1. Explain the following statements, the use of tables, diagrams and graphs will greatly enhance the assignment.

Economics Major Assessment.
1.    Explain the following statements, the use of tables, diagrams and graphs will greatly enhance the assignment.
a.    When bad weather ruins a crop of bananas in Queensland the price of bananas rises in grocery outlets around the country. (10%)
b.    Accommodation in motels, hotels and caravan parks is cheaper during the off-season. (10%)
c.    If the price of oil rises substantially and remains high the price of used V8 cylinder cars falls. (10%)
d.    Consider the hypothetical demand schedule below. (10%)
Cinema tickets
Price of tickets $    Quantity demanded    Elasticity coefficient
25    20    
20    40    
15    60    
10    80    
5    100    

What is the price elasticity of demand between price = $25 and $20
What is the price elasticity of demand between price = $20 and $15
What is the price elasticity of demand between price = $15 and $10
What is the price elasticity of demand between price = $10 and $5


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