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Q1. You have the following information for your product:• The price elasticity of demand is -0.9.• The income elasticity of demand is 0.5.• The cross-price elasticity of demand between your good and a related good is 2.0.
What can you determine about consumer demand for your product from this information?
Q2. How will an unexpected 3 percent fallin price levelin goods and services market differ from 1 percent inflation when 4 percent inflation had been expected? What impact would and have on the real price of resources, profit margins, output, and employment Explain?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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