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Unformatted text preview: B. The short run elasticity of demand for instant coffee is 5.29. Q = 75 5.29P C. Instant coffee has a higher price elasticity I think this is true because much less people use instant coffee because of its higher price. 3.) A. free market price = 6 hundred dollars. And if the agency set a 300$ max per month rental fee then the cities population will decrease from 336,000 people to 136,000 people. B. 160 8(9) = 88 thousand apartments * .50 = 44 thousand apartments. 4.) the new price of copper will be .645 cents per pound....
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This note was uploaded on 11/02/2008 for the course ECO 480 taught by Professor Hunghe during the Spring '08 term at SUNY Buffalo.
- Spring '08