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f-ress-nliq-J '5 th St-pi-eir1[z e-


*_$.-!ei-ifs c-.F tu\crr keh (tc' ,'oc' ..t;.' r'
y' 6r;t"rC.!l'ne,- S Cvere.cih
!
i.t t{ rg \-re-r eG icienc-J
L/ in,9l1* rr ty*Slnrc,rhf
r

V $ter,.s .lnvc.rr{-iCrr\ Clrl(t rn nCvn{ierr J"


/ mcra uo"tg ciird be$'eu- 4,uc1'!1 c{grcdr

Derv"lcr rls o{ rt\orrte \ €rcr"ro,-n je s

/. Strrcluol,g

,<,, "fgeicu-< 1r'cdrrc{r


'"' '' C€,nrp" h hcn
-,{rlcrrcp ]9 and Crrr pev(ecJ',o,",
- tc.l. o$+d6q16O1* p,rb\\ c ,jrodl

fie\
-f,:isl:r1,,-qrr-tie Dos111] !a-rr1 r

k'g}em
-i{Cr]fi'r}(E "t+hr
fl d'.,,nfl
-Ld--€lel:grtts""

fir O pxl1frl ice i-rCrrly r th€ 11aL€s cr\t+i-re €Lcrtcrlrrc dectsiOrrg .i:i rs ciSc
Jt.'*
krror.llrds il ce rlrrr6rrd <rcriLrrry oi ce,-rhcrlly phrrned €cCnaTJ.

IJ

p,r1 errpl$rrrqT! - \ire:-,trtlckLrj(liutir' tu fuff9.1h\'.{ ct\\ arniiab\c i?-s[:riites

f=.1o".clr\ i'- n(hrevflJ - cl\\ rn1\ri,r'dr\CtL .i.t) Q<t |ne .<qn1e th(f,rr1r

- lozy ) rfrre u.ofters +e.rl lD be cer,"darenh as +here is r o tncdrkue or


f Htrtg:ag-ffltJ,:rg*

- 'rne
iou
1+ rno) ?AduLe ynd , rrct req,r"nrad bj 't\e ffCIpk- rheqodl'|' nral prcctttde

n4i\&ry tq,u,gnrr* tD mee+ l'!c {efftceptticS'

co,*lolt€d produttron rn piann<decen


=, La,rI
S*tg ,jood. And Sqr-:itEs- unds e"bfe
,1rhe errrflrosts knds fobe or'tncr661s:={,i.rontrg,blt nof $615 oSodp.{'}
fu.n*B
€ccrr0rniLS 6 +H S.,pkrrrtx'-,,yug1 3

$.:1t'Cl E,j',16rrritS

rn lt'rt nrrr€d €ccnort''V ,'ooHr


Fri$ole rnd,rridU0t<' ond |hegou''l- q\\ca6|e feSC.-rrtS

,!wter,|s', csrnbrnes €s +h<shreng.H cT"lhe


and.*he Ftcrnn cl ec6ncrnq"The
,r1,r6rLef
tr"J
,ih
i.rurreh ccn nroke decls'ions uherq gou'{ decieicng rnakihs 's^appropri<[r-1 For
iegi +ne- opercl.honof srnqii shops.
l

j
j'0"*euts". cornbines .*he urcabn€ss cF -ihe rncrke{ ancl $tr<- plonned aonon= , Te
jrn.rch ,qou''r ;.*evf<rdntt c<rnd,scodrag€ e$Pcr'b and riaLt-akjng 'rt,.uir5e.
+rr<
ir
jsk+" sec'hpr, {he tesc opgcr+unr! .i-her<- ts $,*priua.fe bus.\ness.
i
I
I

i
i-cr;n +c3
Lrs'ctrrr
I;}+gqlg
il !! c-(i -ll:l .

