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For each of the following events, describe in words what happens to the supply, demand, quantity supplied and quantity demanded in the market for new cars.
a) The TOyota workers get a large raise.
Elasticity of demand for Good X is half of elasticity of demand for Good Y. Quantity demand for
Good Y falls by 15 percent when its price rises by Rs.5 per unit from Rs. 10 per unit. Calculate
percentage change in demand for Good X if its price falls by 50 percent.
About 5 years back CM Nitish Kumar banned liquor in Bihar before the election in 2020 echived you to give him advice on the liquor policy.
What are three essentially
coordinating mechanisms?
Why was OPEC successful in raising the world price of oil in the 1970s and 1980s?

1) there was an elastic demand for oil and an increase in the amount of oil supplied?

2) there was an elastic demand for oil and a reduction in the oil supplied

3)There was a worldwide oil embargo and an elastic demand for oil

4)There was an inelastic demand for oil and a reduction in the amount of oil supplied.
Consider your decision whether to go skiing for the weekend. Suppose you spend $300 on tickets etc and $75 on food. You also work a job where u get paid $120 and will have to miss one day kid said job. What is the opportunity cost of going skiing?
How to derive individual and market supply functions from cost function
Explain the shut down point in diagram?
With the aid of a diagram, show the effect of the following changes on the equilibrium price, quantity and equilibrium point.
a) Market for tomatoes: Massive flood has destroyed 50% of the tomatoes on the tomato field.
b) Market for coca cola: Price of coca cola has gone up.
c) Market for bread: Consumer’s income has increased and cost of production has increased.
d) Market for housing: increase in the number of marriages and increase in the price of construction materials.
e) Market for beer: Government imposes a sales tax on beer.
f) Market for maize: Increase in the number of maize farmers and increase in consumer taste for maize.
g) Market for Samsung phone: People switch to Huawei.
h) Market for Education: Increase in the price of school fees.
i) Money Market: Increase in the lending rate.
j) Market for DIAPERS: Increase in the number of pregnant women.
If the price for housing falls and the demand for housing is inelastic, then:
a) the percentage rise in quantity demanded is greater than the percentage fall in price and total revenue rises.

b)the percentage rise in quantity demanded is equal to the percentage fall in price and total revenue remains constant

c)the percentage rise in quantity demanded is greater than the percentage fall in price and total revenue falls

d)the percentage rise in quantity demanded is less than the percentage fall in price and total revenue falls.
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