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3. When we say that a price in a competitive market is too

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1- Define elasticity of demand. Provide an example.

2- define the law of diminishing marginal utility. Provide an example.

3- Demonstrate, using supply and demand analysis, the effect on the equilibrium price of new hybrid automobiles when the following 4 scenarios occur independently of each other. Describe the change in the equilibrium price and explain your answer. Is the equilibrium price higher or lower, or is the change indeterminate?

a.Incomes increase

b.Interest rates decrease

c.the price of batteries used in the production of these vehicles decreases

d.price of gasoline decreases

4- Determine if the demand for the following products is price elastic or price inelastic, and briefly explain your answer.

a.Box of cereal sold in a grocery store

b.Gasoline as a commodity

c.Gasoline sold at a local gasoline station

d.Fast food sold at a restaurant

e.Hotel rooms for people planning a vacation

f.Hotel rooms for people on business to meet an important client

5- Identify three types of market systems, and provide an example of each system.

6-Define the law of demand and the law of supply. Provide an example for each law.

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