Demand Analysis : Demand refers to the quantity of a commodity that customers are willing to buy at a given price over a specified period of time. Law of Demand states that quantity demanded varies inversely with price of the commodity‚ that means‚ people will buy more at lower price and buy less at higher price‚ other factors remaining same. Elasticity of Demand : Elasticity of Demand for a commodity is the measure or degree of change in the quantity demanded in response to a given price
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and neither was willing to give up or alter their view. Alexander Hamilton‚ one of the most important people of the time‚ was the first Secretary of the Treasury. Utilising federal power to modernize the nation‚ he convinced Congress to use an elastic interpretation of the Constitution to pass laws that Jefferson deemed unconstitutional. These laws included federal assumption of the state debts‚ creation of a national bank‚ and a system of taxes through a tariff on imports and a tax on whiskey
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career. If Jaynet sells 35 paintings per year at a price of $6‚000 each: a. What are her accounting profits? $ b. What are her economic profits? $ Explanation: a. Her accounting profits are $190‚000. These are computed as the difference between revenues ($210‚000) and explicit costs ($20‚000). b. By working as a painter‚ Jaynet gives up the $105‚000 she could have earned under her next best alternative. This implicit cost of $105‚000
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demonstrate my understanding of Elastic potential energy. And the projectile concepts of the effect of changing potential into kinetic energy and for me to demonstrate my ability to apply elastic potential energy to a scientific investigation. What am I going to do and what will it prove: I am going to use an elastic band and release it from different tensions I will then measure how far it ‘flies’. Doing this will tell me the relationship between force‚ potential energy and kinetic
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pulls down on you. Ans) False Question no 17 )Two weights are connected by a massless wire and pulled upward with a constant speed of 1.50 m/s by a vertical pull P. The tension in the wire is T (see figure). Which one of the following relationships between T and P must be true? Ans) P= T+25N UNIT IS Newton(N) Question no 22) If you swing a bucket of water fast enough in a vertical circle‚ at the highest point the water does not spill out because an outward force balances the pull of gravity on the
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None of the above. Answer: C 4) Suppose the demand for Digital Video Recorders (DVRs) is given by Q=250 - .25p + 4pc‚ where Q is the quantity of DVRs demanded (in 1000s)‚ p is the price of a DVR‚ and pc is the price of cable television. How much does demand for DVRs change if the p rises by $40? A) drops by 10‚000 DVRs B) increases by 16‚000 DVRs C) drops by 2‚500 DVRs D) increases by 4‚000 DVRs Answer: A 5) Consider the demand function Qd = 150 - 2P. The effects of other determinants
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Supply and Demand: The Market Mechanism All societies necessarily make economic choices. Society needs to make choices about‚ what should be produced‚ how should those goods and services be produced‚ and whom is allowed to consumes those goods and services. For conventional economics the market by way of the operation of supply and demand answer these questions. Under conditions of competition‚ where no one has the power to influence or set price‚ the market (everyone‚ producers and consumers together)
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exchange rates are determined 2. The scarcity principle implies that A. people will never be satisfied with what they have B. as wealth increases‚ making choices becomes less necessary C. the prices of scarce goods must rise due to excess demand D. choices must be made and tradeoffs will occur 3. The ’no-free-lunch’ principle is another name for the A. cost-benefit principle B. the scarcity principle C. the ceteris paribus principle D. the marginal (not average) principle
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also reached through franchising some popular brand such as McDonald’s‚ KFC and Mio Amore. DIFFERENTIATION BETWEEN GOODS AND SERVICES There are certain essential differences between services and goods. Firstly‚ services are an intangible process which cannot be weighed or measured‚ whereas goods are a tangible output of a process that has physical dimensions. The basic differences between goods and services are as follows: 1. Goods are the material items that the customers are ready to purchase
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CHAPTER 2A DEMAND ANALYSIS 1. Introduction: • Demand for goods and services constitutes one side of the product market ; supply of goods and services forms the other. • If there is no demand for a good‚ there is no need to produce that good. • If the demand for a good exceeds its supply‚ there may be need to expand production. • Production generally takes time and so one has to know the likely demand for a relevant product at a future data to
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