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Author Question: The market demand for wheat is Q = 100 - 2p + 1pb, where pbis the price of barley. The cross price ... (Read 76 times)

ts19998

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on: Mar 14, 2021

Question 1

The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2, and the price of barley, pb, is $3, and income, Y, is $1000, the income elasticity of wheat is
◦ 2 ∗ (1000/2099).
◦ 2.
◦ 1/2 ∗ (1000/2099).
◦ Cannot be calculated from the information provided.

Question 2

The market demand for wheat is Q = 100 - 2p + 1pb, where pb is the price of barley. The cross price elasticity of demand for wheat with respect to barley
◦ cannot be calculated from just the information provided.
◦ is negative.
◦ suggests that wheat and barley are complements.
◦ equals 1.
Managerial Economics and Strategy ¦ Perloff, Brander ¦ 3rd Edition
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Marked as best answer by ts19998 on Mar 14, 2021

kalskdjl1212

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Reply #1 on: Mar 14, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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ts19998

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Reply 2 on: Mar 14, 2021
YES! Correct, THANKS for helping me on my review

sultana.d

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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