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Econ 211 practice probs 3 answers

Econ 211 practice probs 3 answers - Econ 211 Practice...

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Econ 211 Practice problems #3 (Elasticities) Patrick McLaughlin Practice Problems: These problems are to assist you in learning the material covered so far. They will not be collected. The answers are at the end, but I advise trying to do the problems without looking at the answers first. 1. If the income elasticity of demand for kumquats is 0 (yes, “zero”), a rise in the incomes of kumquat consumers will lead to a. a rise in the equilibrium price and quantity of kumquats b. a fall in the equilibrium price and quantity of kumquats c. a rise in the equilibrium price of kumquats, but a fall in the equilibrium quantity d. a fall in the equilibrium price of kumquats, but a rise in the equilibrium quantity e. no change in the equilibrium price or quantity of kumquats
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