Homework Answers
Answer 22 : Option A is correct. If the best lawyer in town is also best in operating a word processor , than this person should specialised in being a lawyer as it's opportunity cost is lower. It shows that there is Specialisation of lawyer as well as best in operating computers shows there best alternative cost is lower.
Answer 25 : Option D is correct. If the last year, the ajax firm charged a price $1000 for 250 sofas it means that the demand for sofa increased. It means that the demand has been increased.
Answer 28 : Option C is correct. Good X and Good Y are Substitute . If the price of good Y decrease , than Quantity demanded of Y has been increased where as Quantity of Good X decrease.
Answer 29 : Option C is correct. The car and gasoline are complementary to each other. As the demand of one good increases (car) due to decrease in the price of other good ( gasoline)
Add Answer to:
22) If the best lawyer in town is also the best at operating a word processor,...
please 24) 25) and 26 24. When the price of good X decreases, the demand for...
please 24) 25) and 26
24. When the price of good X decreases, the demand for good Y also decreases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 25. When the price of good X decreases, the demand for good Y increases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 26. Refer to Figure 4.9. Assume that there are only two people in the market for compact discs:...
24) An increase in the demand for bananas will NOT be caused by: A) a rise...
24) An increase in the demand for bananas will NOT be caused by: A) a rise in the price of apples. B) news that bananas help relieve stress in people buyers switching to a more healthy diet. D) a drop in the market price of bananas. 25) 26) If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: 26) A) a good for which the law of demand does not apply...
A change in the demand for apples could result from any of the following EXCEPT a change...
A change in the demand for apples could result from any of the following EXCEPT a change in income. a change in the price of a banana. a change in the price of an apple. increased preferences for fresh fruit consumption for health reasons. 2 points QUESTION 8 Which of the following increases the supply of gasoline? an increase in income if gas-guzzling, sport utility vehicles are a normal good a decrease in the demand for gas-guzzling, sport utility vehicles...
QUESTION 10 The price elasticity of demand for gasoline is -0.25. If we expect the price...
QUESTION 10 The price elasticity of demand for gasoline is -0.25. If we expect the price of gasoline to increase by 8 percent, what is the expected change in the quantity of gasoline demanded? A. Quantity declines by 2 percent B. Quantity declines by 8 percent C. Quantity increases by 2 percent D. Quantity declines by 4 percent QUESTION 11 The income elasticity of demand for bananas is -0.1. Is this good normal or inferior? A. Normal B. Neither normal...
From the list on your right select the letter that contains the word phrase, name, etc...
From the list on your right select the letter that contains the word phrase, name, etc that best matches the word, phrase, name, ele listed on the A The Law of Supply B. Equilibrium C. An example of price floor The total amount of goods and services consumers are willing and able to purchase at a given price. D. Substitutes Other things remaining the same ar ather things being equal E. Demand Positive or direct relationship between price and quantity...
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a....
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a. goods y and x are complements. b. goods y and x are inferior goods. c. goods y and x are normal goods d. goods y and x are substitutes. If β is positive, then: 2. Good X is a normal good and its demand is given by Q-X, +α? + α2P +a/ . Then we know that:
From the list on your right select the letter that contains the word, phrase, name, etc...
From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left The total amount of goods and services consumers are willingEquilibrium and able to purchase at a given price Other things remaining the same or other things being equal supplied, ceteris paribus Where buyers' and sellers' plans are in balance or in agreement A rise in income brings a decrease in demand The...
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium...
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs to rise a. True b. Fals dicale the answer choice that hest cmnletes the statement or answers the question. 2. If the demand curve for a good shifts leftward. a quantity demanded is less at each price. b. quantity demanded remains constant at each price. c. quantity demanded is greater at each price. d. demand is greater at each price....
Suppose that goods X and Y are substitutes and the price of good Y falls. We...
Suppose that goods X and Y are substitutes and the price of good Y falls. We would then expect the quantity of good Y demanded to increase and the demand for good X to increase also. an increase in the demand for good X and a decrease in the quantity of good Y demanded. an increase in the demand for both good X and good Y. an increase in the quantity demanded of good Y and a decrease in the...
