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In which situation is price ceiling binding

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Reference no: EM133185453

Question 1

If the price of meat goes down, what will happen with the equilibrium price and quantity of hamburgers?

Question 2

In a situation of recession, what are the types of goods that will see their demand increase? Give examples.

Question 3

In which situation is a price ceiling binding?

Question 4

Describe at least two factors that affect the elasticity of demand.

Exercise 1

The demand and supply curves of cars are the following:

Qd = 160 - 8p Qs = - 20 + 2p

a. Calculate the equilibrium price and quantity alge braically.

b. Assume that the price of gas oline goes up overtime. How wil lthis affect the market of cars?

Exercise 2

Using the midpoint method, calculate the price elasticity of demand between the following points. Is the demand elastic, inelastic or unit elastic?

Point A= (180 ; 9) Point B= (450 ; 5)

Reference no: EM133185453

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