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10. If a country has rising incomes and people are buying more imports, what do you...

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Economics

10. If a country has rising incomes and people are buying moreimports, what do you expect to happen to the value of thatcountry's currency in comparison with other countries in whichincomes are not rising as fast? Explain in your answer how youreached this conclusion by considering demand and/or supply of thecurrency.

11. Given the following information, what is the priceelasticity of demand between $10 and $20 if these are thereservation prices people have for this good.

$5 . $5 . $10 $10 . $10 $10 . $15 . $15 . $20 $20

12.

Given the following information for three goods, which two aresubstitutes and which two are complements. You don't need tocalculate the cross price elasticities here but which will benegative and which will be positive. Explain how you reached theseconclusions.

GoodABC
Initial price$50$20$40
Later price$60$20$40
Initial quantity100200100
Later quantity80150110

Answer & Explanation Solved by verified expert
4.4 Ratings (896 Votes)
10 The exchange rate of a countrys currency is determined through the intersection of the demand for and the supply of foreign currency where the foreign exchange rate is the rate at which a countrys currency is exchanged with the    See Answer
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