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Q1. You have the following information for your product:• The price elasticity of demand is -0.9.• The income elasticity of demand is 0.5.• The cross-price elasticity of demand between your good and a related good is 2.0.
What can you determine about consumer demand for your product from this information?
Q2. How will an unexpected 3 percent fallin price levelin goods and services market differ from 1 percent inflation when 4 percent inflation had been expected? What impact would and have on the real price of resources, profit margins, output, and employment Explain?
Illustrate what will be the total consumer surplus to those consumers.
Use the green line (triangle symbols) to show the impact of this additional change in the exchange rate on the economy.
Identify those who gave us the concepts of monopsony and human capital.
From observations over many years, the company has concluded the fill amounts in their 2 litre bottles is normally distributed with a mean of 2.01 litres and a standard deviation of 0.11 litres. What fill amount (in litres) will see 97% of all bot..
During the purchasing decision, evaluation stage, the consumer forms preferences among the brands in the choice set.
Explain how did the marketer of which product you purchased direct each of those four elements of the marketing mix to influence your purchase?
Illustrate would the gross receipts of strawberry growers be if the crop turned out to be 30,000 cases.
suppose that the economy is currently in a recession. If policy-makers take no action, explain how will the economy evolve over time. Explain in words and using an aggregate-demand/ aggregate-supply diagram.
Explain how many units of labour will Valentines hire. What wage per unit of labour will Valentines pay.
What institutions explain why workers in some countries have more capital than workers in other countries?
A firm (You) has to decide whether or not to enter a market which is serviced by a monopolist. Currently the monopolists earns $6 economic profits, while you earn $0. If you enter the market and the monopolist doesn't engage in a price war.
Suppose that you save all of your money to spend next year. Explain how much will you be able to spend next year. How much will you be able to spend this year.
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