economic

a)      Newland usually has a demand of 3,000 bicycles and 18,000 cars. Suddenly Newland receives notice that the demand has increased to 4,000 bicycles and 20,000 cars. Discuss and explain at least three possibilities of how Newland could meet that demand.

a)      Market analysts estimate that the price elasticity of demand for domestic beef is -1.30. How much would the price of domestic beef have fallen if the demand for domestic beef increases by 6.5 percent? However, this price fall decreases the quantity demand for imported beef by 4 percent. What is the cross price elasticity of demand for imported beef with respect to the price of domestic beef? Does the elasticity indicate that domestic beef and imported beef are substitutes or complements?