Ch Markets in Action Answer the.docx
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Yes, a perfectly elastic price-demand curve is parallel to the X-axis. This means that the quantity demanded remains constant regardless of the change in price.
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3. Cooperative oligopoly refers to a market structure where a few large firms explicitly or tacitly cooperate with each other in determining prices and outputs in the market.
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1. The document contains questions and answers related to economics. It discusses key concepts like scarcity of resources, opportunity cost, production possibilities curve, central problems of what to produce and how to produce.
2. It also explains concepts like marginal utility, consumers equilibrium, indifference curves, demand, elasticity, production function, costs and revenues. Market structures like perfect competition, monopoly and oligopoly are also discussed.
3. Questions related to national income, GDP, inflation, banking, exchange rates and balance of payments are answered. Key terms involved in macroeconomics are defined and differences explained.
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This document contains sample questions and answers for an economics textbook. It covers topics in microeconomics and macroeconomics including supply and demand, elasticity, production, costs, markets, and more. For each question, the relevant page number and section of the textbook is referenced to provide the answer. Concepts are explained using diagrams and examples. The questions and detailed answers provide a review of key economic principles for students.
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This chapter introduces macroeconomics and the issues it addresses, such as economic growth, unemployment, and inflation. It discusses how macroeconomists use models to study these topics. Models make simplifying assumptions about factors like flexible vs. sticky prices to examine long-run versus short-run economic behavior. The chapter outlines the structure of the macroeconomics textbook in examining classical theory, growth theory, business cycles, and policy debates.
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This chapter discusses elasticity, which measures how responsive buyers and sellers are to changes in price. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. Factors that make demand more elastic include availability of substitutes, whether a good is a necessity or luxury, how broadly the market is defined, and the time period considered. Price elasticity of supply is defined similarly for quantity supplied. Factors that make supply more elastic include the ability to change production and longer time periods. The chapter examines how elasticity relates to total revenue and applies elasticity concepts to different markets.
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Yes, a perfectly elastic price-demand curve is parallel to the X-axis. This means that the quantity demanded remains constant regardless of the change in price.
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3. Cooperative oligopoly refers to a market structure where a few large firms explicitly or tacitly cooperate with each other in determining prices and outputs in the market.
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This document provides an overview of the key topics that will be covered in a basic economics workshop, including:
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- The nature of scarcity and how it requires individuals and societies to make choices that involve opportunity costs.
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- Supply is more elastic over time as producers can adjust production levels. Demand becomes more elastic as consumers have more substitutes and time to adjust to price changes.
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II. Economic systems such as command, market and mixed economies as well as concepts like allocative and productive efficiency.
III. Supply and demand including determinants, equilibrium, price ceilings and floors, and government policies.
IV. Elasticity including price, income and cross price elasticity, and the impact of taxes.
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VI. Costs of production including the production function, total, average and marginal costs.
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The document discusses various microeconomics concepts including:
1) Elasticity of demand and the importance of understanding the determinants and measurements of price elasticity and cross price elasticity.
2) Peak and off-peak demand, and how utilities charge higher prices during peak periods to balance supply and demand.
3) Examples are provided to illustrate calculations of price elasticity, cross price elasticity, and using elasticities to predict changes in demand.
4) Income elasticity is also discussed including definitions of normal goods, luxury goods, necessities, and inferior and counter-cyclical products.
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This document presents information on the concept of demand. It defines demand and describes the relationship between demand and price through a demand curve. It discusses different types of demand, including negative demand, unwholesome demand, and latent demand. The document also explains the law of demand and how shifts in demand curves can occur due to changes in income, prices of related goods, tastes, and other factors. It analyzes the substitution and income effects that help explain the law of demand. References are provided at the end.
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1. The document provides information about a project on economics prepared by teachers from various Kendriya Vidyalayas in Kolkata Region. It lists the names of the project members, their designations and the Kendriya Vidyalayas they belong to.
2. The document is divided into two sets - Set I containing questions repeated 3 or more times on various economics units and Set II containing questions repeated 1-2 times. It provides an index of the units covered in the project and the page numbers.
