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Can you help me to answer the following economic questions? thank you!
1.Let the demand and supply functions for widgets be given by the following: P=200‐4.5Qd P=100+20Qs
a) Solve for the market equilibrium price and quantity for widgets
b) Calculate the supply and own‐price demand elasticities for widgets
c) Interpret the elasticities in your own words
d) If the price of widgets went up by 20%, what will happen to the quantity demanded and supplied in the market? Is this an equilibrium? Why or why not?
2.Suppose the OLED screens used in the manufacture of Samsung Galaxy S8 phones became cheaper to manufacture. At the same time, Apple reduced the price of the IPhone X, a substitute. What will happen to the price and quantity demanded for the S8? Show your work. (Hint: use the notes on determinants of demand and supply and graph out the changes in the market for the Galaxy S8)
3.The price of Good A increases from $20 to $30, subsequent to which the quantity of Good B demanded fell from 200 units to 150. Calculate the cross price elasticity of Good B with respect to Good A. Based on this, are Goods A and B substitutes or complements?
4.True, False, or Uncertain? Right before the 2008 housing crisis, the prices of houses were increasing very rapidly. At the same time, the quantities of houses sold were also increasing dramatically throughout the nation. This is a failure of the law of demand and shows that people are irrational. Explain your answer.
5.True, False or Uncertain? Suppose you have a free ticket for a Bon Jovi concert that you can sell for $50. The concert will bring you $30 worth of happiness. You should go see the concert because it is worth more than the price you paid for it.
6. What is the role of government in the wealth creation process?
7. Why does scarcity exist?
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