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Questions on Elasticity
1. Using the supply and demand model, explain what would happen to the supply curve during a drought. Also explain the affect on the price of water.
2. Name a relatively inexpensive product that you purchase on a regular basis. If the price of that product increased by 25% how would you react? Why is your response elastic or inelastic?
3. Name a relatively expensive product that you purchase less frequently. If the price of that product increased by 25% how would you react? Why is your response considered to be elastic or inelastic?
4. Let's consider the price of gasoline. It has been changing a lot over the course of the last few years. How have you responded to the changes? Explain your reaction to the change in terms of it being either elastic or inelastic.
5. Would you react differently if you believe that increased gas prices will be temporary (short run) as opposed to being a long run phenomenon? How so and why?
Determine, how the following will affect the slope of the output demand curve, and explain your results:
Elucidate how he should use information on the marginal catch at each lake to accomplish this goal. Illustrate what division on the 40 fishers would you recommend.
Sherry was just rotated out as Microsoft's X-Box sales manager for the Canadian market. In Canada, the X-Box competes with Nintendo's GameCube.
Explain carefully in terms of production theory why it might be that no amount of "cracking down" can increase worker productivity at CF&D.
Assuming no population growth or technological progress, find the steady state capital stock per worker, output per worker, consumption per worker and investment per worker given that the rate of saving is 20% and depreciation rate is 10%.
E;lucidate whether each among the subsiquent is an example of an automatic fiscal stabilizer.
There is no Constitutional needs which individual states must accept monies offered by federal government to support requires affecting their citizens.
Compute the income elasticity of demand for product below, by using average values for quantities and incomes.
Illustrate what can you determine about consumer demand for your product from this information
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
What is the profit-maximizing price and output? What is the total profit? What is the price elasticity of demand at the profit maximizing output?
Suppose, in a given week, float raises $900 million, Treasury deposits at the Fed rise $1500 million, discounts and advances decline $200 million, and foreign deposits at the Fed increase $150 million.
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