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In your own words answer the following questions and upload your answers within an MS Word Document.
1. When the demand curve is relatively inelastic and the price falls, what happens to total revenue?
2. Why is the demand for gasoline relatively inelastic, while the demand for Exxon's gasoline is relatively elastic?
3. Describe cross elastiity of demand.
4. What is the difference between inferior and normal goods?
Estimate the business value using BizStats - Valuation Rule for Sporting Goods Stores at BizStats. Calculate the viability of purchasing the business.
Jim enters the town and makes a factory, which is employed by the locals. Every worker in the factory works on one machine and is able to produce 6 shirts per hour. The cost of running the machine is half a loaf of bread per hour, the cost to empl..
Which one of the following statements about trade blocs is correct - Which one of the following is not an important source of revenue for the federal government?
Prepare a short executive summary for your company, explaining the level of integration the bloc has currently achieved, the level it aspires to accomplish, and the relationships it has with other African trade blocs.
Assume you are the owner of a small cafe that employs 15 people, 10 of whom are front-line, unskilled workers, and currently paid the minimum wage. The state government is considering increasing the minimum wage. As a business owner, would you su..
The market demand in a homogeneous-product Cournot duopoly is P=200-3(Q1+Q2) and costs are C1(Q1)=26Q1 and C2(Q2)=32Q2. Determine the reaction function for each firm.
Suppose you are considering the demand for apples and the demand for all fruit. Holding everything else constant, the demand for apples will be More elastic than the demand for all fruit
What is the marginal cost of one additional unit when the firm is currently producing 3 units - difference between the average total cost and average variable cost smallest?
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic product.
Holding everything else constant, what happens to the MPL for the above aggregate production function when L increases?
a) What is meant by the Market Demand for a prodcut? Does the market demand curve for a product always slope downward to the right. If your answer is yes, discuss. If your answer is no, discuss.
A. How much of the variation in STVC is explained by the explanatory variables? How do you know that?
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