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For U.S. consumers, the income elasticity of demand for fruit juice is 1.1. If the economy enters a recession next year and consumer income declines by 2.5%, what is the expected change in the quantity of fruit juice demanded next year?

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A firm is currently producing 100 units of output using labor and capital. The marginal product of labor is 60 and the marginal product of capital is 20. The price of labor is $10 and the price of capital is $100. Is the firm minimizing the long-run cost of producing 100 units of output? If so, explain how you know. If not, explain the adjustment the firm should make to produce 100 units of output at a lower cost. In either case, draw a carefully labeled isoquant/isocost diagram to illustrate your answer.

Refer to the diagram below. The vertical distance between A and B represents a tax on the product. When the tax is imposed in this market, sellers effectively pay what amount of the $10 tax?

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