2a. Graphic and describe the market for Spam.  2b. Graph and describe what happens in this market when people's incomes fall. (Include this in the graph for 2a).

9. The kinked demand curve Wilke is a manufacturer in the oligopolistically competitive market for footballs. Two other manufacturers, Rawlding and Spaldon, compete with Wilke for football consumers. Wilke faces the kinked demand curve for footballs depicted on the graph. Initially, Wilke charges $30 per football, producing and selling 7 million footballs per year. PRICE (DOLLARS PER BALL) 36 35 34 33 32 31 30 29 28 27 28 5 в 7 8 FOOTBALLS (Millions of balls) 9 10 ? As an oligopolist, Wilke is a price maker. If Wilke raises the price of its football from $30 to $32 per ball, the quantity of Wilke footballs demanded million footballs per year. If Wilke reduces the price of its football from $30 to $28 per ball, the quantity of footballs demanded million footballs per year. (Hint: Mouse over the points on the graph to see their coordinates.) by by If Wilke lowers the price of its football below $30, the kinked demand curve model suggests that Rawlding and Spaldon will respond by

4. John Stain estimates that the demand curve for his PaneMaster insulated windows is given by 350-2P Q Currently, John is charging $150 per window, including installation. John is considering a sale. Find the price elasticity of demand for PaneMaster Windows and comment on the advisability of a sale. = a) EQp = -0.67 so the consequences of a sale cannot be determined b) Eqp = -0.67, so a sale would increase profits c) EQp = -6.00, so the consequences of a sale cannot be determined d) EQp = -6.00, so a sale would increase profits

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