Question 1: Discuss how may the concept of elasticities affect Philippine country's preference for commercial spaces and malls versus public parks and playgrounds. How does this choice impact the richness of our civic lives?
Question 2: Philippine domestic rice sector has multiple levels from planting and harvesting, rice milling, wholesale, and retail selling. Would price control tools empower the domestic rice sector? Yes or no, explain your answer. Determine which government intervention is more beneficial to the domestic rice sector.
Question 3: Total revenue is obtained through:
A. Price times demand
B. Price times quantity minus costs
C. Price times supply
D. Prices times quantity
Question 4: The list contains the determinants of price elasticity of demand, except for:
A. Price
B. Availability of alternatives
C. Availability of supply
D. Time horizon