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1. Can you think of a product that is a large part of your budget where the price elasticity of demand is very low? Why is it so low?
2. In estimating demand functions, what is the most important thing to remember? Why?
Business Economics, Economics
A cartel is branch of an oligopoly. There are still a handful of large firms and many smaller firms. For instance, the diamond industry and the petroleum industries are examples are oligopolies. However, the main differe ...
What's your answer about the equilibrium change from an event which decreases both demand and supply? You don't need to provide graph here. Just describe the curve shifts and how the equilibrium price and equilibrium qua ...
A manufacturer claims that their calculators are 6.800 inches long. A random sample of 39 of their calculators finds they have a mean of 6.812 inches with a standard deviation of 0.03 inches. At α=0.08, can you support t ...
Think about a population mean that you may be interested in and propose a hypothesis test problem for this parameter. Gather appropriate data and post your problem and solution in the discussion topic. For example, you m ...
Discuss three ranges of the aggregate supply curve. Explain changes in the AD-AS macroeconomic equilibrium due to the aggregate demand shifts and due to aggregate supply shifts. Apply the AD-AS model to the two types of ...
The poverty line for a family of 4 in 2011 was around 23K. Do you think this is a fair assessment of the poverty line, and Can a family live on 23K without help?
The price of cell phones rose slightly higher from $500.00 to $550.00 this past month, and Samsung found out about Apple's release of the iPhone X, so in turn it decided to increase production of its Galaxy S8 from 150,0 ...
Suppose the market demand and market supply curves are given by the following equations: QD = 120 - 10P QS = 20P a. Draw a figure of supply and demand representing this market. Be sure to label the axes and intercepts. ( ...
In a study of children with a particular disorder, parents were asked to rate their child on a variety of items related to how well their child performs different tasks. One item was "Has difficulty organizing work," rat ...
Why the use of Nash equilibrium is a solution concept in games? Please give me an detailed explain.
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