@
t'lclr fe r ond Pr r rej
r4orttk ur{ 6n61g<-f $u,-ccs

tre r{arfet'

'itia rr-rrrK{i r., c\rj q,\uq\,,:,., r..rhe,c b5e'ts ctql stlle's e'''.'€ 't.,h cctr14t'l-_

'Grc rn(rr te I hprr-CS


$rs 146rbet Forecj e(rrSiS\ o'f tu--ttr\ \eu z\ c I rlen'rnnrl 6nd ( uPPt! .n ]rhr< n-rcrr kcF

Ct\ {\par ht-Li\dL FiYYic '

Drrrgrrd -.gfers -ic -thr- t,trorrhll cf' tt 5OU\ Ct


L:t,'Li[t: '+Frcit &cI)sLttlrtt:s ,-,il t'r'

t-U t l tit5 a\ cr y-:or'\Cul4r rcc'


f,'z rlo,€C\ 7t

Srpf2l.J- iett',s i-o'|r',iiu*rl;! ct o ci s(t urtt +trrr| Sugrplrrs u-'il bu


9uct1
flrepcirtd
\c c*ry'1-'y i1l c1
fzrv 61.drir frit5'
(brrrflit rscrr $ Eiunc,nic
1yl<ms.

I
CraIncrcL,p ol.+h€ RoLr of i Ror< o{ pri.ra}e t*Ouq.: r€Sctlrefs

4ouernrnent I s€clnr are al{onJac(.


{i
1i
:i
+heen\re sccie\ no
il{ .o fe.rrr,1
Forrnol priua[e secl,crj I decl'sisns hsed
I
Ckdrts 1€SCurfer; +h:j geuertrmenf i hor+e.rt*, pr iu(rk incliirrclu) e n Cus'lorns cnti
t
i
ore pass<d otr tu f,Jlurc la\\occle r€ecurers Lrsert a', habr|.
aen<roti0rrs }r.i ttnt slari ..v16i- iicts (lc:i <. tx ;riL(r h:r!
,)J J

[cr]rrhlrrld
i^€Siur
ollotAlts * afld r\otr,'
Cr J @ elonnry .
jic(l! lcenlral
rs Prrlittcr-of^ laltocoles te.scurces
I
dnd Q'r'u'(e{ en *hc s+o&!
lUo."a
qs ta r..r.hqt-
ldecisio.,
l.-* Dss+ .Srirr&.rLlud- --
I
+he
;
lan-\ "-..1,o!9-
t

f";lrrrrworl ct )orr
Frae- enarkel p,;,rcrh .ndiutdu.cis r flroui{ieS *t r r:vJfle i C[ {cdfvS oIy,oti,rtl . pritC nre;i[ro11ugr,r,
.lu.r
,fr0vt(k ftr ndl erl\\6661\i5 r(rr(< i,15c!ry(€q

,'l'lLlb:Iil'
l" lra{< iroods"
l lo(cr\ on
rr
'no r 4ie in 1rr1

L-
6,f ;;!i.;v1ig'

r*., 1 c[ \61--
fl*i*.d Llbvt rrtrrritrrt qnd ,Evt,uitltht{,"rne_ e Cv..iftr C{ iithr" O{ ,
{r,ii,ric,ir
vt-Ao I f
f iud\t it\t\i,rrdu(\
I'e'r*0.*Mfiri +fftuahoc {*r**.,**
f
,proAr.teer o[ [.-a1656ua
g1ge ces]r-ulq

i *or,u-o."dr{*r*[
/
Fc' rrr +t-
T1.--.\-1y;LA-,,1r i rl1ltcl ri
JutS -uCi --'r3
t-cUrrtrIlt(S

dorlrr.ftct{ i(']i-.ci'l +hep'rtt


ic it,c eiriorrtr)
o ck:rrerrd curr,e dqsrr,L:,n_! vrrhot.yfipprrls
')c'r s
urtlrt.ll rri$s t\o (\vrrrg e LL'e 12n' '["is)'
t\rcrr$t\ rtr rc\ 'ri-rt
''iitshu,rrnh a'lastcln-r fut rn ttB
GcC nCrriCJ
ga rr) S<p4embeY'r Jc,J

1Irec, y c( Dor6y16{

*O^tt1 *€fiX l

6 o'rrnr\t<r1ren[ cbrrq ttxtlefrtrrd curUd


.
- ct r-r1c..Jein(n} e [ ]tle dern(tnd Cut,, e

,) mci,ei'l-te*| alc rlcl'\h< c\errrrr,rC\

fiorqg'. a fo\\ in prrce 'Sam sso to "i sa leods .f6crrrincratSe in{.tr.onl-$ dernoncled
.&rorn Po u,-r,ls ho tso *.l,\S Lce'fenS pnrrb.rs - ncthitlg eise thctnScs LLhen *i"re p,'ice

c[ ttre pic(idtf chtrtgcs)

tl]

