Question
Let's say this product is oat, then help me answer this question :B. Let's say the production of the goods you emulate today became cheaper.
Let's say this product is oat, then help me answer this question :B. Let's say the production of the goods you emulate today became cheaper. (I) display the substitution, income effect, and total effect of the condition in one diagram: (1) if the item is still the normal item, and (2) if the item becomes inferior to you. Compare it and explain. (ii) lower the condition of the normal and inferior item on the question (I) into the two demand curves described in one diagram. Which package demand curve is more elastic? Explain yourself.C. Decide (yourself) your initial items (P0) and the price of your items after production costs have become cheaper (P1). Also specify the number of purchases you have before and after the cost changes in the production (Q0 dan Q1) Calculate the elasticity of the price on your request for the item. Is the cargo request you model an elastic or an elastic in price? Explain and interpret the Numbers you get.
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