ANSWER 3 QUESTIONS PLEASE.

The demand equation for widgets is P=20-2QD, where P is the price of cookies in dollars and QD is

the quantity demanded. Calculate the price elasticity of demand for cookies between QD1=2 and

QD2=3. (5 Marks)

1) The demand equation for widgets is P=20-2QD, where P is the price of cookies in dollars and QD is QD2=3. (5 Marks) the quantity demanded. Calculate the price elasticity of demand for cookies between QD,=2 and 2) Scalpers sell their tickets outside of theatres, sporting events and concerts. Demand for scalper tickets is usually quite high for sold-out events, as consumers have no other alternative if they want to purchase tickets. (10 Marks) Using demand and supply curves, show the change in equilibrium price and quantity for the following scenarios. Hint: Consider the elasticity of demand. a) What happens to demand for scalper tickets as the start of the sold-out event nears? b) What happens to demand for scalper tickets at an event that is not sold out, and has a small walk-up crowd. 3) Which of the following statements is true concerning comparative advantage? Explain your rational (5 Marks) a) Canada is relatively more efficient at producing lard b) Canada is relatively more efficient at producing machetes c) Zimbabwe is relatively more efficient at producing lard d) Both b) and c) are correct