Under normal circumstances, if consumer incomes increase on the market, how will this change impact equilibrium price and quantity?Assuming theres a reduction in import duties for some resources used by manufacturers. How will this impact the price on the market? Why?What are the characteristics of a competitive market? Which of the following drinks do you think is best described by these characteristics? Why arent the others?a)tap waterb)bottled waterc)colad)Beer4. Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain.5. A one-way ticket for public transport is $1.50. There is pressure on the mayor to reduce the fee by one-third, to $1.00. The mayor is dismayed, thinking that this will mean losing one-third of its revenue from sales of tickets. Is the mayors estimate correct?6. Give two examples of price discrimination. How does perfect price discrimination affect consumer surplus, producer surplus, and total surplus?7. Can the pink tax be considered a form of price discrimination? Argument your answer.
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