Thomas Jefferson Under the executive branch of the new constitution‚ Thomas Jefferson was the Secretary of State. When Alexander Hamilton wanted to create a new national bank‚ Jefferson adamantly spoke against it. He felt it would violate states rights by causing a huge competitor for the state banks‚ then causing a federal monopoly. Jefferson’s argument was that since the Constitution did not say Congress could create a bank they should not be given that power. This is the philosophy of strict construction
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elasticity of demand when Px = $140? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price below $140? At the given prices‚ quantity demanded is 750 units: Qdx = 1‚200- (3 *140) -.1 (300) = 750. -140/750=-.56; demand is inelastic at this price point and you would be decreasing total revenue with anything under b) What is the own price elasticity of demand when Px = $240? Is demand elastic or inelastic at this price? What would happen
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Elastic Collision between carts of equal mass: Collision 1 Mass (kg) Initial Velocity (m/s) Final Velocity (m/s) Momentum Initial (kg*m/s) Momentum Final (kg*m/s) Red Cart 2.0 + 50.0 0 0 0 Blue Cart 2.0 - 50.0 0 0 0 Elastic Collision between carts of unequal mass: Collision 2 Mass (kg) Initial Velocity (m/s) Final Velocity (m/s) Momentum Initial (kg*m/s) Momentum Final (kg*m/s) Red Cart 1.0 + 50.0 -33.33 50 -33.33 Blue Cart 2.0 - 50.0 66.66
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TASK 1 Consider the following equation: MRSXY < PX/PY where MRS = marginal rate of substitution x and y are two goods P = price < = is less than {draw:frame} The graph above shown us the indifference curve budget line diagram which explaining the equation MRSXY < P X / PY. There are two ways to measure the consumer preferences or what the consumer wants. The first one is by trying to put a ‘value’ on the satisfaction a consumer obtains from consuming
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business‚ finance‚ and economics‚ I will focus on the fundamental principle of economic stretch; elasticity. Elasticity in economics is very similar to elasticity in every other discipline. It’s all about the stretch. How much pressure can that elastic waistband take before it breaks? How much give is in that rubber band? How much will increasing the price of that product affect its demand? All similar questions related to elasticity. A few terms I need to define as they relate specifically
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Civics Midterm Study Guide. 1. What is Civics? Study of citizenship and government. 2. Define a citizen. Someone who is born in the U.S. or someone who goes through the naturalization process. 3. What is government? A group of people who make up rules and have control. 4. Name 3 reasons why we need government. 1) Keep order. 2) Provide services. 3) To prevent anarchy (lack of government) 5. What are the 3 levels of gov’t? Judicial‚ Legislative‚ and Executive. 6. This is
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rightward shift of the supply curve leads to a 6 percent decrease in the price and a 5 percent increase in the quantity demanded‚ the price elasticity of demand is _____. We can conclude that the elasticity of demand is _____ A) 0.30; inelastic. B) 0.60; elastic. C) 0.83; inelastic. D) 1.20; high. Price (dollars per bushel) Quantity demanded (bushels) 8 2‚000 7 4‚000 6 6‚000 5 8‚000 4 10‚000 3 12‚000 3) The table above gives the demand schedule for snow peas. The price elasticity of demand increased from
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Chapter 1 – The Five Foundations of Economics • Scarcity: The limited nature of society’s resources • Economics: The study of how people allocate their limited resources to satisfy their unlimited wants • Time‚ energy‚ and financial cost toward acquiring materials • Air and gravity are examples of things we don’t worry about‚ or aren’t scarce • The ability to look at the benefits of the activity and weigh it against the cost is thinking like an economist • Making choices is all about comparing
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decrease in total revenue. 2. If Wal-Mart and Sam’s Club begin selling gasoline at lower prices than the conventional service stations‚ this will cause the demand curves faced by the conventional service stations to shift left and become more elastic‚ which will lower the equilibrium price of gasoline at these stations. 6.1 The Price Elasticity of Demand and its Measurement Learning Objective: Define price elasticity of demand and understand how to measure it. Review Questions 1.1
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A measure of the relationship between the change in quantity demanded of a particular good and a change in its price relates to prices sensitivity. If a small change in price is accompanied by a change of quantity demanded‚ the product will be elastic. A product that is inelastic is when a large change in price is accompanied by a small change in the quantity demanded. Elasticity is sensitive to change in price‚ the degree to which demand for a good or service‚ in this case the flowers I am selling
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