Question #2 a) Explain how economists measure the sensitivity of Demand to chang

Question #2 a) Explain how economists measure the sensitivity of Demand to changes in Prices b) and to changes in Income
C) How do economists measure the sensitivity of Supply to changes in Prices?
d) How can these measures be used to predict changes in Prices or changes in Quantities?
e) Explain the measure that can be used to identify substitutes complements?Question #3 a) Identify {explain} six management tasks which must be mastered in any organization
b) Explain two of more dilemmas that limit the efficiency of any organization.
c) Compare and contrast three of the four essential financial statements of corporations
d) How would you value shares of a corporation? {Use two or more techniques}Question #4 a) How does a price increase alter consumption choices? {Distinguish income and substitution effects}
b) Why do we expect all demand curves to slope down {negative slopes}
c) What is Consumer Surplus?
d) What is Producer Surplus?
e) How they relate to Price Discrimination {Hint: a diagram may help}Question #5 a) Explain the factors which limit the power of a competitive firm to influence market prices
b) Compare and contrast: Fixed Costs Variable Costs Average Costs Sunk Costs and Marginal Costs.
c) Contrast The Law of Diminishing Returns and Diseconomies of Scale.
d) When should a business continue even though its suffering losses?
e) Explain why the resources Capital and Labor are considered both complements and substitutes in production.