Explain why short-run demand for frozen fish sticks may be more price elastic in the short run than in the long run
What will be an ideal response?
Frozen fish sticks can be stored. If frozen fish sticks go on sale you can buy large quantities and store them in your freezer. Thus, you may be more sensitive to price changes in the short run.
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In California, proposition 209 eliminated racial preferences in college admissions
Indicate whether the statement is true or false
What information does the government need to support an assertion that the 20-unit abatement standard is allocatively efficient?
Assume that there are two firms, each emitting 20 units of pollutants into the environment, for a total of 40 units in their region. The government sets an aggregate abatement standard (AST) of 20 units. The polluters' cost functions are as follows, where the dollar values are in thousands: Polluter 1: TAC1 = 10 + 0.75(A1)2, Polluter 2: TAC2 = 5 + 0.5(A2)2, MAC1 = 1.5A1, MAC2 = A2.