Q1: Suppose that the demand for the olives and supply of the olives both are declined by equal amountover some period of time. What you can conclude with this information? Explain and graphicallyshow the effect on equilibrium price and equilibrium quantity. Q1 B) Why is money not considered to be a capital resource in economics and why is entrepreneurialability considered to be a part of economic resource, distinct from labor? Please suggest two most important function of entrepreneurs? Q2: Danny “Dimes” Donahue is a neighborhood’s 9 year old entrepreneur. His most recent venture is sellinghomemade brownies that he bake himself. At price of $1.50 each he sells 100. At price $1.00 each he sells300. Is this demand elastic or inelastic in this range? If demand has the same elasticity for the price declinefrom $1.50 - $1.00, would cutting the price from $1.00 to $0.50 increase or decrease Danny’s total revenue.
Q1: Suppose that the
over some period of time. What you can conclude with this information? Explain and graphically
show the effect on
Q1 B) Why is money not considered to be a capital resource in economics and why is entrepreneurial
ability considered to be a part of economic resource, distinct from labor? Please suggest two most important function of entrepreneurs?
Q2: Danny “Dimes” Donahue is a neighborhood’s 9 year old entrepreneur. His most recent venture is selling
homemade brownies that he bake himself. At price of $1.50 each he sells 100. At price $1.00 each he sells
300. Is this demand elastic or inelastic in this range? If demand has the same elasticity for the price decline
from $1.50 - $1.00, would cutting the price from $1.00 to $0.50 increase or decrease Danny’s total revenue.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
