prices for unequal distances in air travel using supply, demand, and cost curves. Your paper should reflect scholarly writing and current APA standards.

Reviews

Write a Review

Business Economics Questions & Answers

  Compute the opportunity cost, for producing a single twinkie

Compute the opportunity cost, for producing a single Twinkie and a single cupcake for Jasper and for Jasmine. Jasper can produce.

  Existence of poverty imply that our socioeconomic system

Does the existence of poverty imply that our socioeconomic system is unjust. Does the concentration of poverty in certain groups make it more unjust than it would be otherwise.

  The ratio of capital accounts to total assists

"The ratio of capital accounts to total assists is only one of many factors that indicate the financial condition of a commercial bank." Evaluate this statement

  Increasing money supply and fixed the exchange rate

In the early 1990s, Argentina stopped increasing the money supply and fixed the exchange rate of the Argentine austral at 10,000 to the dollar. It then renamed the Argentine currency the "peso" and cut off four zeros so that one peso equaled one doll..

  Which promotional mix would be most likely to move people

Everyone who has baked with the new flour loves it, but she is having trouble getting potential consumers to the desire stage of the AIDA concept.

  Discussion about the rising cost of healthcare services

Consider our discussion about the rising cost of healthcare services; what are the most effective ways to control these costs? Try to think of several alternative ways to do so, and then compare them in terms of the criteria of effectiveness, efficie..

  Level of competitiveness-number of firms-type of pricing

Form a table, across the top level four columns with the four market model structures. Along the left column working down, label “Level of Competitiveness”, “Number of Firms”, “Type of Pricing”, “Amount of Product Differentiation”, and “Ease of Entry..

  Until the marginal rate of technical substitution reaches

The wall street journal reported that Japan’s No 4 automaker-Mitsubishi Motors- announced a major restructuring plan in an attempt to reverse its 6 percent declining global sales,. Determine the rate at which Mitsubishi can rent capital and the margi..

  Q1 when crude oil price controls were in place illustrate

q1. when crude oil price controls were in place illustrate what would have been the welfare implications of a ban on

  Consider the rubinstein bargaining model of dividing

Consider the Rubinstein bargaining model of dividing $1 between A and B. A makes the first offer. If B accepts the offer then game ends. If B rejects the offer then B makes an offer to A in the next day. Suppose the bargaining game lasts for 4 days. ..

  Estimated for the new prostate cancer blood test

The price-quantity relationship has been estimated for the new prostate cancer blood test: Q = 4,000 – 20 × P. Use a spreadsheet to calculate the quantity demanded and total spending for prices ranging from $200 to $0, using $50 increments. For each ..

  The marginal benefit of reducing pollution

The marginal benefit of reducing pollution

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd