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1. If the cross-price elasticity between goods X and Y is 2.0, the goods are __ and an increase in the price of good Y will cause a(n) __ in the demand of good X.
a. substitutes; increase
b. substitutes; decrease
c. complements; increase
d. complements; decrease
2. Assuming the inverse demand function for good Z is P=90-3Q and MR=90-6Q, when Q is equal to 15, average revenue and marginal revenue are equal to __ and __ respectively
a. $60; $0
b. $85; $0
c. $45; $0
d. $75; $0
d. not change
3. If there is a shortage in the market the adjustment in price to reestablish equilibrium will drive the quantity supplied to _ and the quantity demanded to _
a. decrease; decrease
b. decrease; increase
c. increase; decrease
d. increase; increase
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Explain by applying these concepts with examples.
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Q: Explain why indifference curves are usually drawn convex to the origin, are downward sloping and do not cross each other.
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