You are interviewing for a position of beer salesman. The interviewer asks you how the changes...
You are interviewing for a position of beer salesman. The interviewer asks you how the changes in barley prices would affect the quantity of beer consumed. You want to impress the interviewer. So you say â?? To answer your question, we need to calculate _____â??
a. (A) Income elasticity of beer demand
b. (D) Cross price elasticity of demand (Barley Price elasticity of beer demand)
c. (B) Price elasticity of demand (Own price elasticity of beer demand)
d. (E) Both C and D
e. (C) Cross price elasticity of demand (Beer demand elasticity of barley price)
Homework Answers
We will calculate the price elasticity of barley demand to beer demand.Barley is an input in beer production and thus,change in price of barley will affect demand for beer.Greater the cross elasticity,higher the effect.
Answer-B
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Here isn’t the income elasticity meant to be 0.1 x 100/1600
because it’s slope x income /quantity
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Please only do question G - Please show
steps!
Elaine is a typical student and she spends her $200 allowance on beer (X) and books (Y). Her utility Q1. function is given by U 20 XY and Px $2 and Py $5 - (a) Solve for Elaine's optimal purchases of X and Y (b) By how much would Elaine's utility change if her allowance were reduced by $0.50? (c) In an attempt to discourage drinking on campus, a hefty tax...
I was able to answer 1a and 1b
-- but I'm stuck on C, D and E (you can disregard F and G unless
you wanna answer them)
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