Economics Elasticity Question?
the question gives you three elasticities however only one of them is relevant to the problem. and that is the price elasticity of demand. which the question lists at .5 at this point the question becomes is a elasticity of .5 elastic, inelastic, or unit elastic. an elasticity less than 1 is inelastic an elasticity greater than 1 is elastic an elasticity = to 1 is unit elastic. Because the price elasticity of demand for bus rides is inelastic an increase in the fare would cause an increase in total revenue. because everyone who rides the bus will pay more but the increase in price will cause very few people to stop riding the bus. The increase in revenue from the price increase is greater than the revenue lost due to people who don't ride because of the price increase.
Economic question?
By using the principles of absolute advantage and comparative advantage, explain the rationale why do countries engage in international trade? what are the grounds for protectionism and trade restrictions in an economy?
What happens if someone forgot to put a question number in the IPCC exam?
Thanks for the A2A. It is likely that you won't marked. But keep your fingers crossed, you might get marks of the examiner enjoyed checking your paper.
What are SSB interview questions and answers?
It was my first SSB at 33 SSB Bhopal(2Jan -2015),i was nervous as there were many masters of SSB there ..they all had quite good attempts.Being a fresher i was not aware of fact of being natural during the whole procedure. 36 Candidates were screened in and By twist of fate,i was screened in too.I was given 14 as a chest number and i was the first fresher of the group .For me it was a great moment,I had attempted all SRTs and WAT,i was dealing with all stuff as i was appearing for board exams.on the same day of GTO ,i had an interview with the board President,as my interview was just after the GT,I was wearing the white short and T-shirt. As i entered in room,i saw a person wearing formal sitting on the chair adjoing a long and high table ,only his body above shoulder was visible to me , soon i heard a voice ,as i come close to the table .He shook hands with me and started his bouncers on me,i was strucked in some as it was totally a game of getting all questions in memory with its actual order.I could answer a few ,rest all i forgot.Few moment later he asked me a general question with his stern look“|Lalit tell me ..What are your expectations for your future wife?”I was amazed whether he is asking me as a question or he is really interested …I asked him firmly ,”Are you really interested?”“Yes dear”,He answered me in sly grin.“She should be a daughter of SSB board President,so in future my son have 100% chance to get recommended in the very first attempt”,I replied with a smile.His laughter bursted out …”well answered” ,he said with a giggle.Finally he shook hands and wished me with a smile“Hope you would get future expected wife”.I was done with my interview,result was declared next day, i was not recommended but i was satisfied as i don't have any burden of any unanswered questions..Group photo for my first SSB:Thanks you..
What will be the answer if a multiple choice test consisting of 10 questions with four choices each, and the student guesses the answer to each question? What is the probability that he gets 8 questions correctly?
For each question we have 4 choices. So if you have 10 on such questions, you ll have :4*4*4*4*4*4*4*4*4*4= 4^10 = 2048Getting 8 correct means=> 8 corrects and two wrongs3/4 is the probability if a question is answered wrong1/4 is the probability if a question is answered correctlyso we can consider this probability :P=(3/4)*(3/4)*(1/4)*(1/4)*(1/4)*(1/4)*(1/4)*(1/4)*(1/4)*(1/4)=> P=0.00000858306But as we can select any combination of 2 from 10 for being wrong, so we need to multiply P by (10,2)=10!/(2!*8!) =45so the answer is P*45 = 0.00038623809So not very lucky to answer randomly!By the way, is it a question from your home work assignment? ;) ;)
Microeconomics: Why profit is maximum when Marginal Cost equals Marginal Revenue?