3. Set I includes most frequently asked questions related to concepts like introduction to microeconomics, consumer equilibrium, producer behavior, market forms under perfect competition, national income and related concepts
The theory of demand
- Students will investigate markets in groups of three by describing price changes over time for a selected market, researching the market online, suggesting reasons for price changes, and presenting findings to the class.
- Market prices are determined by the interaction of supply and demand - if demand is high relative to supply, prices will tend to rise, and if supply is high relative to demand, prices will tend to fall.
- The homework assignments involve creating notes on demand theory, analyzing examples of how demand changes based on determinants, and answering practice questions.
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This document provides information about getting fully solved assignments from professionals. It includes contact information for an email address and phone number to send requests. It also includes sample assignment questions and answers on topics like production functions, cost curves, inflation, price and income elasticity of demand, and revenue. Students are encouraged to contact the provided email or phone number, preferably by email, if they need urgent assignment help.
Microeconomics Elasticity
Here are the steps to solve this problem:
a) With the 40% drop in export demand, total demand falls to Q = 3244 - 283P - 0.4(3244 - 283P) = 1944 - 283P. Setting supply equal to this reduced demand gives 1944 + 207P = 1944 - 283P. Solving for P yields P = $2.50. So the price falls slightly but farmers do not have much to worry about.
b) At the target price of $3.50, the government must buy enough wheat to raise the market quantity from the equilibrium of 1944 + 207P = 1944 - 283P (where P = $2.50) to the quantity where P = $3.
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MACROECONOMICS-CH1
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Mb0042 managerial economics
Dear students get fully solved SMU MBA WINTER 2014 assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
(Prefer mailing. Call in emergency )
Accounting & Economics For Business 8 November
The document provides information about economics for business. It discusses key concepts like equilibrium point, producer surplus, consumer surplus, total economic surplus, market supply curve, cobweb theory, firm as price taker, and effects of changes in demand and supply. It provides examples and explanations of these concepts with diagrams. It also gives some practice questions on accounting and economics at the end.
Elasticity+and+its+application
Elasticity measures the responsiveness of quantity demanded or supplied to a change in its price or other factors. There are different types of elasticity: price elasticity measures the change in quantity demanded of a good due to a price change; income elasticity measures the change in quantity demanded due to a change in income; cross-price elasticity measures the change in quantity demanded of one good due to a price change in another good. Elasticity values can indicate whether demand is elastic or inelastic, and whether goods are substitutes or complements. Total revenue is impacted by whether demand is elastic or inelastic.
Demand and supply concept
Here are the steps to solve this problem:
1) Write the supply and demand functions:
Qd = 6,000 - 3P
Qs = 3,000 + 4.5P
2) Set the supply and demand functions equal to find the original equilibrium:
6,000 - 3P = 3,000 + 4.5P
3,000 = 7.5P
P* = Rs. 400
3) Add the excise duty of Rs. 20 per unit to the supply function:
New Supply = Qs + Tax = 3,000 + 4.5P + 20
4) Set the new supply equal to demand and solve for the new equilibrium price:
6,000 -
MATH 464HOMEWORK 3SPRING 2013The following assignm.docx
MATH 464
HOMEWORK 3
SPRING 2013
The following assignment is to be turned in on
Thursday, February 7, 2013.
1. Three couples are invited to a dinner party. They will independently
show up with probabilities 0.9, 0.8, and 0.75 respectively. Let N be the
number of couples that show up. Calculate the probability that N = 2
2. Statistics show that 5% of men are color blind and 0.25% of women are
color blind. If a person is randomly selected from a room with 35 men and
65 women, what is the likelihood that they are color blind?
3. Do Exercise 26 on page 14 of the book.
4. On a multiple choice exam with four choices for each question, a student
either knows the answer to a question or marks it at random. Suppose the
student knows the answers to 60% of the exam questions. If he marks the
answer to question 1 correctly, what is the probability that he knows the
answer to that question?
5. In a certain city, 30% of the people are conservative, 50% are liberals, and
20% are independents. In a given election, 2/3 of the conservatives voted,
80% of the liberals voted, and 50% of the independents voted. If we pick a
voter at random, what is the probability that this person is a liberal?
