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Tag: elasticities

Should a nation tend to export or import goods for which it has a comparative advantage? Explain. Why do economists oppose policies that restrict trade among nations?

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read the case “The Minimum Wage” from Chapter 6 “Supply, Demand, and Government Policies” Page: – 117 given in your textbook – “Principles of Macroeconomics”. A case study discusses the federal minimum-wage law. Questions: 1 Suppose the minimum wage is above the equilibrium wage in the market for unskilled labor. Using a supply and-demand diagram […]

Explain the relationship between the price elasticity of demand and total revenue.

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Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit? Explain your responses using empirical examples, formulas, and graphs. Is the price elasticity of demand or supply more elastic over a […]

Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision?

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1. (10 pts.) Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision? 2,10 pts.) Referring to the table below, hiring a driver costs $10. Each machine costs $100. Which method should he use and […]

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