Questions for exam
1. What is rent seeking? Rent Seeking is an attempt to obtain economic rent by manipulating the social or
political environment in which economic activities occur, rather than by creating new wealth, for example, spending
money on polit
Sheet1
Abercrombie & Fitch Co | Ratios 3 13 23
Abercrombie & Fitch Co | Ratios - Profit/Value/Risk | Thomson Reuters Eikon
28-Feb-2017 15:03
Ratios - Profit/Value/Risk
Annual in Millions of U.S. Dollars
Fiscal Period:
2016
2015
2014
2013
2012
Period End D
If the supply of a product decreases and the demand for that product simultaneously increases,
then equillibrium:
a.price must rise
b. price must fall
c. quantity must rise
d. quantity must fall
A. A decrease in supply reduces equillibrium quantity while
1
%Qd>%P
ELASTIC
2
Price Elasticity is POSITIVE
ELASTIC
3
Demand curve is horizontal = -infinity
PERFECTLY ELASTIC
4
Large # of substitutes
ELASTIC
5
demand curve is mostly flat
ELASTIC
6
Small P=big Qd
ELASTIC
7
goods that are LUXURY
ELASTIC
8
goods you
40
%Qd/%I
income elasticity
41
if income elasticity is POSITIVE
normal
42
if income elasticity is NEGATIVE
inferior
43
If income elasticity is <1
Necessity
44
if income elasticity is >1
luxury
45
%Qxs/%Px
supply elasticity
46
Total Cost=
FC+VC
47
Average
My answers here are not sufficient just intended to give you a lead on how to answer. If many of
the test questions or going to come directly from a list of questions Ive provided I cant then
give you the answers as well. Then we are back to you just memo
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