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Economic Volume 1 Essay

646 words - 3 pages

Economic volume 1

Milton Thomas
Principle of microeconomic week 1 individual assignment
July 11, 2012
Dr. Kory Eden

Economic volume 1

The cost of food, fuel, and oil is the three main necessities of life support around the world. Food is important to everyone’s needs for life well being and nurturing for life support and health. Fuel and oil is essential for operating the vehicles ...view middle of the document...

However, the oil shortages in the United State of America happen in the year 1985 causing big layoffs and reduction in jobs. Some businesses went overseas but some expanded their business market overseas and still based in the United State of America. Instead of the price dropping, the price continued to claim higher and higher as time passed on and still selling oil
Economic volume 1

and gasoline at the higher prices. Let us face the facts the prices continued to rise and now pricing is out of control and now big business do not want the high prices to stop or reduce. The

demand for greater percentages will specify the Differentiating between the increase and decrease in elastic price.
With microeconomic, the consideration of the demands and supply, and price increases in each company demands and resources for capitol. Gasoline, food and clothes free will pricing have been different because of the number being generated would have had a impact on the decision making process for the elastic price. Considering, over the last fifteen-twenty years the companies have...

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