When the Fed wants to increase the US money supply, it will order the US Mint to print more currency

Assume the market demand for wheat may be written as Q = 45 - 2p + 0.3Y + 1pb where Y refers to income and pb refers to the price of barley. Assuming that wheat and barley both sell for $1, and income is $20, calculate the price elasticity, cross price elasticity and income elasticity for wheat

What will be an ideal response?

Economists ordinarily favor setting price equal to marginal cost when this option is feasible

a. True b. False Indicate whether the statement is true or false