Why would they need to know the elasticity of demand
Problem
Why is elasticity important from a business owner's point of view? Why would they need to know the elasticity of demand for their firm's products? Explain/Discuss.
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Define the economies of scale and illustrate this economic concept using the total cost (TC) and average cost curve (ATC) and explain potential reasons for each
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Amazon has a lightening deal where it slashed the price of one item. At 3:15 pm today, they announce. What is the total surplus for the five students?
In which ways can society deal with this situation? What can the government do? What can the unions do?
Why is elasticity important from a business owner's point of view? Why would they need to know the elasticity of demand for their firm's products?
How Albaik is managing their success with relatively lower prices? Explain, what future you see for fast-food industry in your city.
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Use the law of diminishing returns to explain why MP initially increase then decrease. Use law of diminishing returns to explain why the MC and AVC curves are.
Calculate the marginal product of labor and comment on what will happen as L increases. Why?
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