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Illustrate that an isoelastic demand curve is never linear.
Assume that the demand curve be given as q = Ap-αmρ, where A, α, β are constants. Determine the price elasticity and income elasticity.
Let consider two parallel demand curves. Comment on the price elasticity of demand of demand curves at similar price.
Let consider a competitive market for wheat. Determine the impact of a price support program (price floor) on the quantity demanded and supplied.
Compare and contrast the tax burden of the buyer and seller if:
Describe in details, the different uses of consumer’s surplus.
Analyze the stability concept of the equilibrium by considering ‘price’ as adjusting variable.
Describe the marginal productivity theory of the income distribution and current two criticisms of it.
Describe as why the price elasticity of demand differs all along with the straight line demand curve.
Describe the concept of the derived demand since it applies to the resource demand.
The slope of demand curve and the price elasticity of demand are the same concepts. True or false? Validate your answer.
Write down the differences between the nominal and real wages.
If the excise tax on cars is expected to drop then what will happen to the present market demand for cars?
Describe the idea of price elasticity of demand. Explain why does the formula encompass a negative sign?
Explain three sources of the economic profits. Explain the general functions of the profits.
Describe the crucial supposition which helps us to derive the market demand curve?
Describe how the price mechanism functions in the market oriented economy.
Illustrate the basic problems of the economy?
Illustrate the three fundamental questions of resource allocation in a society.
How the social regulations differ from the industrial regulations? Explain the types of costs and benefits that are associated with the social regulation?
Describe 2 major problems which are encountered in regulating the natural monopolies.
State the 2 government policies that are used to limit the surpluses.
Explain the important differences between the social insurance and the public assistance programs? Why Medicare is a social insurance program, however a Medicaid is the public assistance progr
Explain why the lifetime distribution of income is more equal as compared to the distribution in any specific year?