Using marketplace equilibrium why do baseball players

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Reference no: EM1320400

Q1. Illustrate what is the cross-price elasticity of demand if the price of book increased 25%, the quantity of book sold decreased by 10% also the quantity of demand decreased by 30%?

Q2. Hybrid cars have better gasoline mileage than other cars. Assuming the laws of demand also supply hold in the marketplace for hybrid cars, elucidate how would a decrease in the price of gasoline affect this marketplace?

Q3. Using marketplace equilibrium why do baseball players also CEOs make more money than your lowly Economics instructor?

Reference no: EM1320400

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