Asked by Rosa

Wheat farmers in Kansas would benefit from a devastating crop failure in N.Dakota if the U.S.demand for wheat?
is...
a. inelastic
b. elastic
c. unit elastic
d. downward sloping
e. perfectly elastic
Answered by mohamd
The price elasticity of demand for cigarettes is estimated to be (-.4) and the income elasticity is about (+5).
a- Suppose the government impose a tax on cigarettes so the price rises by 10%. Estimate the effect this price increase will have on cigarettes consumption and consumer spending on cigarettes. (both in percentage terms)

Answered by mohamd
Suppose hospital (A) has 500patients/day and average cost of operation is $1500/day. Hospital (B) has 300 patients/day and average cost of $600/day. Hospital (C) has 100 patients/day and average cost of $600/day. What can you say about the most efficient size of hospital? Explain the reasons for this choice of hospital size. Illustrate your answer with a graph.

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