Question

In: Economics

Table 1 USA Japan Demand for imports (before $-devaluation) 200 400 Demand for imports (after $-devaluation)...

Table 1

USA

Japan

Demand for imports (before $-devaluation)

200

400

Demand for imports (after $-devaluation)

200

800

Price of imports, in foreign currency (before $-devaluation)

10

100

For questions 15,16 and 17 refer to Table 1

  1. Suppose the $ is devalued: we go from Yen = $1/100 to Yen = $1/10. What is the elasticity of demand for imports in the USA?

    1. 0

    2. 1

    3. 0.5

    4. -0.5

  2. Suppose the $ is devalued: we go from Yen = $1/100 to Yen = $1/10. What is the elasticity of demand for imports in Japan?

    1. 0

    2. 1.11

    3. 0.11

    4. 2.22

  3. Does the Marshal-Lerner condition hold in this example?

    1. Yes

    2. No

    3. Maybe

    4. Not enough information

Solutions

Expert Solution

Rahul Sunny answered 1 year ago
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