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Jen likes only chocolate and economics textbooks. Her demand functions for chocolate and textbooks aregiven byQc =m / (pc + pt)Qt =m /(pc + pt)where m denotes her income and pc and pt the price of chocolate and textbooks respectively.
a. Are chocolate and textbooks complements or substitutes for Jen?
b. Calculate the income elasticity for chocolate. Is chocolate a normal good?
c. Assume we observe the following: Qt = 5; pc = 2; pt = 2. If the price of textbooks doubles, by how much does the income have to increase to keep the textbook consumption constant? What happens to chocolate consumption? Explain.
Suppose the market for cigarettes is characterized by the following information: Qd = 70 - 5P [Demand] Qs = 3P - 10 [Supply] Suppose the government imposes a sales tax of $2 per unit.
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Suppose that the inverse demand for shale gas is given by p = 400 - 2q. The private marginal cost of producing shale gas is PMC = 100 + q. Suppose that in order to produce shale gas at the PMC given above, the oil and gas (O&G) companies (that pro..
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