Description
An Excel template is provided for your Problem Sets. Each problem is presented on a separate worksheet represented by the tabs at the bottom of the Excel worksheet.
You must submit only one Excel file for your Problem Sets. To receive full credit, all work must be shown and the final answer(s) must be highlighted in yellow, unless answers are derived from a graph and/or tables.
Problem Sets Save your assignment as an Excel spreadsheet.
Explanation & Answer
Attached.
Principles of Economics
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course
tutor
date
Question #1: Draw a perfectly inelastic supply curve.
Answer:
Question #2: If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what
percentage will quantity demanded rise?
Answer:
2,50%
to $19, by what
Question #3: (a) Illustrate a tax increase. (b) State what happens to equilibrium price and quantity.
Answers:
brium price and quantity.
Question #4: If the price of eye surgery falls by 50-percent and the quantity of contact
lenses demanded falls by 25-percent, ...
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