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Supply and Demand and Elasticity
i) A café owner finds that when she raises the price of coffee, her total revenue increases also. Use your understanding of the price elasticity of demand to explain why this is the case. Is demand likely to be elastic or inelastic at the current price?
ii) Suppose we are analyzing the market for seafood in Melbourne. What will be the impact on the equilibrium price and quantity of each of the following events affecting the seafood market? You are not required to draw diagrams but sketching these events may help you work out the answers
a. There is a decrease in the price of lamb (a substitute for seafood).
b. There is an increase in the number of fishing boats.
c. The price of oil rises leading to an increase in the costs of running the business.
d. Scientists discover eating a lot of seafood is likely to prevent cancer.
iii) Explain what is meant by an 'inferior good'. Provide an example.
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Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.
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