Suppose we have 2 goods, x1 and x2, with respective prices p1 and p2. sam has income m. sam’s demand function for good x1 is given by: x1(p1,p2,m) = p2m - p21 (a) given the above demand function, graphically depict how we would derive sam’s engel curve from the income consumption curve (just give a rough sketch like the ones done in the lecture notes). (b) are goods x1 and x2 substitute goods? explain. (c) now suppose p2 = 5 and m = 10. there are 20 consumers in the market and all consumer’s have identical demand functions. what is the market demand function. (d) find the price elasticity of market demand if p1 = 3. (e) given the price elasticity of demand you calculated in part d), is good 1 an ordinary good or a giffen good? explain.

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Now ray has had the tires for two months and he notices that the tread has started to pull away from the tire. he has already contacted the place who sold the tires and calmly and accurately explained the problem. they didn’t him because they no longer carry that tire. so he talked with the manager and he still did not get the tire replaced. his consumer rights are being violated. pretend you are ray and write a letter to the company’s headquarters. here are some points to keep in mind when writing the letter: include your name, address, and account number, if appropriate. describe your purchase (name of product, serial numbers, date and location of purchase). state the problem and give the history of how you tried to resolve the problem. ask for a specific action. include how you can be reached.

The cook corporation has two divisions--east and west. the divisions have the following revenues and expenses: east westsales $ 603,000 $ 506,000 variable costs 231,000 300,000 traceable fixed costs 151,500 192,000 allocated common corporate costs 128,600 156,000 net operating income (loss) $ 91,900 $ (142,000 )the management of cook is considering the elimination of the west division. if the west division were eliminated, its traceable fixed costs could be avoided. total common corporate costs would be unaffected by this decision. given these data, the elimination of the west division would result in an overall company net operating income (loss) of: multiple choice$91,900$(64,100)$(142,000)$(50,100)