ESSENTIALS OF ECONOMICS
ESSENTIALS OF ECONOMICS
11th Edition
ISBN: 9781260225334
Author: SCHILLER
Publisher: RENT MCG
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Chapter 4, Problem 5P
To determine

(a)

To find the amount of coffee that decline if the price of coffee increased by 10%.

To determine

(b)

To find the increase or decrease in the sales of coffee.

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Part 1: What do you think should be done in a situation when the price for an essential product (name the product and explain why you believe to be "essential" in your post!!) is rising rapidly? Put the name of the essential product in your subject line. Do not choose gasoline! Part 2: Now answer each of the following questions either "Yes" or "No," giving reasons in each case! 1. Is it right for businesses to earn fat profits on goods that people rely on? (Yes/No) Why? 2. Is it right for the government to intervene in such circumstances? (Yes/No) Why? 3. Should the government always intervene? Never ever intervene? (Yes/No) Why do you think so?
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