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State whether the Statement is TRUE or FALSE. Also write the reason (Without reason your answer will not accepted) a) If value of cross price elasticity is positive then it means there are less close substitutes are available of that product. b) In case of luxury products, the own price elasticity of demand is greater than one. c) If salaries of journalist go up then demand curve of newspaper will shift upward. d) When price elasticity of supply is greater than one it means supply curve is flatter.
determinants of supply leads to a movement along the supply curve or a shift in the supply curve.
Draw diagram on to show the impact on the demand curve and the equilibrium price and quantity of sasko bread if there's an expected increase in the price of flour
Toowoomba Computer Works (TCW) has employed a programmer towrite business programs for their clients. She writes a program which will be ideal to use to teach first-year accounting students the rudiments of electronic financial record-keeping. It sells for $200 per copy. TCW decides to give 100 copies free to the local university to be distributed to students in whatever way the course lecturer decides. The firm also gives the university a free site licence. Chapter One: Introducing the firm and its goals (a) Would this action tend to work against TCW’s avowed objective of wealth maximisation? (b) Is there an ethical problem here for any of the parties?
Assume Joy economy does not trade with the outside world. In a given fiscal year, households spent 80% of their disposable income on consumption in addition to 600 consumption expenditure which is independent of income. Total government expenditure of 900 was supposed to be financed from a proportion tax levy of 40% on national income and a lump sum tax of 450. Total private investment spending is 700. Given that aggregate spending is equal to aggregate output. 1. Determine the value of the multiplier 2. Find the equilibrium level of output
Consider a firm that has just built a plant, which cost $1,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below. (7 marks) Weeks Sanitizer sales 1 5600 2 5200 3 4570 4 4305 5 5465 6 8900 7 15680 8 24680 9 35040 10 36500 11 38575 12 35300 13 35200 14 35150 15 34950 16 345005 Number of Worker Hours Output Marginal Product Fixed Cost Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost 0 0 -- -- -- 50 400 100 900 150 1300 200 1600 250 1800 300 1900 350 1950
in what Circumstance Adverse Selection and Moral hazard different. Can one exist without the other.
What is the law of diminishing marginal product?(3 marks) a. In which stages of production it manifest. b. What is the logical justification for the law of diminishing marginal