6. Let (Ω,F, P ) be a probability space and suppose that {An}∞n=1 is an
increasing sequence of events. For each integer n ≥ 1, set
Cn =
{
A1 if n = 1
An \An−1 for n ≥ 2.
Show that the Cn’s are mutually disjoint and that
∞⋃
n=1
An =
∞⋃
n=1
Cn .
1
2 SPRING 2013
7. Let (Ω,F, P ) be a probability space and suppose that {An}∞n=1 is a
sequence of events. Set
Bn =
∞⋃
m=n
Am and Cn =
∞⋂
m=n
Am
It is clear that Bn is a decreasing sequence of events, while Cn is an increasing
sequence of events. Show that
B =
∞⋂
n=1
Bn = {ω ∈ Ω : ω ∈ An for infinitely many values of n}
and
C =
∞⋃
n=1
Cn = {ω ∈ Ω : ω ∈ An for all but finitely many values of n}
8. Do exercise 4 on page 24 of the book.
9. Suppose we roll two fair 6-sided dice. Let X be a random variable
corresponding to the minimum value of the two rolls. Find the probability
mass function fX corresponding to the random variable as a table of values
(see below).
10. The probability mass function of a discrete random variable X is given
below as a table of values. Compute the following:
a) the probability that X is even (here we regard 0 and -4 as even)
b) the probability that 1 ≤ X ≤ 8
c) the probability that X is -4 given that X ≤ 0
d) the probability that X ≥ 3 given that X > 0
x -4 -1 0 2 4 5 6
fX(x) 0.15 0.2 0.1 0.1 0.2 0.2 0.05
©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
*
Monopolistic Competition and Oligopoly
Survey of ECON
Robert L. Sexton
Chapter 9
ied or duplicated, or posted to a publicly accessible website, in whole or in part.
*
*
©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or ...
you interviewed the CEO and evaluated the organization to gain.docx
You interviewed the CEO and evaluated the organization to gain insight into their perspective and strategic priorities. This information will help develop a strategic plan to assist the CEO and leaders in encouraging future success. The summary will help leaders and managers understand how their roles, philosophies, and leadership styles can either hinder or encourage growth, and how to better align organizational goals with corporate social responsibility.
Write a to paper about genetically vigorous.docx
Genetic diversity is important for long-term population viability and supports biodiversity. A lack of genetic diversity threatens survival, as seen in populations like the Florida panther which faces health issues due to inbreeding. Population management considers conservation values and aims to balance costs and benefits through efforts like reintroducing invasive species. Conservation methods include ex situ options like zoos and botanical gardens which support genetics but can also reduce diversity, as well as in situ protections under the Endangered Species Act which helps preservation but faces challenges in enforcement.
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- The nature of scarcity and how it requires individuals and societies to make choices that involve opportunity costs.
- Production possibilities frontiers and how resources constraints impact what combinations of goods can be produced.
- Distinguishing between microeconomic topics like demand, supply, and elasticity from macroeconomic topics like inflation and GDP.
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- Supply is more elastic over time as producers can adjust production levels. Demand becomes more elastic as consumers have more substitutes and time to adjust to price changes.
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This document provides an overview and outline of topics covered on the AP Microeconomics exam, including:
I. Basic economic concepts like scarcity, opportunity cost, and production possibilities frontier.
II. Economic systems such as command, market and mixed economies as well as concepts like allocative and productive efficiency.
III. Supply and demand including determinants, equilibrium, price ceilings and floors, and government policies.
IV. Elasticity including price, income and cross price elasticity, and the impact of taxes.
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The document discusses various microeconomics concepts including:
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2) Peak and off-peak demand, and how utilities charge higher prices during peak periods to balance supply and demand.
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2. The document is divided into two sets - Set I containing questions repeated 3 or more times on various economics units and Set II containing questions repeated 1-2 times. It provides an index of the units covered in the project and the page numbers.
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- Students will investigate markets in groups of three by describing price changes over time for a selected market, researching the market online, suggesting reasons for price changes, and presenting findings to the class.
