The government of Optima, a small developing country which cannot affect world prices, wishes to achieve self sufficiency in food so that domestic…
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Go to the U. Department of Agriculture website at www.gov (Links to an external site.) Select Find Charts or Maps. Under Economics, select…
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In your own words answer the following questions and upload your answers within an MS Word Document.

1. When the demand curve is relatively inelastic and the price falls, what happens to total revenue?

2. Why is the demand for gasoline relatively inelastic, while the demand for Exxon’s gasoline is relatively elastic?

3. Describe cross elastiity of demand.

4. What is the difference between inferior and normal goods?

5. Video Question: What was the most important concept presented in this video? Using your own words explain why you feel this way.

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