(Answered) A what effect would an increase in the supply of

Economics

A. What effect would an increase in the supply of dormitories have on the price elasticity of demand for dormitory space? What effect would a decrease in the supply of dormitories have on the price elasticity of demand for dormitory space? What would happen to the price in both situations?

B. The income elasticity of demand for movies, dental services, and clothing have been estimated to be +3.4, +1, and +0.5, respectively. Interpret these coefficients? What does it mean if an income elasticity coefficient is negative?

C. Research has found that an increase in the price of beer would reduce the amount of marijuana consumed. Is cross elasticity of demand between the two products positive or negative? Are these two products complements or substitutes? What might be the logic behind this relationship?

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Microeconomics, Economics

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