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Q1. Explain why the following situations would occur in terms of the factors that affect elasticity.
(a) Demand for cellular service is inelastic in the short run, but more elastic in the long run.
(b) Demand for a bakery's bread is elastic, while demand for bread is inelastic.
(c) Demand for personal computers is elastic.
What is the main determinant of the price elasticity of supply? Explain.
Q2. Explain the difference between economic and accounting profits. Explain how could you graphically illustrate economic profits made by a perfectly competitive firm; monopolist; and firm competing in a monopolistic competitive market? What conditions exist when economic profits are maximized?
If Frank's salary as a sales manager was $70,000 instead of $100,000 would your answer be different.
Assume there are no other countries willing to trade goods, so when there is no trade between these two countries, each country consumes the amount of wheat and clothing it produces.
Find the 90% confidence interval for the compensation of a year when the productivity is 85 and interpret the C.I.
What amount of equity method income would Russell recognize in 2013 from its ownership interest in Thacker.
Elucidate relationship among production curves average product and marginal product also cost curves average variable cost, average total cost and marginal cost.
The European Engine Company (EEC) is a multi-national manufacturer of small gasoline and diesel motors.
Why does Michael Porter admonish companies will not change his competitive positioning any more regularly than once every four or five years.
Dependency theory characterizes countries as being either in the center or on the periphery
Explain how each of the following variables will be affected by proposed steps that you have identified in the first part of the discussion: money supply, interest rates, inflation rate, aggregate demand, and output. Provide support for your respo..
What must she/he expect to happen to short term interest rates over the coming year.
What is the unregulated competitive equilibrium. What is the unregulated monopoly equilibrium.
Discuss in detail, the impact that currency movements are having on the economic data that you are collecting in Part A.
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