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Moving along a demand curve, quantity demanded decreases 8 percent when price increases 10 percent. a. The price elasticity of demand is calculated to be____________ b. Given the price elasticity calculated in part a, demand is ________ (elastic, inelastic, unitary elastic) along this portion of the demand curve. c. For this interval of the demand, the percentage change in the quantity in absolute value is _______ (greater than, less than, equal to) the percentage change in price in absolute value.
If the marginal disutility of labor increases, the equilibrium real wage increases and the equilibrium quantity of labor goes up. True or false?
Q. Show the components of GDP? The circular flow - simple version We have defined GDP, gross domestic product, as the market value of all finished service and goods produced
mention and explain four factors that determine the volume of production.
Q. State the Marginal Productivity Theory. What are its features and assumption? Marginal Productivity Theory of distribution states that in a capitalist economy the demand for
using a graph of the classical labour market illustrste the effects of real wage existing in the market lower than the equilibrium real wage
Define the term- inflation Inflation between two points in time is defined as the percentage increase of price index between these two points in time.
5. In this question you should assume that the Marginal Propensity to Consume out of permanent income is one [i.e., no bequest motive + perfect consumption smoothing: c1, = c2 = c
If a country allows trade and, for a certain good, the domestic price without trade is lower than the world price. A) the country will be an exporter of the good. B) the country
Q. Model of labor market in AS-AD model? Remember the model of labor market in AS-AD model with constant wages. On the y-axis, we had real wage and on x-axis, we had L. The res
Q. Explain Consumer Price Index? CPI is a price index of a particular basket known as the CPI-basket. CPI-basket comprise essentially all the servicesand goods consumed in a co
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