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What are the determinants of demand? What happens to the demand curve when any of these determinants change? What is the difference between change in demand and change in quantity demanded?
illustrate what can you say about cost elasticity of demand for DVD players. Will cost reduction necessarily lead to an increase in profits for DVD player manufactures.
elucidate what will be the effect on the world price of wool. How does the marginal revenue to Australia from an extra unit of wool relate to the price of wool.
Elucidate the cutthroat competitor's reasons for not raising or lowering his price, thereby accounting for the kink in his demand curve.
Does the production technology exhibit increasing/decreasing/constant returns to scale.
What has been happening in Florida in general in terms of unemployment over this time period. What about for GDP.
What type of economic flow would be illustrated b the purchase of a Mexican candy-making factory by a US company.
The price paid by buyers increases by $2 and the after-tax price received by sellers falls by $3. The government is able to raise $750 per month in revenue from the tax. Elucidate deadweight loss from the tax.
Find the quantity that maximizes the profit of the monopolist, the profit of the monopolist and the corresponding domestic and international price.
Rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
Illustrate what do you think would happen to sale and price of DVDs after this.
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
Explain how could you estimate the net welfare loss (deadweight loss) from such a diagram. What response to such a policy would you expect from industries (like automobile producers) that use U.S. steel.
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