The income elasticity of demand measures

  Question 3: Compare the views of Sources A and B about the death of Prince Arthur, in Elizabethan England (Compare the sources overall and in detail)    Source A listed was taken from a contemporary herald’s report, first published in 1715. Source B was written by Tudor citizen Richard Grafton. Its spelling has been modernized.   Source A: “ ….Then his Grace of true gentle and faithful love, in good hast came and relieved her, and showed her howe wise counsell she had given him before, and he for his parte would thanke God for his sonn, and would she should doe in like wise. When the king by his high policy had completed his alliance with Spain in this way, there suddenly came a lamentable mischance and loss to the king, queen and all the people. For that noble prince Arthur, the king’s first begotten son, after he had been married to the Lady Catherine for five months, departed this transitory life at Ludlow on 2 April 1502.” Source B: “ It is reported that this lady Catherine thought and feared such an unhappy chance might come, for when she had embraced her father and taken leave of her noble and prudent mother, and sailed towards England, she was continually so tossed and tumbled hither and thither with boisterous winds that what with the raging of the water and the contrary winds her ship was prevented many times from approaching the shore and landing.”                                                                                                                                                                     (5)

Marginal cost is the

  Question 6 : Athens and Sparta were probably the two most famous and powerful city states in Ancient Greece.  Answer the questions on the differences between the two Greek cities.   (5)

The demand for gasoline in the short run is

Economists assume that the goal of consumers is to

Consider a good whose consumption takes place publicly. Your decision to buy that good depends

Consider a downward-sloping demand curve. When the price of a normal good decreases, the income and substitution effects

You are placed in an unfortunate situation with a patient that requires you to tell a small “white lie” regarding the late arrival of the radiologist. The patient is noticeably upset about the procedure having to be done at all and is quite anxious. You are aware that the radiologist and the patient’s surgeon are meeting in his office to discuss the best approach to deal with this patient’s cancer. You feel certain that telling the patient the truth as to why the radiologist is late would increase her anxiety. This technologist is practicing

If, for a given percentage increase in price, quantity demanded falls by a proportionately smaller percentage, then demand is