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Suppose the demand curve for a product is given by Q = 10 - 2P + PS, where P is the price of the product and PSis the price of a substitute good. The price of the substitute good is $2.00.
a. Suppose P = $1.00. What is the price elasticity of demand? What is the cross-price elasticity of demand?
b. Suppose the price of the good, P, goes to $2.00. Now what is the price elasticity of demand? What is the cross-price elasticity of demand?
Illustrate the price that consumers are willing and able to pay for this output is $40 per unit. Produces this output, the firm's average total cost is $43 per unit, and its average fixed cost is $8 per unit.
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Sketch a diagram that illustrates what happened to the Bridgewaters' budget constraint. What could they have been made worse off by the change.
elucidate how many units of fish could it now consume along with the 80 units of imported wheat.
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