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Q. Suppose that a person regards ham and cheese as pure complements- he or she will always use a slice of ham in combination with one slice of cheese to make a ham and cheese sandwich. Suppose also that ham and cheese are the only goods that this person buys and that bread is free.
a) If the price of ham is equal to the price of cheese, show that own-price elasticity of demand for ham is -0.5 and that cross-price elasticity of demand for ham with respect to the price of cheese is also -0.5.
b) Explain why the results from part (a) reflect only income effects, not substitution effects. What are the compensated prices?
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both the short run and the long run assuming that the government takes no action in response to the oil price increase.
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Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.’”
Two months after it began selling the food, its pet food sales declined dramatically because a competitor across the street started selling the identical food for $ 22 per bag. Should Roscoe's Rascals match the price offered by the competitor.
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If you drive 20,000 miles per year and the price of gasoline for this analysis is assumed to be $4.00 per gallon, which model should you purchase?
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