- Market prices are determined by the interaction of supply and demand - if demand is high relative to supply, prices will tend to rise, and if supply is high relative to demand, prices will tend to fall.
- The homework assignments involve creating notes on demand theory, analyzing examples of how demand changes based on determinants, and answering practice questions.
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Microeconomics Elasticity
Here are the steps to solve this problem:
a) With the 40% drop in export demand, total demand falls to Q = 3244 - 283P - 0.4(3244 - 283P) = 1944 - 283P. Setting supply equal to this reduced demand gives 1944 + 207P = 1944 - 283P. Solving for P yields P = $2.50. So the price falls slightly but farmers do not have much to worry about.
b) At the target price of $3.50, the government must buy enough wheat to raise the market quantity from the equilibrium of 1944 + 207P = 1944 - 283P (where P = $2.50) to the quantity where P = $3.
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Dear students get fully solved SMU MBA WINTER 2014 assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
(Prefer mailing. Call in emergency )
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Elasticity+and+its+application
Elasticity measures the responsiveness of quantity demanded or supplied to a change in its price or other factors. There are different types of elasticity: price elasticity measures the change in quantity demanded of a good due to a price change; income elasticity measures the change in quantity demanded due to a change in income; cross-price elasticity measures the change in quantity demanded of one good due to a price change in another good. Elasticity values can indicate whether demand is elastic or inelastic, and whether goods are substitutes or complements. Total revenue is impacted by whether demand is elastic or inelastic.
Demand and supply concept
Here are the steps to solve this problem:
1) Write the supply and demand functions:
Qd = 6,000 - 3P
Qs = 3,000 + 4.5P
2) Set the supply and demand functions equal to find the original equilibrium:
6,000 - 3P = 3,000 + 4.5P
3,000 = 7.5P
P* = Rs. 400
3) Add the excise duty of Rs. 20 per unit to the supply function:
New Supply = Qs + Tax = 3,000 + 4.5P + 20
4) Set the new supply equal to demand and solve for the new equilibrium price:
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MATH 464HOMEWORK 3SPRING 2013The following assignm.docx
MATH 464
HOMEWORK 3
SPRING 2013
The following assignment is to be turned in on
Thursday, February 7, 2013.
1. Three couples are invited to a dinner party. They will independently
show up with probabilities 0.9, 0.8, and 0.75 respectively. Let N be the
number of couples that show up. Calculate the probability that N = 2
2. Statistics show that 5% of men are color blind and 0.25% of women are
color blind. If a person is randomly selected from a room with 35 men and
65 women, what is the likelihood that they are color blind?
3. Do Exercise 26 on page 14 of the book.
4. On a multiple choice exam with four choices for each question, a student
either knows the answer to a question or marks it at random. Suppose the
student knows the answers to 60% of the exam questions. If he marks the
answer to question 1 correctly, what is the probability that he knows the
answer to that question?
5. In a certain city, 30% of the people are conservative, 50% are liberals, and
20% are independents. In a given election, 2/3 of the conservatives voted,
80% of the liberals voted, and 50% of the independents voted. If we pick a
voter at random, what is the probability that this person is a liberal?
6. Let (Ω,F, P ) be a probability space and suppose that {An}∞n=1 is an
increasing sequence of events. For each integer n ≥ 1, set
Cn =
{
A1 if n = 1
An \An−1 for n ≥ 2.
Show that the Cn’s are mutually disjoint and that
∞⋃
n=1
An =
∞⋃
n=1
Cn .
1
2 SPRING 2013
7. Let (Ω,F, P ) be a probability space and suppose that {An}∞n=1 is a
sequence of events. Set
Bn =
∞⋃
m=n
Am and Cn =
∞⋂
m=n
Am
It is clear that Bn is a decreasing sequence of events, while Cn is an increasing
sequence of events. Show that
B =
∞⋂
n=1
Bn = {ω ∈ Ω : ω ∈ An for infinitely many values of n}
and
C =
∞⋃
n=1
Cn = {ω ∈ Ω : ω ∈ An for all but finitely many values of n}
8. Do exercise 4 on page 24 of the book.
9. Suppose we roll two fair 6-sided dice. Let X be a random variable
corresponding to the minimum value of the two rolls. Find the probability
mass function fX corresponding to the random variable as a table of values
(see below).
