Define the law of diminishing marginal utility. Provide an example.
Demonstate, using supply and demand analysis, the effect on the quilibrum price and quantity of new hybrid automobiles when the following occurs
a. incomes increase
b. interest rates decrease
c. the price of batteries used in production of these vehicles decreases.
d. price of gasoline decreases
Determine if the demand for the following products is price elastic or price inelastic, and explain your answer.
a. box of cereal
b. gasoline as a commodity
c. gasoline sold at a local gasoline station.
d. fast food sold at a restaurant
e. hotel rooms for people planning a vacation
f. hotel rooms for people on business to meet an important client.
g. clothes sold in a discount retailer
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