Question
Comment on the Following Statements: 1) The current price of beef are 20% higher than last year's price, but the Aggregate consumption of the commodity
Comment on the Following Statements:
1) The current price of beef are 20% higher than last year's price, but the Aggregate consumption of the commodity was observed to have risen by 10% . The law of demand does not apply in the case of beef.
2) After reaching its peak in December 1996, the monthly sales of Toyota Corolla had shown a downward trend as the prices of the car were gradually raise. This reduction in demand may be traced to changes in consumers'taste and preferences in favor of the Mitsubishi GLXi as evident in the sudden proliferation of this car almost everywhere.
3) Years ago ( and up to now ), PCC City has been known for its rapidy increasingn rate of theft, armed robbery and mugging by persons addicted to drugs Since those who craved for drugs did not earn enough money to buy sufficient quantities, they resorted to crimes of varying degrees. Mayor HIRAP NA has been aware of the problem and he vowed strongly that he would reduce, if not totally eliminate, these drug - related crimes. His age - old solution:crack down on the drug traffic, arrest drug dealers and drastically decrease the amount of drugs onthe street. Having done this, the mayor is still confused why the drug-related crime rates are still rapidly increasing in his beloved PACC City.
4) Some people claim that without government price support programs, farmers could farmers could not afford to grow some crops like rice: therefore, the country will not have rice without the support programs.Is this claim correct or not? Analyze the case with and without the support.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started