Price rises and supply is elastic. Total revenue increases d. Price rises and supply is inelastic. Total revenue increases e. Price rises and demand is inelastic. Total revenue increases f. Price falls and demand is elastic. Total revenue increases g. Price falls and demand is unit-elastic. Total revenue remains unchanged You are chairperson of a state tax commission responsible for establishing
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CHAPTER 12 Microeconomics The Demand for Resources Topic Question numbers ___________________________________________________________________________________________________ 1. Derived demand 1-8 2. Resource demand curve; optimal hiring 9-59 3. Determinants of resource demand 60-97 4. Elasticity of resource demand 98-114 5. Optimal combination of resources 115-145 6. Marginal productivity theory of income distribution 146-149 Consider This 150-151 Last Word 152-154 True-False
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1. | Question : | (TCO 1) The general concern of economics is with the study of the | | | Student Answer: | | degree of competition in stock and bond markets in the economy. | | | | efficient use of limited productive resources to satisfy economic wants. | | | | issue of equality in the distribution of income and wealth among households. | | | | budget deficits in the domestic economy and trade deficits in the international economy. | | Instructor Explanation: | Chapter
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for * Some goods do not even have a market period (time is too short for any response) * It has a Vertical Supply Curve (meaning it is inelastic) * Price Elasticity of Supply: the Short Run (fixed-plant period): supply is more elastic‚ but not terribly so‚ as the time period is short * The period of time is not enough to change the output significantly; producers have less time to react to the change * ex. if gasoline prices rise‚ in the short run‚ producers are
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ECO 100 – James E. Pesando Term Test 1 – October 18‚ 2013 Answer key 1. Russia can produce 50 cars per week or 200 computers per week. Japan can produce 75 cars per week or 300 computers per week. (14 marks) (a) Calculate the opportunity costs of cars and computers for each country? Cars Russia Japan Computers 4 computers 4 computers ¼ cars ¼ cars (b) What trade ratio(s) will allow Japan and Russia to both gain from trade?
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when there is a change in price. When the quantity demanded of a product changes greatly compared to the change in price‚ this is known as an elastic demand. This is because there is a proportionately greater change in the quantity demanded than the price‚ hence in the formula for PED = % change in Qd / % change in Price‚ when PED > 1‚ it is an elastic product. For example‚ if a product’s price increases from $2000 to $2500 there is a change of 25%‚ and the quantity demanded changes from 5000
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Unit 1 Assignment Chapter 4 1. What is a competitive market? Briefly describe a type of market that is not perfectly competitive A competitive market is a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker (Mankiw‚ p.66). Local energy provider is not a perfect market but a monopoly because there in only one provider. 2. What are the demand schedule and the demand curve‚ and how are they related? Why does the demand curve
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Multiple-Choice Questions for International Economics by Dr. Bob Carbaugh Department of Economics Central Washington University Chapter 1: The International Economy and Globalization A primary reason why nations conduct international trade is because: a. Some nations prefer to produce one thing while others produce another *b. Resources are not equally distributed to all trading nations c. Trade enhances opportunities to accumulate profits d. Interest rates are not identical in all trading
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elasticity of a quantity demanded. c. dividing the price of the product by demand. d. dividing the demand for the product by its price. ____ 2. The relationship between the change in price and total revenue for an elastic demand curve is a. variable. c. inverse. b. unit elastic. d. direct. ____ 3. All of the following are determinants of demand elasticity EXCEPT a. whether the purchase of the product can be delayed b. whether there are adequate substitutes for the product. c.
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As the initial length and polar moment of inertia remain constant throughout the experiment‚ G then varies according to the ratio of the torque to the angle of twist on the fine scale. This relationship was shown in FIGURE ……. in the linear elastic region. Therefore‚ it is now possible to calculate the value of G from the raw data taken in the experiment. A number of G values are found‚ and of these values‚ an average is taken: 24088909281 Pa or 24.09 GPa. It is possible to calculate the
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