Jim has $600 a week to spend on clothing and food. The price of clothing is $30 and the price of food is $5. The clothing and food pairs in Jim's choice set include ________ units of clothing and ________ units of food.

What is meant by crowding out? Explain the difference between crowding out in the short run and in the long run

What will be an ideal response?

Suppose that when the price of aspirin rises from $2 to $3 per bottle, the quantity demanded falls from 800 bottles per day to 700 bottles per day. Over this range, the demand for aspirin is

a. elastic b. unitary elastic c. perfectly elastic d. inelastic e. perfectly inelastic