-,
I
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,dlre,i <rn.1 e{ H.rf C<lt,-,s' pUr r brrj rc, rctr hUrs A tclrCrrclr] , ttlq ('rr7.r'-

,tn['E .iv,,] ,, r<t.r,<(i r,c es cr i\ ,^ oil,'rlin",I i,';"l-Y=ln aro,y lhe

l-

i;

1
Drlrr r\lr-rtr{s' ct dtnfrnd iO,rdrFro"s ri ctrtrrcitrd

r'] \l rre -n\g\t- +.i\l ri<- d€\]..orrfleii Ctt (\ \o\ld''- pr f(t'

,1) N !r1'rr11gn16 ui thC it-r,t\rrirf\r-t(l *C!,O,5cS rt1 (C'nS\it11e tj ' itlacrl-r€ rrl(iul 6{t"tl- 4lrt-}1('r

\urCturruf Lr.rstt\ ort\rrc' rti {UrShcti ltr€ lwC r-f aie'


!V. "'igr-C.\ 1p., SocrtS

l.Lrnt-r\ gotd!'. iilis trrc{.1trS ttCr\ 61i cLrlsurtlt, lJ i\i(rtri t r\lCrtro&5 ,d'li1on(l it'tci

- lrr[..;\tr t..lUttds -'jirif rltcdrt! \\r(t\ t ,rr CCI\Sui]lrr - irr(C'tr( \t:ci(\! ID ttdr(( (cJ(

,.\ de,ircrnd
a) n Pri'c{sc* ollner forfJ:., trihen $he priteJ 0*s dow n the
€'$ ors
i 5ood.-
*'lFese-Jwo
ors increcrs€-s and d<r.,crnd targos <rsl okc ttcr€ose
{

iderno..ct
'fr.
I

or-e- ccns,\rned legelh er and


o.e co\r.J ror-npterne-n\o3 o eds
lgcccts S

*).Ac\ver F,Srg '

Po*ufohon o+ thecoLE6\'b-'it {br gcods Gnd serurces u.,cLi\c\ I ncr<l.s(


"l { "6eo-,ond
la* +t^,< pop.l\rt t cn t-

rtiA Qqs\ion and |qs[<- chonq€s tn '[cuh'o.l ur\\co(Sc th<denrqhc\ &r lh<
-1: J
*o tncreose
{bsi.,tonob1e rtern
leut.et\

,rl*.J.+ ,-.,[\.renc€s - t.,e5e,.:S drn rmpo$e l<gtslo'hq1 ,p[rich couses 'lhedenrrqnd


,l+a.""+ain $ucds }c cl-ronle
-fii-r,15c1-d(-i}-,S, f,r r: +l-
=G;r,:rr
jL,S.-ic * C *j.
ElCr iU l-1r!s

.tJru rrc-:tdg-l<'
rlr

'i\-, t {rilor.irl tg trlt-rtC ilt,rSlAtS 'l\ r test' c I p,td.tClr0rr c { r] Lr.is,rles(-

C
gae

s ol"J-s

t"'
lLi
\Lr. 1\a

IS 2S(]

,uirri\ iS {trc [ix*d CCS] e t y,,-g(.rcrri! tL, lrrrli pC, ur- (r( i

Ef ) tist \u'; C\€ tc'"-rr^,irrfln\s 1'f 1\re r1"t'rrCt"rt\ ft), ("\\((t'rl

thi f Kpuin €-n(tr de\"t r"r.rtrrelnt c( c{cnxird U I slCrtcri ,tl ,tA-}


,rti

'a) s+aw {\ie {G.r: cl 6{E6x,,id


, tt
Atr ft*'ty uf+)l!

rir i:ghu..,6nl,q $rlsictrn FOrrn tl-L


,LrS -\O ..A&
€cc-r-i9ul!-(e

@
Mceerrvtr\s ctlo'5 the supp$ curues .

