1. If demand function is given as, Qd=200-P+0.021+0.5Py, where as, Qd=quantity demand, P=price of studied commodity, Py= price of related good Y and I= income of consumer and P=5, l=1000 and Py-30. Then, a. Calculate price elasticity of demand (5 point)

b. Calculate cross-elasticity and describe nature of commodity (3 point)

c. Calculate income elasticity and nature of commodity (2 point)

Grant, inc., acquired 30% of south co.’s voting stock for $200,000 on january 2, year 1, and did not elect the fair value option. the price equaled the carrying amount and the fair value of the interest purchased in south’s net assets. grant’s 30% interest in south gave grant the ability to exercise significant influence over south’s operating and financial policies. during year 1, south earned $80,000 and paid dividends of $50,000. south reported earnings of $100,000 for the 6 months ended june 30, year 2, and $200,000 for the year ended december 31, year 2. on july 1, year 2, grant sold half of its stock in south for $150,000 cash. south paid dividends of $60,000 on october 1, year 2. before income taxes, what amount should grant include in its year 1 income statement as a result of the investment?

How do communism and socialism differ in terms of the role that government plays in the economy ?

Aprice control is: question 1 options: a)a tax on the sale of a good that controls the market price.b)an upper limit on the quantity of some good that can be bought or sold.c)a legal restriction on how high or low a price in a market may go.d)control of the price of a good by the firm that produces it.