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Suppose that a 20% increase in the price of gasoline causes a 5% decrease in the consumption of gasoline and a 30% drop in the sales of SUVs. What can you say about elasticities?
verify the excess burden can also be calculated using this formula.
Describe some forms of private spending which represent consumption some forms which represent investment.
Assume that before the price of X2 fell, Fred had exchanged all of his inheritance of X1 and X2 for money, planning to use the money to finance his purchases later, explain how much of X1 & X2 will Fred consume after P2 fell to 1.
Illustrate what are the major determinants of price elasticity of demand. Use those determinants and your own reasoning in judging whether demand for each of the following products is probably elastic or inelastic.
q.1 what are the definitions of the following cost concepts fixed costs variable costs and total cost?2. give the
suppose bob considers borrowing 100 from sheila at a 10 percent interest rate. they both think that a 4 percent real
Now looking at this scenario, would company rather increase wages slightly, not so much that it will decrease profits, but to a point where productivity may rise higher than what was originally given to employees.
Suppose in Belgium the opportunity cost of producing a trombone is 8 clarinets. In Denmark the opportunity cost of producing a trombone is 6 clarinets. Which country has a comparative advantage in the production of trombones?
In order to host the Winter Olympic Games the city of Vancouver incurred a large debt, which will have to be repaid over time. Reflecting on this fact, one Vancouver resident complained, “The average guy is going to see his taxes increase” [Austen, 2..
Illustrate that this is an indirect or a direct rate. If the forward rate is an accurate predictor of replacement rates.
An oil and gas XYZ company expects to produce 200,000 barrels of oil in time to deliver it on March 1, 2015. The management needs at least $30,000,000 for the oil to pay salaries, pay back loans, invest into new equipment, etc.
Decide whether the Demand for paint is elastic, unitary elastic or inelastic. Elucidate your reasoning also interpret your results.
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