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Supply/demand analysis and elasticity of demand
What kinds of changes in underlying conditions can cause the supply and demand curves to shift? Give examples and explain the direction in which the curves shift.
What is price elasticity? Give examples of five products whose demand is price elastic, and five products whose demand is price inelastic and elaborate on the choices you make.
Answer the following questions on the basis of the monopolist's situation illustrated in the following graph.
Assuming the phone company has to charge the same monthly rental fee and unit price to all its customers, at what level should it set these charges?
Explain how each of the following will affect the relative values of the dollar and the euro:
Dr Leona Williams a well know Plastic Surgeon, has reputation for being one of best surgeons for reconstructive nose surgery. Dr Williams enjoys a rather substantial degree of market power in this market. She has estimated demand for her work to b..
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
Tax rebate and a tax refund is a tool of fiscal policy. A deduction in tax rates is not the similar thing as a tax cut.
Credit cards are sometimes discussed as a public problem. In 2001, purchases on credit cards accounted for 21% of consumer spending in America, which has the lowest savings rate of any big country.
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
Using the theory of oligopoly and the concept of prisoners dilemma, explain why the cigarette companies did not cut on advertising on their own to increase their profits before the law went into effect?
Social Dynamo Corporation earned profits last year of $49 million on sales of $500 million. During the same period, its major competitor - EIO Corp.- enjoyed sales of $490 million and earned profits of $52 million.
Describe unemployment and the unemployment rate. Might we be able to say "Job Stats: Too Good to be True?"
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