Does an increase in consumption increase or decrease the IS curve?

1- Tim raised the market price of oranges this year, which in turn led to an increase in the total revenue. Based on this information, is the demand for oranges elastic or inelastic?

2- Does an increase in consumption increase or decrease the IS curve?

3- Suppose the U.S. dollars appreciate against Japanese Yuan. Would imports from Japan to the U.S. increase or decrease? Would exports from the U.S. to Japan increase or decrease?

4- Suppose there are two distinct industries – (1) the fast food industry and (2) the sporting good industry. Classify each industry into one of following market structures

– Perfect competition

– Monopoly

– Monopolistic competition

– Oligopoly

(Minimum words requirement: 140 words)

5- Does an individual firm in a monopolistically competitive market make (1)positive profits, (2)suffer losses or (3)make a zero profit, in the long run?

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