CAS EC 201 Study Guide - Coconut Oil, Price Elasticity Of Demand, Inverse Function
30 Apr 2014
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Mathematical review: cite some examples of economic mathematical functions (one and several variables, graph the function . Demand and supply review (chapters 2 and 3: suppose the demand for processed pork in canada is: Where is the price of beef, the price of chicken and stands for income. Assume that (dollars per kg), (dollars per kg), (thousand dollars) and that the price of beef rises from to . Use a diagram to illustrate the answer: use the demand of problem 1 together with the supply curve to show how the equilibrium quantity of pork varies with income. Assume that p is initially 45 per pound, is 31 per pound, and. Q is 1,275 thousand metric tons per year. What is the effect of a freeze that damages oranges in florida on the price of frozen orange juice in the.
