Economics-based decision-making in government has long been the basis for deciding to privatize or not. Instead of comparing profits, governments can use things like return on investment or lowest cost to customers (citizens). As costs shrink so does the need for taxes. Economics decides how a State or County can receive financing like bonds and how it will cost them in interest. What programs will generate the most return and therefore should be funded. "Return" can be defined in non-monetary ways like X amount of investment will over 5 years reduce homelessness by Y%.

Economics-based decision-making in government

Micro Economics: analysis of price elasticity (short and long run)

Please explain whether the following goods or services are price elastic or inelastic in both the short run and long run. a. Gasoline b. Texaco gasoline c. Salt d. Large screen TV e. Cosmetic surgery f. Lasik eye surgery g. A product or service from your organization

Micro Economics

I need some one to help me with this problems, I need to understand them so if you could explain them to me it would be great. Thank you 1) How would the following changes in price affect total revenue? Would it increase, decline, or remain the unchanged a. Price falls and demand is inelastic b Price rises and demand is elastic c. Price rises and supply is elastic d. Prise rises and supply is inelastic e. Price rises and demand is inelastic f. Price falls and demand is elastic g. Price falls and demand is of unit elasticity 2) What are the major determinants of price elasticity of demand? Use those determinants and your own reasoning in judging whether demand for eac... click for more

Micro Economics

1) Calculate total-revenue data from the demand schedule. Graph total revenue below your demand curve. Generalize about the relationship between price elasticity and total revenue. 2) Product price Quantity Demanded $5 1 $4 2 $3 3 $2 4 $1 5 Graph the accompanying demand data, and then use the midpoint formula for Ed to determine price elasticity of demand for each of the four possible $1 price changes. What can you conclude about the relationship between the slope of a curve and its elasticity? Explain in a nontechnical way why demand is elastic in the Northwest segment of the... click for more

Microeconomics

Total utility and marginal utility