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Q. We observe that the equilibrium price of a cup of coffee sold in cafes rises but the equilibrium quantity, i.e. cups, of tea sold in cafes falls. Assume that a cup of coffee and a cup of tea are substitutes. Evaluate each of the following statements.
1. A rise in the price of coffee beans, which is a material for a cup of coffee, is responsible for these observations.
2. A rise in the price of tea leaves, which is a material for a cup of tea, is responsible for these observations.
in class we covered the concepts of producers and consumers surplus.a. with respect to different government policies
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A growing number of businesses-including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains-are feeling the heat from government, the press, and society at large for encouraging harmful consumer..
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1. marginal revenue product is defined as the change in total revenue that results from the employment of an additional
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In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
Find the cross price elasticity between marijuana and cigarette. Interpret the result. d. Suppose the government increases the tax on cigarette such that its price soars by 20%
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