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Assume that coffee and cookies are complements in consumption. if cof'lee becomes less expensive, the price of cookies will most likely 4, and quantity sold of cookies will most likely _. Select one: Q A. decrease: increase. 0 B. increase; decrease. O C. increase;increase. O D. decrease: decrease. O E. None of the other answers. Your ltalian friend Mario cooks some amazing pastas using a fancy imported pasta brand. You are different though. You like eating pasta but you can't tell the difference between high and low quality pasta. Whenever you go the supermarket, you buy the cheapest brand, Schifo, out of the many brands of pasta that are available. Given the above information, which of the following statements isXare more likely to be correct given the information provided? i. Your demand forthe Schifo pasta brand is strongly elastic to price changes. ii. if Schifo becomes more expensive than another brand, you will start buying the other brand. iii. Pasta is a Giffen good. iv. Your reservation price is fixed. v. Pasta is an inferior good to you. O a. Only ii. is correct. 0 b. Both i. and iv. are correct. 0 c. Both i. and ii. are correct. 0 d. Both iv. and v. are correct. 0 e. Both ii. and iii. are correct. Melania and Donald love drinking Italian red wine. However, their demand curves for Italian red wine are different (shown below). Suppose that the price of Italian red wine is $8 per litre and that Melania and Donald individually decide how much to Italian red wine to buy. How much Italian red wine will they purchase in total? Price ($) Price ($) 40 36 32 20 20 16 16 12 12 A CO DMelania Donald Litres 9 10 Litres Select one: O A. 6 O B. 14 O C. None of the other answers. O D. 8 OE. OThree ducks, Huey, Dewey, and Louie, are hungry and are shopping for breadcrumbs. Their individual demand curves are given by: Huey: P = 55 - 5Q Dewey: P = 55 - 1Q Louie: P = 55 - 3Q What is the equation of the aggregate demand curve? O a. P = 55 - 0.65Q O b. P = 55 - 1.30Q O c. P = 55 - 9.00Q O d. P = 165.00 - 9.00QNorth Borea is a closed economy. In North Borea, monthly demand for wool scarfs is determined by P = 108 Q, while the monthly supply is given by P = Q. The world price of wool scarfs is set to $35 per unit. North Borea has no intention of opening trade with the rest of the world, fearing that such trade will eventually destabilise its military regime. What is the net gain/loss from remaining a closed economy (results are rounded to the second decimal place)? 0 a. $266450 loss 0 b. $361.00 loss 0 c. None of the other answers. Q d. $612.50 gain 0 e. $266450 gain