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Answer each question concisely but with detail, including calculations. Come to the point and be precise. Do not restate definitions. The use of generalities will raise suspicion about how firm your grasp is of a given topic. Use only the information given in a question to answer that question; assume ceteris paribus unless otherwise specified.
Answer all questions correctly.
1. Suppose that the price of gasoline at a particular station two months ago was $2.80 per gallon (keep it simple—assume one grade of gas). The past month, the price of gas was $3.10 per gallon. Assuming 20,100 gallons were sold two months ago and 20,000 gallons were sold last month, use the point formula to calculate the price elasticity of demand for gas at this station. Based solely on your calculations, is the demand for gasoline elastic or inelastic? If sales of Almond Joy bars at the same gas station's convenience store decreased over the same time frame, what relationship do gasoline and Almond Joy bars have? Do you have enough information to calculate the cross-price elasticity of demand for gas and Almond Joy bars? If so, make the calculation. If not, explain why not. Show all calculations.
Explain the forces that drove Mittal Steel to start expanding across national borders, including a history of Mittal Steel.
Elucidate the importance of credibility when evaluating a firm's potential moves.
Which situation describes the increasing returns stage of the production function?
A customer pays an admission fee to get into the local YMCA, and also a monthly membership fee.
One of the major problems associated with MNCs is a decline in corporate tax revenue of advanced countries since the 1990s. What should host and home countries do to solve this problem?
What price and quantity will prevail if the monopolist isn’t regulated? What price-output combination would exist with efficient pricing (MC = P)?
What is the real sector of the economy, what are the associated parity conditions, and how are they different from each other? Which one tends to hold the best? Explain why.
Carbon Tax/Emission Trading scheme – Compare Australia with one of these countries or group of countries like Europe,USA and China/India and discuss the similarities or differences in ETS and its affect on the economy
Two dry cleaners are located on a street of length. The firms do not make the same profit, verbally describe why this is the case.
q1. analyze the following statement and illustrate how would happen in the long run if such advice were followed by the
Elucidate how Illustrate what the balance sheet will look like (comparison to above) if Brimstone declares a 10% stock dividend.
A firm’s marginal cost curve above the average variable cost curve is equal to the firm’s individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price eq..
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