1. Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to chicken as a substitute for beef. Discuss this change in the beef market in supply-and-demand terms?

2. 5. Initially Hans Johnson was the only consumer in the market for "Casa de Econ" beer, produced by a small local brewery. As the price of "Casa de Econ" six-pack varies between $10 and $20, the price elasticity of his individual demand is equal to negative 1. Now imagine that Hans has been cloned 4 times, and now we have 5 identical consumers in the market for "Casa de Econ". What will happen to the price elasticity of market demand in the price range given above? Will the demand become more price elastic, less price elastic, or will elasticity stay the same? Explain your answer.

3. Are governments justified in intervening in markets to achieve a more level playing field. If so, who should foot the bill?

4. What is the difference between micro and macroeconomics?

5. What are the Economic pros and cons of immigration for our economy?