Q1. Bread and cheese are often eaten together. Therefore, they are complement goods. Flour is an ingredient in producing bread. Milk is an ingredient in producing cheese A. Explain what happens to the equilibrium price and equilibrium quantity of cheese when the price of milk falls. Draw a diagram for your answer. B. Explain what happens to the equilibrium price and equilibrium quantity of bread as a result of your answer in part A. Draw a diagram for your answer. Q2. The price elasticity of demand of product X is classified as unit elastic. At the price of $9.5 per unit the quantity demanded of product X is 21. At what price per unit should product X be selling at if the quantity demanded is 19? Explain your answer. Q3. Peter likes movies but he decides that he will spend a fixeed amount of $1,000 per month on movie tickets, no matter what the price of per movie ticket is. Is Peter's price elasticity of demand on movie tickets elastic, unit elastic or inelastic? Explain your answe

Statistics Canada measures the poverty rate as the percentage of people whose income falls below what?   Question 37 options:   the median family of four income   the low-income cutoff   an absolute measure which is calculated annually   the high-income cutoff

Real Wage Number of Workers Demanded Labor Force Participation Rate 60  120,000,000 30% 70  110,000,000 35% 80  100,000,000 40% 90  90,000,000 45% 100 80,000,000 50% 110  70,000,000 55% 120 60,000,000 60% 130 50,000,000 65% 140 40,000,000 70% 150 30,000,000 75% 160  20,000,000 80% 170    10,000,000 85% Ignore everything that happened in the previous questions. We know that supply of labor can increase either because of an increase in labor force participation rate or an increase in civilian population. We saw the effect of the former above. This question is about the latter. The table above shows some pieces of information about the labor market condition in a country. It shows the number of workers demanded in the country at different levels of real wage. It also shows the labor force participation rates at those real wage levels. For example, if the real wage is 60, only 30% of the civilian population will participate in the labor force. If the real wage is…

If older workers have a tax elasticity of labor supply equai to 014, by how much will their work activity decline when they reach the Social Security earnings test limit? (Recall that the Social Security earnings test limit is 50 percent. Assume explicit taxes of 20 percent below that limit. Use the midpoint method.) Instructions: Enter your response as a positive percent rounded to one decimal place. Do not include a negative sign () with your answer.