Suppose the price elasticity of demand for gasoline is 0.7 and the price elasticity of demand for plane tickets is 1.8. We would say that the demand for gasoline is ________ and the demand for plane tickets is ________.   elastic; inelastic   inelastic; elastic   inelastic; inelastic   elastic; elastic

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Q: 9. Economics is the study of

A: To find : What is economics.

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A: ATC(average total cost) is found by dividing the TC(total cost) by Q(quantity).

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Q: Part C Elasticity of Demand Elasticity of demand depends on a number of factors, including whether t...

A: Elasticity of demand is the ratio of %change in Qd and %change in P of the product. 

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A: The gross domestic product (GDP) is a standard measure of the value added created by the production ...

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A: To find : How society deals with fake news

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A: Elasticity (ed) of demand is the ratio of %change in Qd(quantity demanded) and %change in P(price) o...

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A: Agriculture insurance- Insurance is done to recover from the loss occur due to disaster which damage...

Q: Rose recently graduated in engineering. Her employer will give her a raise of $6500 per year if she ...

A: * SOLUTION :-     

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A: GDP is the value of all final goods and services produced within the domestic territory of a country...

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A: Stock A stock that is also known as equity is a financial instrument that represents the ownership o...

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A: Answer: If Japan sees increased foreign funds then the supply of loanable funds will increase in Jap...

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A: GDP refers to the production of goods and services during an accounting year.  Three Methods used to...

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A: When the supply is perfectly inelastic, it implies that the supply curve is vertical to the y-axis. ...

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A: To find : What is unemployment due to mechanization of agriculture 

Q: ont Total cost Output pil changes per hour) (dollars p er hour) 10 1 20 35 3 50 4 so

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A:

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A: Banks are classified into different categories in order to meet different demands such as business d...

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A: given cashflows for 5 years interest rate = 6 % Net present value is the sum of cashflows discounted...

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A: The steady-state level of investment in an economy is when investment is equal to the depreciation, ...

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A: Answer:- The statement is false

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A: At the equilibrium point, the amount of demand equals the amount of supply.  i.e., At equilibrium, D...

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A: The income elasticity of demand is the responsiveness of the amount demanded for a decent to an adju...

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A: Given that; The PH debt as of today amounts 12000000000000 The Philippines is estimated to have 110 ...

Q: Demand Equation: Q= 2500- 5/6P Supply Equation: Q= 5/2P Graph the equations and determine the pric...

A: QD=2500-56PQD=2500-0.8PNow,2500-0.8P=00.8P=2500P=3125QS=52PQS=2.5PNow,2500-0.8P=2.5P3.3P=2500P=757.5...

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A:

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A: Answer: (b) rises; decrease

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A: Two goods Perfect substitutes when only one of them is consumed depending on price ratio and margina...

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Q: Give example for singapore’s fiscal and monetary policies during covid-19.

A: To find : Example for Singapore fiscal and monetary policy. 

Q: DelRay Foods must purchase a new gumdrop machine. Two machines are available. Machine 7745 has a fir...

A: The correct answer is given in the second step.

Q: Question 7 If a seller's marginal cost is MC-15+4Q, calculate the seller's total cost (TCC) of suppl...

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process. Mar...

Q: Is globalization a phenomenon trend? Justify your answer or a

A: Globalization is the method by which individuals and product move simply across borders. primarily, ...