CourseWork

Not Rated (0)

$15/per page/

About CourseWork

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Applied Sciences,Chemistry See all
Applied Sciences,Chemistry,Communications,Economics,Engineering,Environmental science Hide all
Teaching Since: Apr 2017
Last Sign in: 273 Weeks Ago, 1 Day Ago
Questions Answered: 352
Tutorials Posted: 351

Education

  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

Experience

  • Professor
    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 03 May 2017 My Price 9.00

uppose that a person regards ham and cheese as pure complements

Suppose that a person regards ham and cheese as pure complements—he or she will always use one slice of ham in combination with one slice of cheese to make a ham and cheese sandwich. Suppose also that ham and cheese are the only goods that this person buys and that bread is free.

a. If the price of ham is equal to the price of cheese, show that the own-price elasticity of demand for ham is -0.5 and that the cross-price elasticity of demand for ham with respect to the price of cheese is also -0.5.

b. Explain why the results from part (a) reflect only income effects, not substitution effects. What are the compensated price elasticities in this problem?

c. Use the results from part (b) to show how your answers to part (a) would change if a slice of ham cost twice the price of a slice of cheese.

d. Explain how this problem could be solved intuitively by assuming this person consumes only one good—a ham-and-cheese sandwich.

 

 

 

Answers

CourseWork
Not Rated (0)
Status NEW Posted 03 May 2017 01:05 PM My Price 9.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g S-----------obt-----------ell----------- an-----------d a-----------cqu-----------isi-----------tio-----------n o-----------f m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e c-----------atc-----------h

Not Rated(0)