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1. You have the following information about good X and good Y:
Income elasticity of demand for good X: - 3
Cross - price elasticity of demand for good X with respect to the price of good Y:
2. a. What type of good is good X (i.e. is it a normal or inferior good)? Please explain your answer.
b. What is the relationship between good X and Y (i.e. whether they are substitutes or complements)? Please explain your answer.
c. With the aid of a well-labeled diagram, show what happens to equilibrium price and quantity of good X, if the price of good Y increases.
Elucidate which following is true in market of a monopoly
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Illustrate what are the main characteristics of a perfectly competitive market that cause buyers and sellers to be price takers.
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Assume new suppliers enter the market due to the increase in demand so the new supply curve is Q= -500 + 10P. Illustrate what are the new equilibrium price and equilibrium quantity.
In recent yrs, persons also state governments have sued various tobacco companies to compensate for illness also injury allegedly cause d by cigarette smoking.
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If the average income in the town increases to 15, solve for the new equilibrium Quantity and equilibrium Pb.
Suppose a politician promises a program that will give Amanda and Britney 70 units of utility for each.
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