What is the most important determinant of price elasticity of demand

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Question One
What is the most important determinant of price elasticity of demand? Why is this so?

Give an example of a firm that price discriminates for its product or service.

Question Two
Give an example of the income effect and the substitution effect in regards to the supply of labor. What is the opportunity cost of work in this case?

Question Three
Give a business or political example of the prisoner’s dilemma from the field of game theory. What is the payoff for each participant in your example?

Question Four
Choose one of the three types of market failure and give a real world example of it. Do you believe the government has the ability to solve this problem?

Question Five
Define the concept of comparative advantage. How can a country gain or lose its comparative advantage in the production of a good?

Eco 365 Final Paper

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