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If Starbucks's marketing department estimates the income elasticity of demand for its coffee to be 1.75, how will looming fears of a recession (expected to decrease consumers' incomes by 4 percent over the next year) impact the quantity of coffee Starbucks expects to sell?
What is a government budget deficit. Elucidate how does a federal budget deficit affect the economy.
There is a vast number of hog farmers in Canada. Industry should be a good approximation to perfectly competitive market. The demand for processed pork in Canada is;
Explain why does the burden of sales tax fall completely on consumer when the price elasticity of demand is perfectly inelastic; the seller when perfectly elastic. and the prefect inelastic supply and perfectly elastic supply.
An engineer considering for retirement decides that she wants to have income of $100,000 per year for 20 years with the first withdrawal starting 30 year from now.
Assume you have a negotiation between Management and Labor concerning Labor wages. Management and Labor do well when they each do the opposite of what other does.
Think about a company that has been a state-owned, natural monopoly. If it is privatized, what kind of regulatory policies could the government follow, and what impact might they have on the firm.
Economists says as if economic growth is necessarily a good thing, many question the sustainability and even the morality of ever increasing economic growth.
British Prime Minister Lady Thatcher planned a poll tax that levied an equal amount of tax on every citizen regardless of his or her income.
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
Elucidate the difference between economic profits and accounting profits. Using the concepts of relative elasticity and relative inelasticity, explain price elasticity of demand.
Determine the basis of the kinked-demand model? Describe the reason for the gap in oligopolist's marginal-revenue curve. How does this model explain price rigidity in oligopoly.
The economy will contract or shrink if leakages exceed injections. Are you agree with this statement.
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