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Can anyone help answer all this questions? 23. A Harvard economist estimates that a doubling of enforcement efforts to block marijuana MARKET ANALYSIS: Analyze the

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Can anyone help answer all this questions?

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23. A Harvard economist estimates that a doubling of enforcement efforts to block marijuana MARKET ANALYSIS: Analyze the impact on price and quantity exchanged (worth 5 points each) imports would raise the price (by reducing supply) by about 13 percent. Based on his estimate of the price elasticity of demand for marijuana, he expects marijuana use would fall by 39 percent. The elasticity estimate used by this economist is 1.. CREDIT CARD MARKET: government imposes an 10% cap on the interest rate issuers of credit a. 0.4 cards can charge their customers; the current rate is 12% b. 2.5 3.0 cannot be determined with information given 24 If the law of diminishing marginal utility holds, which of the following has the highest marginal utility to Mary? a. Her Ist doughnut b. Her 2nd doughnut Her 3rd doughnut d Cannot be answered without additional information 25 The law of diminishing marginal utility explains a why most individual's demand curves are straight lines b. why most individual's demand curves are horizontal lines C. why most individual's demand curves slope downward d. why most individual's demand curves are vertical lines 2. AUTOMOBILE INDUSTRY: The United Autoworkers Union threatens to strike, so the auto makers none of the above increase the wages paid to their workers by 10% 3. JAPANESE LUXURY CAR MARKET (in the U.S.): due to trade negotiations, Congress eliminates the 100% tariff on Japanese luxury cars (i.e., cars costing more than $35,000)

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