10. The probability mass function of a discrete random variable X is given
below as a table of values. Compute the following:
a) the probability that X is even (here we regard 0 and -4 as even)
b) the probability that 1 ≤ X ≤ 8
c) the probability that X is -4 given that X ≤ 0
d) the probability that X ≥ 3 given that X > 0
x -4 -1 0 2 4 5 6
fX(x) 0.15 0.2 0.1 0.1 0.2 0.2 0.05
©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
*
Monopolistic Competition and Oligopoly
Survey of ECON
Robert L. Sexton
Chapter 9
ied or duplicated, or posted to a publicly accessible website, in whole or in part.
*
*
©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or ...
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Ch Markets in Action Answer the.docx
- 1. Assignment#2 Ch 4-Chapter- Markets in Action Name: ID: Answer the Assignment#2 Ch 4-Chapter- Markets in Action Name: ID: Answer the below questions- Q. What is eAssignment#2Ch 4-Chapter- Markets in ActionName:ID:Answer the below questions-Q. What is efficiency?Answer-Q. What is the rational amount of any activity to undertake?Answer-Q. Why is a competitive market efficient?Answer-Q. How does the demand curve show marginal benefits?Answer-Q. The does the supply curve show marginal costs?Answer-Q. When is a product underproduced and when is it overproduced?AnswerQ. What is market failure?Answer-Q. What are sources of market failure?Answer-Q. What is an externality?Answer-Q. What is a negative externalityAnswer-Q. What is a public good?Answer-Q. What are ways government tries to correct for market failures?Answer:Q. What are two types of price controls?Answer:Ch 5 ElasticityQ-1-From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand from: point B to point C, point D to point E, and point G to point H. Classify the elasticity at each point as elastic, inelastic, or unit elastic.PointsPQA603,000B702,800C802,600 D902,400E 1002,200F 1102,000 G 1201,800H 1301,600Table 5.5 Answer. Q-2-From the data in Table 5.6 about supply of alarm clocks, calculate the price elasticity of supply from: point J to point K, point L to point M, and point N to point P. Classify the elasticity at each point as elastic, inelastic, or unit elastic.PointPriceQuantity SuppliedJ $850 K$9 70 L $10 80 M$11 88 N$12 95 P $13100Table 5.6 AnswerQ-3-The federal government decides to require that automobile manufacturers install new anti- pollution equipment that costs $2,000 per car. Under what conditions can carmakers pass almost all of this cost along to car buyers? Under what conditions can carmakers pass very little of this cost along to car buyers?Q-4-The average annual income rises from $25,000 to $38,000, and the quantity of bread consumed in a year by the average person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Is bread a normal or an inferior good?Q-5-What is the formula for calculating elasticity? AnswerQ-6- What is the price elasticity of demand? Can you explain it in your own words? AnswerQ-7-What is the price elasticity of supply? Can you explain it in your own words? Answer. Q-8-. What is the formula for the income elasticity of demand?Answer. Q-9-What is the formula for the cross-price elasticity of demand?Answer. Q-10-What is the formula for the wage elasticity of labor supply?Answer. Q-11-What is the formula for elasticity of savings with respect to interest rates?AnswerQ-12-The equation for a demand curve is P = 48 – 3Q. What is the elasticity in moving from a quantity of 5 to a quantity of 6?AnswerQ-13-The equation for a
- 2. demand curve is P = 2/Q. What is the elasticity of demand as price falls from 5 to 4? What is the elasticity of demand as the price falls from 9 to 8? Would you expect these answers to be the same?AnswerQ-14-The equation for a supply curve is 4P = Q. What is the elasticity of supply as price rises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8? Would you expect these answers to be the same?Answer.Q-15-The equation for a supply curve is P = 3Q – 8. What is the elasticity in moving from a price of 4 to a price of 7?Answer-