6. Suppose you are at a farmer's market and two adjacent vegetable vendors are selling identical...
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6. Suppose you are at a farmer's market and two adjacent vegetable vendors are selling identical zucchinis. Explain what might happen if one farmer increased the price of their zucchinis and all other things in the world remained the same. Be sure to include in your response a conjecture about the type of demand for zucchinis that is suggested. [3 points] 7. Suppose that your quantity demanded for dates was 10 dates per month when you pay for the entirety of the date. Suppose further that you have decided to split the cost with your dates. [Assume this has no effect on the number of dates supplied by the market.] (a) Describe what happens to your demand for dates, if anything. Be sure to discuss any assumptions you make about demand or dates as a good. (b) If your price elasticity of demand for dates was -1.1, what is your new quantity demanded? For simplicity, use the point price elasticity method. [6 points] 2 6. Suppose you are at a farmer's market and two adjacent vegetable vendors are selling identical zucchinis. Explain what might happen if one farmer increased the price of their zucchinis and all other things in the world remained the same. Be sure to include in your response a conjecture about the type of demand for zucchinis that is suggested. [3 points] 7. Suppose that your quantity demanded for dates was 10 dates per month when you pay for the entirety of the date. Suppose further that you have decided to split the cost with your dates. [Assume this has no effect on the number of dates supplied by the market.] (a) Describe what happens to your demand for dates, if anything. Be sure to discuss any assumptions you make about demand or dates as a good. (b) If your price elasticity of demand for dates was -1.1, what is your new quantity demanded? For simplicity, use the point price elasticity method. [6 points] 2
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