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With the recession, average incomes have fallen from $44,375 to $41,720. Before the recession Groucho's Gizmos sold 600 gizmos a month. As an economics, predict the number of gizmos that will be sold for the following income elasticities and explain what type of good a gizmo is in the eyes of consumers (you must use the income elasticity coefficient to explain your answer).
a) EI = 1.5 b) EI = 0.5 c) EI = -2.0
What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p
the sources of market failure
which is the following is an example of a firm''s derived demand?
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In neoclassical economics, equilibrium exists when supply equals demand for a particular commodity. General equilibrium is a special (purely hypothetical) condition in which every
For each of the following scenarios, you use a SS & DD diagram to demonstrate the effect of a given shock on equilibrium price and quantity in specified competitive market. Explain
factors influencing the conditions of demand for a given product
I need to write an essay about industrial and labour relations ( at most 5 pages ) Deadline is in a month. I would like to know if your tutor can do that and how much it costs.
Income and Substitution Effects A fall in price of a good has the two effects: Substitution & Income -Substitution Effect Consumers will tend to buy more of the good
Ask question how do I find the Price
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