14. Why are Patents important?

15. What is difference between Market correction and Bear Market? 16. What’s are Explicit Costs? Implicit Costs?

21. What is the most important thing to consider for the change in Gold Prices?

22. How has the USA become the biggest producer in Oil production?

23. Using any product or service, give me one example of what would SHIFT the Demand Curve either way? Give me one example of what would SHIFT the Supply Curve either way?

24. Price Elasticity of Demand measures a buyer’s responsiveness to price changes. In the following example: when a Watermelon Price changes from $7 to $5, the Quantity demanded goes from 35 Watermelons to 50 Watermelon. Using the Formula for Price Elasticity of Demand, E = (% change in Quantity) / (% change in Price) a. What is the Elasticity calculation of Watermelons? b. Are watermelons Elastic or Inelastic?

Answer rating: 100% (QA)

14 Patents are important for several reasons Encourage innovation By granting inventors temporary exclusive rights to their creations patents incentivize research and development leading to new techno... View the full answer