Question: Question 1-True False and Explain (otherwise zero) (40 minutes) 5. If, in Pottsville, the legal age for cigarettes is increased from 19 to 21, the

Question 1-True False and Explain (otherwise zero) (40 minutes) 5. If,

Question 1-True False and Explain (otherwise zero) (40 minutes) 5. If, in Pottsville, the legal age for cigarettes is increased from 19 to 21, the price of cigarettes will decrease and those 21 and older will consume more but total consumption (i.e. sales) will decrease. Price Qty True or false 6. As we age, our tastes change. For example, Bob now loves bourbon whiskey more than 20 years ago. Therefore, his indifference curve is now steeper than it was 20 yours ago. O *Bourbon 2000 Beer True or false 7. The firm that you work for has calculated the cross elasticity between your product (X) and product Y to be -2.0. If firm Y decreases their price by 10%, you can expect your sales to increase by 20%. True or false 8) According to the diagram, Y and X are substitutes. Y X True or false

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