Why is the pure monopolist's demand curve not perfectly inelastic?Describe and explain a monopolist's output decision.How does the demand curve faced by a monopolist differ from the demand curve faced by a perfectly competitive firm?Why is the marginal-cost curve an...
‚ 2015b). This means that when a price of a product changes‚ such as gas‚ it does not affect the demand of that good or service. I feel that consumers will be responsive to the price change when these fluctuations occur due to changes insupply. Anyone who has driven ...
Perhaps most professors agreed that a higher price of yogurt does reduce consumption, but thought that an accurate treatment of supply and demand such as question 12 would be “too confusing.” That’s when I started notice that I was in the minority. Many economists seem to like to do wha...
11 If the population elasticity is small, the income change’s effect on rent should be larger in a housing supply inelastic area. If the population elasticity is large, there should be no heterogeneity in the rent response. We find a rent increase to income changes that is roughly constant...
Why is a marginal cost curve called a supply curve in a short-run perfect competition? Why can a monopolist continue to make positive profits even in the long-run while a perfectly competitive firm can make only zero economic profits in the...
Typically labor-intensive:Three-way matching takes time and a bit of legwork, especially when discrepancies arise. This may result in payment delays that, in turn, rack up late charges and possible ill will with suppliers. Staff would be occupied with the manual matching process rather than ac...
Why does rent increase despite the increase in the availability of housing (rightward shift in the supply curve)? Why would consumers prefer that the government tax products with elastic, rather than inelastic demand? Why do new Keynesian belie...
Explain if you feel its demand is elastic or inelastic, and why. What is the elasticity of demand as the price falls from 9 to 8? Would you expect these answers to be the same? The equation for a supply curve is P = 3Q - 8. What is...
in particular the constantly changing prices at prompt points of the forward curve, where supply and demand are relatively inelastic. Because of this inelasticity, a change in market conditions has an immediate effect on spot prices as physical markets need to rebalance, and this is r...
Why is the price elasticity of the supply of aluminium inelastic in the short run and elastic in the long run? Why does the price elasticity of demand measure responsiveness of quantity along a demand curve? Why would the price elasticity of demand for an...