Mishal Almandhour

Suppose that the demand curve for beans is given by: Q=20-P Where Q is thousands of pounds of beans bought per week and P is the price in dollars per pounds a. How many beans will be bought at P=0 b. At what price does the quantity demanded of beans becom...

Explain the relationship between product X, product Y and product Z or the properties of each according to the following statements a. Cross price elasticity between X and Y is -4 b. Cross price elasticity between X and Y is 12 c. Cross price elasticity b...

Explain how the following events might affect the market demand curve for prime filet mignon a. A fall in price of filet mignon because of decline in cattle prices b. A general rise in consumer's income c. A rise in the price of lobster d. Increased healt...

1. Calculate the demand elasticity of demand ( by using at least two methods) given the following information: P1 = 10 Q1=100 P2 = 15 Q2 = 20 Is the product elastic or inelastic?

2. Decide whether the following product is normal, inferior, or luxury. Explain how you can find that? a. Income increases by 20% and quantity decreases by 30% b. Income decreases by 20% and quantity decreases by 30 % c. Income decreases by 20% and quanti...