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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?
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Elucidate what would be the immediate and long run effects on c, k, and y. Explain by drawing the path of these variables. Consider that you impose the new saving rate.
Why does hedging usually take place with a forward contract.
Find the equilibrium values of the real interest rate, consumption, investment, and the price level.
Give an example of a product you consume for which your marginal utility increases with the amount of your consumption
Illustrate would the gross receipts of strawberry growers be if the crop turned out to be 30,000 cases.
Illustrate what amount of profit does the industry fail to pick up by refusing to increase output by one unit
If air quality improves however re are no effects on aggregate production or on market costs of final goods and services. Illustrate what would happen to GDP.
q1. what would be the production possibility frontiers for brazil and the united states? without trade the united
If I produce 20,001 copies my total cost will rise to $750.02, therefore my marginal cost of producing copies must be increasing.” Draw a graph to illustrate your answer.
What he didn't foresee was that number of T-shirt stores in South Padre would jump from roughly 10 to 40 within two years. Now he laments.
Assume that Densa Inc. falls 10 percent short of producing the profit maximizing output. Would a higher product price lead to greater output
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