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1. A good without any close substitutes is likely to have relatively _______? demand, because consumers cannot easily switch to a substitute good if the price of the good rises.
2. A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the least elastic demand?
a. Sports car
b. Amputation procedures for patients with diabetes
3. Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the following goods has the most elastic demand?
a. Toothbrush
b. TV and Internet service plan
c. Light bulbs
Measles has become an epidemic here in Orange County. About 1 in 1000 people will die after contracting the disease. Because this is such a high rate, health officials in Orange County would be well advised to pay for anyone to get a vaccination.
Graph a Monopoly. Compare the price, quantity, and ATC of a monopoly with a perfectly competitive firm. Who is more efficient and why?
When stock in a closely held corporation is offered to the public for the first time, the transaction is called "going public," and the market for such stock is called the new issue market.
If you were the leader of your country and you had control of fiscal and monetary policies, what would you likely do with the use of fiscal and monetary policies before the next general election?
Can anyone recommend a resource for very long term trade data? (1500-2014). I have looked and found bits and pieces here and there but haven't come across any single data-set covering all of it. I am thinking of mashing my own together but I really d..
Rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
Changes in disposable income affect government purchases and the government purchase function. How do changes in net taxes affect the consumption function.
In what way (or ways) is the current Knowledge Revolution a child of the Industrial Revolution? Is this a new revolution or simply an extension of the 18th-century revolution? Given the history, is it perhaps more appropriate to call the current revo..
q1. identify the flaw in this analysis the demand for bread will fall if more americans go on a low diet. the cost of
Which of the following factors turned the budget surplus into a deficit in 2002?
A country club knows that each of its customers has a demand curve for golf rounds of q = 500 – p, where q is the number of rounds bought in a year and p is the price per round of golf. Furthermore, because it is so exclusive and there are not many m..
A manufacturing company purchased electrical services for the next 5 years to be paid for with $70,000 now. The service after 5 years will be $15,000 per year beginning with the sixth year. the electrical company considered 15% compounded annually as..
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