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Author Question: What are ITQs? Where are they used? What will be an ideal ... (Read 25 times)

leilurhhh

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on: Jun 29, 2018
What are ITQs? Where are they used?
 
  What will be an ideal response?

Question 2

Would you expect the cross-price elasticity of demand between ham and turkey to be positive or negative? Why?
 
  What will be an ideal response?


Fayaz00962

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Reply #1 on: Jun 29, 2018
Answer to Question 1

An ITQ, or individual transferable quota, is a production limit that is assigned to an individual who is free to transfer the quota to someone else. ITQs are used to deal with the problem of commons where producers are hard to monitor and where marginal costs differ across producers.

Answer to Question 2

The cross-price elasticity of demand between ham and turkey should be positive because ham and turkey are substitutes. When the price of ham rises, the demand for turkey increases as well.


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leilurhhh

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Reply #2 on: Jun 29, 2018
Thank you


Fayaz00962

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Reply #3 on: Jun 29, 2018
No problemo


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