t.lo\J€rr€n+s a\eng ihesupB! ore bot5h+ Ol,:ctr# U3 q chonqe \ in4h<

pri€ oF \he csrrrrr,od,'b -1

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(1ri cr$r<r llr: r'it trru'i i'1ipg;r Ccrl(rrtlr€f j
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t.l(t.K(t €(lurli t>r rurr-l r-c cr.i.ri€v€r\ ,:"\rcn t\1€l'< \{- ,

e.rpp\r€{c or1 "{itt pr r[u cttrc\ f*f,ohly e1 thr oi sri'itt fc b€ lradt'Cl


o,rC\ lJt'd

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lqgr \tc\ -i\,i rri,.r.\rLrr r.ll t r

y\/1rItl e(ILl,-t 4!h-,-, lllg ft"t( irr {ir( 1114'!f*.i trttiS(3 }ht qtr<ln1,!
dlge,flul,Li.ru[!t.t
+c rtre rl,ucnl-tty 4i'f f\'tc\ hj f)ftr(t't(t;r
e\(r\londed b, ccrrs.,.r€13 h E^* -ur€$r-i-crx

,:
l.,ll i

goe
300
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Pi
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\t) tlrl ir-rtltcr!. ,n }i:,14r/! .u,\{-r S*fP) .rrr t\,,6114


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c{,}ap6116
Pr"it< clo.Shcihy cf derrrrrrr(\ uf €.$J 6crn b( rtC(necJ .rs .l r'flqc1.!ur( cf 4ne clegre<, c{
t'r€,.q51,q1 rS i r,-!t-ir:*.:' C,{ {irq $uCn+i'lj i<rn(r'rd*c\ C,[, q
f,-crt((j- il rha65rs rrt t{S
F-i!'

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Pa'Cgrilogr ch0,l! c in 1i,
r(1'

PaD = -,'lti-,. L- Gr\


oi" A prr(f,
I

lit
l
furrnul0 i N\e,ql".: Ald
,l
o\ cl
a ad n('\i C td I
cld I

!(-,C *- .) 5 ^^ i-CS
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o ic\

3 c.,=-.! Q-
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bc ii

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tI {"trry cor-1zlr) redures {crrC -fi-c,ir I r *o qo t Da,l,, dtln,o"ded '-&" .rrckcr
_)
1,eeS ,C,SC c fs 1L,00c ^l2rrtt: e ic*-],t,! rJ

P A,b "= "lo -_4. in ai.l


T, d .q1 lrr-i(t,

I 4GD t)
va*
ry
'fr
ii
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7 \O!

i li i; \,1 11
li\

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lli

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[ (..'r
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I Ca\gqcLi< c{ fr,'ice ehsirA 6e d*'"Und

ore *te LsJ diSfere,-if .o-[uso.i." o{pric< etqE-licrh cf dernqruql .

i*..u
Soi.b eto+"e-del*ond

-',.[ '""--t

f th,-ln nr e lastie dr*nand


)

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Jtr
'ib#q.\t i *. elqs+\i demord .

l,
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egb#!)*'e l.>ersrG"q
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x-+
t

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\

6 'n P.,t" "tPe I /* )


t'/c
tt
r g i 'ihr 1. A in iy+) darunO<l :-r= \€=s iH,.1 ev^rg

Un,tor-i-1 t'\r'i+,t
)

.d

'lf
rltl
Il
r

:I -h

N i,. 1\ Ccnrtrr-rdrcl t'.p,r,i trr' 1lrr 'l' A rfiPrice : PeD = i


'..
Pe.Fec\ {ne\qstrc d<rnqnd
.t

= -l
r
I

t
I
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Pc-D . C
o c pri tr '
r-:cr\\ rernoin unch0ngeC\ r6qa.d\ess
q&3 dernondaS

Perkc!\ e\as\ic

E
rnSu!- le tg E
,l: L3-+-Ur.4rtyJetoar'a'rl--ru i\!' -\-e--
,il1

kttit',: tr{<.r,y 1,, ,.

iltn
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lriil

fll
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f-i-.hwrt n |t g Sds rC| rY.r Er*JL


l €org.-fP=-e+'
€cOrrgrniCS

*;-.hqorne elos\cr! o{aerr-rrd t{eD)


ehs\{ rneosur€s 'lha respon si{enes-s o+ &rtanded +o ochor5e
tn(orrr€ ryc'nL}
rn irrorrr<,

qgD = %x in ?5 der-srdd
o/o ,n inCOrn€ LT)'
A

NB : vdhen.-the income elcrsha! ,. r,e5o{lt-re , {lrr< medns ll^\df {l'e


Sood '! cn
inferior one

I
0tr<St'en

ff c4neurneris inaome incc€nses &c * JrOOo P€f rIQeL h \


I tEoo CelerU l2(ribus
F_
L_ *ts derrn.d &. b.aod tncreo.sus'4.0.t + t€s,$es \oqtoes 1;o 1 locrues.

t-
L o
q,^i#o.L\.tqtd)

+
Nes
1

f 1000 \5 00

I
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' tft'-S
\gD = ll._ N 1r_ ?U _ elerrrrnded
olo A th incone.

