Category: Economics

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Why is scarcity rent important?
Scarcity rent allows a return to scarce

When do voters favor one-party control of the presidency and Congress?

➤ How do you calculate unitary price elasticity of supply?
Calculate it as PES = (% change in quantity supplied) ÷ (% change in price). If PES = 1 the supply is unit elastic. For accuracy use the midpoint formula: (ΔQ / average Q) ÷ (ΔP / average P). For point elasticity use (dQ/dP) × (P/Q) and check that it equals one.

➤ How can I verify the origin of beef used at a Beijing McDonald’s?
Ask staff or check in‑store packaging for ingredient origin statements and supplier names. Scan QR codes or look up product traceability on McDonald’s China website, which often lists approved suppliers. Government food safety platforms and local health inspection records can confirm supplier permits and import certificates. Keep receipts or packaging photos to follow up with customer service if needed.

Eurasia is defined by a series of expansions and contractionsTrueFalse
True
False

➤ How do you compute the marginal utilities for this utility function?
Take partial derivatives holding the other good constant. For u(x,y)=20x²+8y, ∂u/∂x = 40x because d(20x²)/dx = 40x. And ∂u/∂y = 8 because d(8y)/dy = 8. These values give the marginal benefit from an extra unit of each good.