GDP per capita in the United States was approximately $55,000 in 2015.
(a) What will it be in the year 2020 if GDP per capita grows each year by 0 percent?
(b) What will it be in the year 2020 if GDP per capita grows each year by 2 percent? Why do people routinely stuff themselves at all-you-can-eat buffets? Explain in terms of both utility and demand theories. You must defend your answer and provide economically sound quality answer. Why producers advertise for their product, explain using the Elasticity concept. You must defend your answer and provide economically sound quality answer.