How many sodas will the consumer purchase in a typical month

Assignment Help Business Economics

Reference no: EM1312053

Q1. Consumption spending is $3.708 trillion, spending on nondurable goods is $1.215 trillion also spending on services is $2.041 trillion. Illustrate what does spending on durable goods equal?

Q2. Suppose the monthly demand for soda by a consumer is given by Q=10-8P .

a. If the price of soda is $1 every can, Elucidate how many sodas will the consumer purchase in a typical month?

b. Illustrate what is the elasticity of demand for soda?

Q3. Elucidate how do you solve this question?

Let
A =
0:1 0:4 0:3
0:2 0:7 0:0
0:1 0:1 0:5

suppose too that the vector of labor requirements is (1; 1; 1). Calculate competitive equilibrium prices for this economy.

Reference no: EM1312053

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