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Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand?
Since demand elasticity is greater than 1 (absolute value) revenues will be increased, and since price is above marginal costs profits will increase.
Assume the government sets an effective price floor in market for oranges and agrees to buy all oranges that go unsold at that price. The oranges bought by the government are discarded.
Michigan is offering financial incentives to improve health. Using economic model(s) demonstrate the impact of such policy on efficiency of the medical care system.
Suppose you are the Chief Economist of Antitrust Division of the Department of Justice. There is a single manufacturer of streaming video services that has a patent on technology so that no one else can give the service.
One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
What would be the total potential gains from trade if the ski resort and the birders were able to negotiate and what are the total net benefits of the economically efficient number of ski resort acres
Pass laws prohibiting children from working in labor market X. Require a license to work in labor market X. Increase tariffs on imports that compete with labor market X employers.
Eve bought defective ball bearings from Saginaw Corp. Alfred was the sole shareholder of the company and also its landlord. After Alfred sold all Saginaw's assets, he withheld enough money to cover the rent that Saginaw owed him. As a result Sagin..
An rise in the marginal propensity to will reduce the size of expenditure multiplier and therefore the IS-curve will shift to the
Discuss how organisations design and build services to attract new and existing customers to buy their services. Refer to the research you have presented previously in your research report.
suppose a massive unmanned spaceship were to crash in the US instantly increasing the capital stock substantially. Describe using the Solow Model, what would happen to the capital stock, and to output over time. Be sure to include graphs of bothe ..
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