1.) The qty demand function is cP7xP3yMMG6G.Find the (1) own price elasticity and (2) the cross price elasticity.Does this equation represent substitutions or complements?Moreover, what type of good is X in relation to income?

2.))According to Duffy-Deno (2003), when the price of broadband access capacity (the amount of information one can send over an Internet connection) increases 10%, commercial customers buy about 3.8% less capacity. What is the elasticity of demand for broadband access capacity for these firms? Is demand at the current price inelastic?

3. If the demand function is 12 - p and the supply function is 9 + 0.5p. Find the equilibrium qty and price.Draw the graphs.

4. The United States is increasinglyoutsourcingjobs to India: having the work done in India rather than in the United States. For example, the Indian firm Tata Consultancy Services, which provides information technology services, increased its work force by 85,000 workers in 2015 ("Outsourcing Firm Hiring 72,000 Workers in India,"Ferencz, Traders' Magazine, January 16, 2016). As a result of increased outsourcing, wages of some groups of Indian skilled workers have increased substantially over the years. Use a supply-and-demand diagram to explain this outcome.

5. In the first week after Apple's iTunes raised the price on its most popular songs from 99 to $1.29, the quantity demanded of Akon's "Beautiful" fell approximately 9.4% to 52,760 units from the 57,941 units sold in the previous week. What is the arc|mid point elasticity of demand for "Beautiful" based on the average price and quantity?

6. Dale goes to the opera and ice hockey games. Draw a budget line for Dale. If the government imposes a 25% income tax on her, what happens to her budget line and opportunity set?

7. Gasoline is typically less expensive in the United States than across the border in Canada, but now suppose that the U.S. gasoline price rises above that in Canada due to a change in taxes. How would the gasoline-purchasing behavior of a person who lives equally close to gas stations in both countries change? Answer using an indifference curve and budget line diagram.