1. 10. 11. 12. 13. ECN 100-Assignment I (15 Marks) Due Date- January 26, 11:59 PM \"If the status of the family automobile has increased in recent decades, what affect would this have on consumer demand?\" \"Since the average price of a car has increased substantially over the last 30 years, and the number of cars owned has risen faster than the population, doesn't this mean that the demand curve for cars is upward sloping?\" \"Because computers are cheaper and more abundantly available now than a decade ago, doesn't this mean the supply curve for computers is downward sloping?\" \"Has anything in the world of computer manufacturing changed over the last decade?\" \"What are some goods that college students might buy today but will give up when they enter the workforce after graduation?\" How inelastic is the demand for gasoline? How can the owner of The Burger Barn determine if a one-day promotional sale on milkshakes will affect the total revenues generated by hamburger sales? Is the demand for higher education price elastic or price inelastic? How does the inelastic demand for drugs help the police to monitor the effectiveness of drug interdiction operations? If the Surgeon General (and the American Medical Association) concludes that moderate wine and beer consumption can have a positive inuence on cardiovascular health, how will utility and demand be affected? Have you ever eaten or drank \"too much\"? Can alcohol consumption exhibit be increasing marginal utility? Can alcohol exhibit be diminishing marginal utility? Can alcohol exhibit negative marginal utility? How could utility theory help us understh the difference between a provincial income tax and a provincial sales tax on consumer consumption patterns? Is the law of diminishing returns a result of rms hiring the best workers rst? 14. D0 increasing marginal costs result from the rising wages of workers