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Solve for the price elasticity of demand for the following goods and then determine if the good is elastic or inelastic. Show your work.
a) If the price of sweaters increases by 10%, the quantity demand decreases by 13.5%.
b) The original price of yoga pants was $25.00 and 1000 pairs were sold. The price than increased to $30 and the number of pairs sold decreased to 800. Use the midpoint formula.
What is this controls how much we pay for goods and services. For example, when the iphone 6 came out, the supply was little or unknown so people were willing to pay a lot for the phone; the price was high.
An ongoing policy issue is the privatization of hydro in the province of Ontario . Discuss privatization in terms of the production, transmission and retailing sectors . Specifically which sectors should be deregulated and why?
Assume that there are a large number of identical firms in a competitive industry, each with the cost function
Suppose we have a data set with only two observations, y1 and y2. The general formula for the sample average is: sample average=1/2(y1+y2) Suppose y1 and y2 are sampled from the population in such a way so that they are correlated with each other.
Demand relates the various amounts that consumers are willing to buy over a specified time period
What is the Consumer Price Index (CPI) and How has the CPI behaved since the year 2000? What have been the causes of these changes? In your response, include a graph of the CPI for this period and cite your source.
If Malcolm Fights, both politicians gets a payoff of 30. If Malcolm opts to Negotiate, the payoffs are 15 to Malcolm and 15 to Tony. What are the Nash equilibria of the game?
Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determina..
After Iraq invaded Kuwait, gasoline prices increase dramatically--up to 50 percent. There were many effectrs of the increased price of gasoline.
A discouraged worker is an individual without a job who has a desire to work; however, the worker has not actively searched for a job within the last six months, because the worker believes that there are no jobs available. Such a worker is not in..
The Toys-R-Danger-Us Toy Company can produce 500 water pistols for a total cost of $1,400. The company can also produce 1,000 water pistols for a total cost of $3,000, but it would have costs of $200 even if it produced no water pistols.
What would an economists say that the burden of the FICA tax is shared equally. Who bears more of the tax burden Workers or employers.
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