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HW1 - Ryan Oprea Econ 200 Fall 2009 Homework#1 This...

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Unformatted text preview: Ryan Oprea Econ 200, Fall 2009 Homework #1 This homework is due on October 15 at the beginning of class. You may consult with others on the homework, but must turn in your own work (i.e. please don’t copy homework from others) and must list who you worked with on the homework. If there is insufficient information to answer a question, state a reasonable assumption that allows you to do so and use it when working through the problem. However, if you make assumptions that are not necessary to solve the problem, you will be penalized in points. Your answer keys must be legible and organized well enough for me to easily follow what you are doing. All final answers m ust be clearly circled and properly marked. If these guidelines are not followed I will give zero points to the question. 1. (33 points) The elasticity of supply for Twinkies is 0.8 and the elasticity of demand is -0.2. At present 500 million Twinkies are sold in the state at a price of $1.50 per Twinkie. The government decides to500 million Twinkies are sold in the state at a price of $1....
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