Question
a)Elasticity of demand tobacco Suppose the elasticity of demand for tobacco consumption is 0.4. If it is desirable to reduce tobacco consumption by 50%, by
a)Elasticity of demand tobacco
Suppose the elasticity of demand for tobacco consumption is 0.4. If it is desirable to reduce tobacco consumption by 50%,
by what % should the price of tobacco be increased?
b)Motorcycles E of S
Suppose the demand for motorcycles increases. Everything else remaining the same, consumers of motorcycles would be _________
1) better off if supply of motorcycles was elastic
2) better off if supply of motorcycles was inelastic
3) no better or worse off regardless of whether the supply of motorcycles was elastic or inelastic
dont answer by pen paper answer with proper conclusion
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