Copper, Microeconomics

Around 2007, the world copper price was $2.00 per pound and 12 million metric tons per year was the quantity transacted. A) Assume copper’s demand elasticity is -.5 and supply elasticity is 1.5. From this information, assuming that copper supply and demand curves are linear (in price), derive their equations. B) Now, in addition, I told you that demand for copper is also linear in income and that copper’s income elasticity is 1.3, would you be able to predict, the impact on equilibrium price for a 1% increase in income? Original income is not needed to answer this question.
Posted Date: 4/3/2012 4:56:53 PM | Location : United States







Related Discussions:- Copper, Assignment Help, Ask Question on Copper, Get Answer, Expert's Help, Copper Discussions

Write discussion on Copper
Your posts are moderated
Related Questions
what are the factors influencing supply

Example: The Value of Clean Air Air is free in sense that we do not pay to breathe it. Question: Are benefits of cleaning up air worth the costs? People pay extra to buy

??????? ??? ???? ??? # 100 ?????? #Minimum ?????? ?????

Due April 8 a) Produce some initial summary statistics of the data. b) State the hypotheses that will be tested. Show me advanced results (analyses, not write-up/paper) Due April



It is also known a sleadig indicators forecasting National Bureau of Economic Research of U. S.A has identified three types of indicate Leading indicators coincidental indicators a

A Period of Transition and Improvement: These few years stand out as the golden years for India's BOP. India had a small current account surplus (0.6 per cent of the GDP on an


ELASTICITIES OF SUPPLY AND DEMAND Usually, elasticity is a measure of the sensitivity of one variable to the other. It told us the percentage change in one variable in re