To understand the question, we should take into account a few basics:Marginal Revenue (MR) : is additional revenue that firm gets from the sale of an extra unit of the product.Marginal Cost (MC) : is the additional cost of producing an extra unit of the product.Profit = TR (total revenue) - TC (total cost).The firm is at equilibrium when it produces such units of the output that it gets maximum profits, which happens when MR = MC and MC > MR after the equilibrium level of output.Let’s analyse the question with a Perfectly Competitive firm, where MR = Price:Firm is at equilibrium at E where MR = MC because:Before point E (say point B), MR>MC : the revenue earned by selling an additional unit exceeds the cost of producing it. So, the firm can increase its profits by producing additional units as long as MR>MC.After point E (say point C), MC>MR : the cost of producing an extra unit of output exceeds the revenue that can be earned from its sale, decreasing firm’s profits.Therefore, profit is maximized and equilibrium is achieved at point E on producing Q2 level of output where MR = MC.Our focus remains to maximize the total profits.As long as producing an additional unit of output costs less than the revenue that can be earned by its sale, we will continue to produce more - as it adds to our total profits.When cost of producing an extra unit exceeds the revenue that can be earned by its sale, we would decrease our total profits by producing such units of output.Therefore, we produce such units of output, where MR = MC and get maximum profits.
Price Elasticity given a demand function?
P = 0.45 Pp = 0.31 Q = 1'275 (putting data into formula Q=1200-9.6P+.... ) Y = 371.49 E = (δQ / δP) * (P/Q) = -9.6*0.45/1'275 = -0.121976471 Ep = (δQ / δPp) * (Pp/Q) = 16.2*0.31/1'275 = 0.003938824 Ey = (δQ / δY) * (Y/Q) = 0.2*1'275/1'275 = 0.058272941
Microecomics tests?
1.In practice, the term “centrally planned economy” refers to an economy in which a.The government makes all production and consumption decisions b.The mix of market and command principles is weighted towards he latter c.All commodities are rationed d.The military is in control of the government e.Economic decision are made in the geographic center of the country 2.Suppose Andrea has a job that pays her $25,000 per year (after taxes). She is considering quitting her job and going to university full time for four years. Tuition fees and books will cost $3,000 per year. Living expense will cost $5,000 per year. What is the opportunity cost of Andreas’s university degree? a.$100,000 b.$112,000 c.$120,000 d.$132,000 e.Zero 3.A positive statement is a statement about a.what is, was, or will be b.what is and what should be c.what should be but is not d.what is desirable e.non-negative numbers
I need HELP with this ECON assignment, I'm totally lost!!!?
consider the following scenario: In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels. No viable substitute has been created to replace gasoline. Explain how you would calculate the price elasticity of demand for gasoline. In general terms, explain how consumer and producer surplus will change as a result of this price increase. Because there is no viable substitute for gasoline at this time, what can you say about the price elasticity for gasoline? Explain the elasticity of supply for gasoline. (If prices go up, how quickly would the supply of gasoline increase?) Is the demand for gasoline elastic, inelastic, perfectly elastic or inelastic, or unit elastic? Why?
Help with Settling the Americas (Pre-Columbian-1783) history homework, please?
1. Which of the following is NOT a type of glacier? (Points : 1) forest mountain piedmont hanging 2. Approximately how long was the land bridge that humans crossed over into the Americas? (Points : 1) 50 miles 100 miles 500 miles 1,000 miles 3. What was the primary means by which Native American cultures passed information from one generation to the next? (Points : 1) through oral histories through stone carvings books written on parchment wall paintings 4. Which site features elaborate and detailed paintings that depict Mayan religious beliefs? (Points : 1) Hieroglyphic Stairway at Copán Temple of Abu Simbel Cave paintings of Lascaux Murals at San Bartolo 5. Native Americans engaged in trade because (Points : 1) it helped them get what they needed. of their religious beliefs. of political reasons. all of the above 6. The Mayan Empire began around ___________ (Points : 1) 1800 AD. 400 BC. 1800 BC. none of the above 7. Why could "trade" be considered a necessity to the early Native Americans? (Points : 1) It really was not a "necessity". It enabled the Native Americans to get what they needed. The system was used strictly for political reasons. The Native Americans did not need to engage in trade. 8. What probably affected the lifestyle of the Native Americans? (Points : 1) religion money the environment politics 9. What is a barter system? (Points : 1) a system of trade a system of using currency to do business a polytheistic religion a matrilineal clan 10. When people are referred to as nomadic, what does that mean? (Points : 1) It means they raise small herds of grazing animals. It means they move from place to place, usually to follow game. It means they cultivate the land and raise crops. It means they trade goods with other people.