The cross elasticity of demand for substitute goods must

Neil and Derek are brothers who are very fond of watching television. They share a television but watch different shows. Every evening after coming home from school, they argue over who will watch television and for how long

Irritated with their fight, their parents asked Neil to decide for how long each of them would watch television. They also told him that if the brothers failed to reach an agreement, they would not let either of them watch it. a) How should Neil make his decision? b) What will be the outcome if Derek prefers fairness over watching television?

Refer to Figure 9-4. Suppose the government allows imports of leather footwear into the United States. What will be the domestic quantity supplied?

A) Q0 B) Q1 C) Q2 D) Q2 - Q0