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murzikaleks [220]
2 years ago
7

To test their theories, economists usually have to:____.

Business
1 answer:
Vanyuwa [196]2 years ago
6 0

Answer:

Confront theories predictions with evidence

Explanation:

To test economic theories, economists would observe real behavior and test it with data from the real world. Which would in turn provide evidence based on what is being tested. Confronting theories predictions with evidence is a pointer to the fact that economic theories are verifiable and their validity can be tested.

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Christopher, an accounts manager at a mid-sized health care firm, does not have any direct international responsibilities; howev
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better understanding how foreign operations affect the company's competitive advantage.

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Based on the scenario being described within the question it can be said that Christopher would greatly benefit by better understanding how foreign operations affect the company's competitive advantage. Mostly due to the fact that it would allow Christopher to determine certain aspects or scenarios that the company may not realize and maybe help him climb in the ranks.

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Jory wants to create a diagram to compare and contrast the qualifications of the three Energy pathways. Which qualifications cou
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answer is the first one

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What effect does the change in the market for cripps pink apples have on the price of the apples and on the quantity supplied an
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The change in the market for Cripps  is positively related with other apples.

Explanation:

The Cripps pink apples are the substitute to the other apples so there is a direct relationship between the price one commodity and the demand for its substitute commodity. Therefore, if the price of Cripps pink apples rises, then the demand for other apples will rise also because of substitute goods. Similarly, if the price fall, then the demand for other apples will also fall. Thus substitute goods encompass a positive relationship.

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Offshoring means outsourcing to an international or foreign firm. Group of answer choices True False
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Read 2 more answers
Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the sa
Taya2010 [7]

Answer:

1. PES for pancakes is 2.45

2. Supply in the market for motorcycles is  less elastic than supply in the market for pancakes.

Explanation:

Hi :)

I feel like part of the question is missing but i was able to find it elsewhere and show you:

1. How to calculate PES using mid-point formula

2. PES for both motorcycles and pancakes

3. Which is more elastic

...

Price elasticity of supply is the responsiveness of quantity supplied to a change in price. it is calculated by dividing the % change in quantity supplied by the % change in price. Generally, it can be of two types:

Price Elastic: Change in quantity supplied is higher than change in price. PES > 1

Price Inelastic: Change in quantity supplied is lower than change in price. PES < 1

When calculated using the mid-point formula, this is the formula used:

<u>(Q2 - Q1) / [(Q2 + Q1)/2]  </u>

(P2 - P1) / [(P2 + P1)/2]

1. We will now substitute the actual values of pancakes in place after identifying them from the question:

Equilibrium Quantity - 27 (Q1)

New Quantity - 109 (Q2)

Equilibrium Price - $6.50 (P1)

New Price - $10.75 (P2)

<u>(109 - 27) / [(109 + 27)/2] </u>

(10.75 - 6.50) / [(10.75 + 6.50)/2]

<u>1.21 </u>

0.493

Therefore, PES for pancakes is 2.45 (approx. two decimal places) suggesting it is price elastic.

2. In order to check whether motorcycles or pancakes are more elastic, we calculate the PES of motorcycles using the same method:

Equilibrium Quantity - 27 (Q1)

New Quantity - 61 (Q2)

Equilibrium Price - $6.50 (P1)

New Price - $10.75 (P2)

<u>(61 - 27) / [(61 + 27)/2] </u>

(10.75 - 6.50) / [(10.75 + 6.50)/2]

<u>0.77 </u>

0.493

Therefore, PES for motorcycles is 1.56 (approx. two decimal places) suggesting it is price elastic. However, it is less price elastic than PES for pancakes.

One reason for this could be production time. Pancakes can be produced much faster than motorcycles. Therefore, it is more flexible to price changes.

5 0
3 years ago
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