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BUS102 Introduction To Microeconomics

tag 0 Download 5 Pages / 1,210 Words tag 06-09-2021

Question:

what the PPF is. Cleary state all assumptions and properties of the PPF.  Newland usually has a demand of 3,000 bicycles and 18,000 cars. Suddenly Newland receives notice that the demand has increased to 4,000 bicycles and 20,000 cars. Discuss and explain at  least  three  possibilities  of  how  Newland  could  meet  that  demand.  (Hint:  State  any appropriate assumptions made

What are the market equilibrium price and quantity Why
(b) Suppose a new dip increases the quantity of potato chips that people want to buy by 30 million  bags per week at each price. How the demand and/or supply of chips change? Also, explain how  the price and quantity of chips change. Show the changes on a graph. 
(c) The quantity of potato chips that people want to buy increases by 30 million bags per week at each price. Now suppose, at the same time, a new breed of potato increases production of potato crops and the quantity of potato chips produced increases by 40 million bags a week at each price. Explain how the market equilibrium price and quantity of chips change. What are the new market equilibrium price and quantity Show the changes on a graph. 

Market analysts estimate that the price elasticity of demand for domestic beef is –1.30. How much would the price of domestic beef have fallen if the demand for domestic beef increases by 6.5 per cent However, this price fall decreases the quantity demanded for imported beef by 4 per cent.What  is  the  cross  price  elasticity  of  demand  for  imported  beef with  respect  to  the  price  of domestic beef Does the elasticity indicate that domestic beef and imported beef are substitutes or complements.
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