Re: Some microeconomics questions
From: Robert Vienneau (rvien_at_see.sig.com)
Date: 09/29/04
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Date: Wed, 29 Sep 2004 05:28:21 -0400
In article <8c43abae.0409281253.2a7d8eb7@posting.google.com>,
zgall1@aol.com (Lara) wrote:
> I am studying for a test and these questions are a part of my
> review booklet. I am having trouble with them and I would
> appreciate any help you could give me. Thanks.
>
>
> 1. True or false: Goods that are produced at a constant
> opportunity cost have an elastic demand
>
> 2. Drought in many wheat-growing areas cut the supply of
> wheat in 2004 by 4 percent. The price elasticity of demand for
> wheat is 0.5, and the cross elasticity of demand for pasta with
> respect to the price of wheat is 2.2.
> a. By how much will the price of wheat rise?
> b. By how much will the quantity demanded of pasta change?
> c. Pasta makers estimate that the change in the price of wheat
> in part (a) will increase the price of pasta by 20 percent. What is
> the pasta makers' estimate of the price elasticity of demand for
> pasta?
You are more likely to get a helpful answer on Usenet if you
show some work. For instance, what do you understand technical
terms like "opportunity cost", "price elasticity of demand",
"cross elasticity of demand", and "elastic demand" to mean?
You might still not get a helpful answer on sci.econ. Many of
posters here seem to think that most of what is taught in
mainstream microeconomics is empirically false or logically
self-contradictory. Some are better than others at demonstrating
that for any selected element of such courses. Many of the
academics who teach this stuff seem to have incorrectly decided
that such opinions are merely insults and have abandoned public
posts to this forum.
--
r c
v s a Whether strength of body or of mind, or wisdom, or
i m p virtue, are found in proportion to the power or wealth
e a e of a man is a question fit perhaps to be discussed by
n e . slaves in the hearing of their masters, but highly
@ r c m unbecoming to reasonable and free men in search of
d o the truth. -- Rousseau
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