The Market Demand for Wheat Is Q = 100 -

question 107

Multiple Choice

The market demand for wheat is Q = 100 - 2p + 1p_b + 2Y.If the price of wheat,p,is $2,and the price of barley,p_b,is $3,and income,Y,is $1000,the income elasticity of wheat

• A) is 2 ∗ (1000/2099).
• B) is 2.
• C) is 1/2 ∗ (1000/2099).
• D) cannot be calculated from the information provided.

---

Definitions:

Original Jurisdiction

The authority of a court to be the first to hear a case, rather than reviewing a decision made by another court.

Appellate Jurisdiction

The authority of a higher court to review and potentially change the decision of a lower court.

Appeal by Right

Appeal by right is a legal provision that allows a party to appeal a court decision to a higher court without needing special permission, based on statutory rights.

Discovery Stage

A pre-trial phase in a lawsuit where each party can obtain evidence from the other parties by means of discovery devices such as interrogatories, requests for production of documents, and depositions.