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Question 1: The price of the good X rises from $1.30 to $1.40. Calculate the price elasticity of demand by using the mid-point method.
Question 2: How do you explain the answer in question 1 in plain English to someone who is not an economics student?
Question 3: What are the factors that can make this demand less elastic?
Question 4: Calculate the price and quantity effects of this increase in price of X.
Question 5: Is it possible to raise more revenue by increasing the price of good X from $1.3/unit to $1.4/unit? Explain your answer by using the price and quantity effects.
Question 6: Assume that the price of good X is $1.3/unit. An increase in the price of good Y from $3 to $5 shifts the demand curve for the good X rightwards. With the price of good X constant at $1.3/unit, the quantity demanded for X increases from 7000units to 8000units. Calculate the cross price elasticity of demand between X and Y. What type of relationship do you find between goods X and Y?
Question 7: Assume that the price of good X is $1.3/unit. An increase in the price of good Z from $3 to $5 shifts the demand curve for good X leftwards. With the price of good X constant at $1.3/unit, the quantity demanded for good X declines from 7000units to 5000units. Calculate the cross price elasticity of demand between X and Z. What type of relationship do you find between goods X and Z?
Question 8: Assume that the price of good X is $1.3/unit. An increase in the income of the consumer from $2000 to $2500 shifts the demand curve for good X shifts rightwards. With the price of good X constant at $1.3/unit, the quantity demanded for good.
(Granger, 1969, 1988), where it can be addressed in terms of a VAR (vector auto regression) system. If an export platform is important for the country, FDI inflows should result in
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(a) Suppose Scientists discover that eating soybeans prevents cancer and heart disease.
Consider a market with short run demand and Supply functions. Qd=4-p^2, Q''s=4p-1.Find the partial market equilibrium, calculate consumer and producer surplus at this equilibrium,
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