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Suppose the demand for beer is characterized by the following point elasticities:
own price elasticity = -2.5
cross-price elasticity with soda = +3
income elasticity = +2
Based on the given elasticities, answer the following. Explain your answers.
a. If a firm in the industry wishes to increase total sales revenue (ignoring cost considerations), will it raise or lower its selling price? Why?
b. What happens to the demand for beer if the price of soda falls by 2%? Explain your answer.
c. What happens to the demand for beer if consumer income rises by 5%? Be specific.
d. Is beer a normal or inferior good? Explain.
A major problem for the implementation of privatization during the early years of transition in the formerly planned socialist economic systems has been
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A local restaurateur whose trade had been profitable for many years recently purchased a liquor license, giving her a legal right to sell beer.
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q1. classify the equilibrium price.what would happen if suppliers charge less than the equilibrium price for your good
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