Question 2 Suppose the demand for DVD players (good X) is given by * = 1200...
Question 2 Suppose the demand for DVD players (good X) is given by * = 1200 - 22+ 3P– 82, +16M Are goods Y and Z substitutes or complements of good X? Is good X an inferior or a normal good? What is the quantity demanded of good X, if research shows that P,= 500, P,= 400, P=10, M=10,000? Determine the demand function and the inverse demand function for good X. Draw the demand curve. If the price level is...
please 24) 25) and 26
24. When the price of good X decreases, the demand for good Y also decreases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 25. When the price of good X decreases, the demand for good Y increases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 26. Refer to Figure 4.9. Assume that there are only two people in the market for compact discs:...
24) An increase in the demand for bananas will NOT be caused by: A) a rise in the price of apples. B) news that bananas help relieve stress in people buyers switching to a more healthy diet. D) a drop in the market price of bananas. 25) 26) If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: 26) A) a good for which the law of demand does not apply...
From the list on your right select the letter that contains the word phrase, name, etc that best matches the word, phrase, name, ele listed on the A The Law of Supply B. Equilibrium C. An example of price floor The total amount of goods and services consumers are willing and able to purchase at a given price. D. Substitutes Other things remaining the same ar ather things being equal E. Demand Positive or direct relationship between price and quantity...
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a. goods y and x are complements. b. goods y and x are inferior goods. c. goods y and x are normal goods d. goods y and x are substitutes. If β is positive, then: 2. Good X is a normal good and its demand is given by Q-X, +α? + α2P +a/ . Then we know that:
From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left The total amount of goods and services consumers are willingEquilibrium and able to purchase at a given price Other things remaining the same or other things being equal supplied, ceteris paribus Where buyers' and sellers' plans are in balance or in agreement A rise in income brings a decrease in demand The...
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs to rise a. True b. Fals dicale the answer choice that hest cmnletes the statement or answers the question. 2. If the demand curve for a good shifts leftward. a quantity demanded is less at each price. b. quantity demanded remains constant at each price. c. quantity demanded is greater at each price. d. demand is greater at each price....
Question 2 Suppose the demand for DVD players (good X) is given by * = 1200 - 22+ 3P– 82, +16M Are goods Y and Z substitutes or complements of good X? Is good X an inferior or a normal good? What is the quantity demanded of good X, if research shows that P,= 500, P,= 400, P=10, M=10,000? Determine the demand function and the inverse demand function for good X. Draw the demand curve. If the price level is...
Most questions answered within 3 hours.
-
Problem 1: Present entries to record the selected transactions
described below:
(a)
Issued $2,790,000 of 5-year,...
asked 1 minute ago -
Using technology to support HR activities increases:
a.
the efficiency of the administrative HR functions.
b....
asked 2 minutes ago -
1. List the features used to classify leaf
types.
2. List some characteristics that are shared...
asked 7 minutes ago -
The three elements of Value Proposition, Key Customers, and
Capabilities operate within an environment. Which of...
asked 9 minutes ago -
Katelynn, a physician, earns $200,000 from her medical practice
in the current year. She receives $45,000...
asked 17 minutes ago -
Each row of the table below describes an aqueous solution at
25°C
.
The second column...
asked 21 minutes ago -
A horizontal wire is at y = 0. Current travels in the +x
direction. The magnetic...
asked 21 minutes ago -
Let X be a continuous random variable whose PDF is Let X be a
continuous random...
asked 43 minutes ago -
Martinez Company’s relevant range of production is 7,500 units
to 12,500 units. When it produces and...
asked 41 minutes ago -
A football with a mass of 1.2 kg is kicked from ground level to
a height...
asked 46 minutes ago -
Remember: Changes in supply determinants shift supply, and
changes in demand determinants shift demand. We say...
asked 45 minutes ago -
Why is the answer b), for this question? I came up with C) for
my incorrect...
asked 51 minutes ago