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1-Define cross-price elasticity, including substitutes and complements.
2-Provides a logical explanation of the elasticity coefficients for:
a-Elasticity of demand,
b-Cross-Price Elasticity,
c-Income Elasticity.
3-Provide a credible explanation of whether demand would tend to be more or less elastic for the share of consumer income devoted to a good.
4-Provide an appropriate example for:
a-Availability of Substitutes,
b-Share of Consumer Income Devoted to a Good,
c-Consumer's Time Horizon.
5-Provide a well-supported explanation of the logical impacts to business decision making that would result from each of the examples provided in#4.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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