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Chewing gum is considered an inferior good. What would happen to the equilibrium price and quantity of chewing gum if income increased and more firms started producing chewing gum? Equilibrium price will A. go up and equilibrium quantity will go up. B. go down and equilibrium quantity will be indeterminate. C. go up and equilibrium quantity will go down. D. be indeterminate and equilibrium quantity will go up.
given the following information Pieces of pizza total Utility marginal utility Qx TUx MUx 0 0 2 8 4 14 6 18 8 20 10 20 12 18 Required: A. Compute for MUx. Show your solution B. Based on the table , how many pieces of pizza the consumer will ,consume to maximize his satisfaction 2. Given the following information Price of burger(Pb)=P50 Price of spaghetti (Ps)= P75 MU of burger(MUb)=180 utils MU of spaghetti(MUs)= 225 utils Required: A. Compute for the consumers equilibrium B. What is the decision of the consumers ? Will he buy burger or spaghetti ? Justify your answr.
Let’s assume you are planning to buy a new car. Explain the demand determinants. Which of the demand determinant will have higher weightage and why?
Factors to consider before increasing priçe of commodities
State whether the Statement is TRUE or FALSE. Also write the reason (Without reason your answer will not accepted) a) If value of cross price elasticity is positive then it means there are less close substitutes are available of that product. b) In case of luxury products, the own price elasticity of demand is greater than one. c) If salaries of journalist go up then demand curve of newspaper will shift upward. d) When price elasticity of supply is greater than one it means supply curve is flatter.
LIST THE PROPERTIES OF HOMOTHETIC AND LINEARLY HOMOGENEOUS PRODUCTION FUNCTION IN DETAILS?
Given the demand function P = 20 – 5Q, find the price elasticity of demand when price of the commodity is 5 Birr per unit. Mention if the demand is price elastic or inelastic at this point
The Cobb–Douglas production function is y=Z1^aZ2^b a>0, b>0 show that the MP1 = ay/z1, MP2 = by/z2 What is the MRTS21? How does it vary with: (a) y; (b) z2 /z1?