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Econ questions (Example)

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Name Institutional affiliation Professor’s name Date Submitted Question 1 Price elasticity of demand indicates that consumers usually tend to purchase more products when the prices are low and fewer products when the rates increase (McConnell et al. 98). In such situations the costs usually tender to vary from the products in question. If CSULA introduced a regulation requiring the students to reside in the dormitories the price elasticity of the dormitory price would be inelastic. The reason is that the dormitory prices would increase and the students would not have an alternative rather than following the regulations stipulated. In this case the price elasticity illustrates that individuals are prone to undertake actions which tend to favor the outcomes that they search. Therefore the rule would result in the elasticity of demand since the commodity (dormitories) does not have an alternative option and the only thing that changes is the as many advertisements as possible. Through this there is an increase in the number of returns by the company since the businesses coming to the organization tend to increase. It is vital to ensure that the right procedures are put in place so that the opportunity for improving the benefits continues to grow. With a continuous economic growth it is possible to make the necessary business aspects as an organization so that the increase in consumer demand may assist in the improvement of the quality of goods produced. Fixed and variable products are better determinants with regards to the economies of scale that the organization gets along the way. Hence maintaining operations is crucial in the improvement of the car wash business operations (McConnell et al. 146). Work Cited McConnell Campbell R. Stanley L. Brue and Sean Masaki Flynn. Microeconomics 19e: Principles Problems and Policies. McGraw-Hill Learning Solutions 2012. [...]

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- The assignment required SOURCE PAGES FROM TEXT BOOK for all the questions which is provided with a link. You will need chapter 9,10, & 11 to answer the questions but may also use some from chapters 1,2,3,6,&7. ( - Outside sources including graphs and charts are welcome. No more than 4 charts or graphs if necessary to answer the question. - Needs to be about 6 pages not including the sources.

Subject Area: Economics

Document Type: Reports

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Words 1650

Pages 6

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