'lltr
oJo
i., qfJd"*ded . i1P,,t
- O\i
old

=. 1'-L+
lr
'1-
a<
* -
-3 XIQg
,l
Y1 r

'= )5
I

.? 1E

olo $ rn \nco*e = -ners* nil


o\d
< ISOC,_ IOOC

lc00
a sf,f1
^to$
\,Dp @ I

= i su
!el ': ]5
Co
= 1"5
"A,ns '. \L) . I-s
{

ul
t1
+, I

c{oss- Pric€ e\oshc,l9 o+ dernond


,l

ti
ri
t
rt.
'

&ecs €\osftilj- is om@su,.a o$aheex*end h


tlhich acl'*ngt ir-' |h< /rce ll
I
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t

o$onegood &4"+. \-vre dsn'\ond fn*-anoFrev B*d


{
dt
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t = t*y
I ol
N dg p"i"e o+ aocd i
I

I Jo rn
,l

o",d 4c. cornplennerlkl"'s-5 trl


of dernenc\ f'p' sut'cLlrrles is O
i

-iheCyOSs eus\.,!

. on rncr€oS€ in trne quon't'!


csmp\e,rnen\a5$o& .-con be descr\tEd osSooosttFere
eC +he o{her'
drncrtd.'f o,i. $ooci €ous€ on'\ftreosq in+\^( D du*ndec\
S corE! breed andbuSe'
,fill

,,,1;
ensngs-:Gr+A:n.u-1:s - -tp rt' "(t Oehob<r ' 't[tc''ls - ti'cv k

i) ru<Sirecl cosl hr {tsc eroduo",5 to un,k Per drQF is $ ' r L

i:!

l>) Gt "R*ode\er^minctnk 0 $ ttre demand Sr cht t'k-en 0 n'€:

O .f of^lUhon o{ .tre counn)


tu Pi'icQ

(!^
Uj'Peopte tuou\d ClQmctn chlckeq 'ft. its,gite b(attce rC lhe price Ls chectp
unnt 'to o.rbs\t\t$e &'^chiLlt€q
l

?eOP\e u:r\\

rXt ?C \-t-€.re X!t,*orupeopie ,rnrnigrnhnl trrh *h( ccunl3 )ondoll ote c\rtx:'
eo\e.s .l\en.the derno,rcl ftr chr&en *,[ibeht3h crndiF ]reprice rs.)-uqP
ond {he g"pu\cth',rn ls rn1r€cs,= then*e chicke wi\\ be q} o3rec} de'nond

-,\lr't{,tii'r\'i9 dcr'rc' ':


lj 'Tn" \c.r, Ci,j.r'irr,rn,:', (trq\qt liul 1f tr^"o pr rti '-s ii,q\1
lil
,,.1\\ \,r1 \ouu r-r,r',1\ \! -tre piiCe i! :CL! i\r6 (,r'r41f,i,i.1O\e f'qttC\td r-t'fi\ D1 i'r-
t
!i'
1ll
qdll r
Il
qilt
,
t.ishn,O[!l\.re .-J2osrclrr\ FCr,^n ti_
I
.=q!s ,r- 1t
g-ccqcnl\(s"

reg!++=+- '' "uPP\j


.t\
supp\ n1eosufes the respcnsiu€nts-S c{' stipp\t1 to chctngts ir
Price k\GSnc',ry of J
rxiL€
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P€- S = jl, _ b_Ln- nnfl -,ri-1,\rP:l


"i, f, \n fllce

-\hrre ofa qJe Tiqtcr,ps ci eLS\cr|; c+ s.rpp\ bq:rd an .\he PES ci eficien{
4

- Pq,.! e\osh,r i{ Pf S > 1

.-,*."\o,5 t{-PLS = 1

* Farrly tr,alcrs!'r ;F PtS a I

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