Homework Answers
Ans) the correct option is substitutes.
When the price of cheese falls, people will start consuming more cheese and the decrease in demand shows that consumers have shifted their demand on cheese so here both goods are substitutes.
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13 If the demand for olives falls when the price of cheese falls, then we know...
f the price of gasoline rises sharply and the demand for sports utility vehicles falls, then...
f the price of gasoline rises sharply and the demand for sports utility vehicles falls, then the two goods are complements. substitutes. inferior goods. normal goods.
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:...
Suppose that a 20 percent increase in the price of normal good Y causes a 10 percent decline in the quantity demanded o...
Suppose that a 20 percent increase in the price of normal good Y causes a 10 percent decline in the quantity demanded of normal good X. The coefficient of cross elasticity of demand is Multiple Choice eBook negative, and therefore these goods are substitutes. negative, and therefore these goods are complements. positive, and therefore these goods are substitutes. positive, and therefore these goods are complements.
please explain. A corporation will most likely increase the price of its output if the; supply...
please explain.
A corporation will most likely increase the price of its output if the; supply curve shifts to the right. quantity supplied of the good exceeds the quantity demanded. demand curve shifts to the left. quantity demanded of the good exceeds the quantity supplied. Suppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand for bleu cheese decreases. From this you conclude that: tomatoes are inferior goods and blue cheese is a normal good....
The price of good A goes up. As a result the demand for good shifts to...
The price of good A goes up. As a result the demand for good shifts to the left. From this we can infer that: O good A is a normal good. good B is an inferior good. O goods A and B are complements. O goods A and B are substitutes,
When the price of good X falls and other things remain the same: 1. The quantity...
When the price of good X falls and other things remain the same: 1. The quantity of good X demanded increases, 2. The quantity of good Y demanded decreases, and 3. The quantity of good Z demanded increases Because a fall in the price of good X brings O A. a decrease in the quantity of good Y, good X and good Y are complements O B. a change in the quantity of both good Y and good Z, all...
We would expect the cross elasticity of demand for Pepsi to be greater in relation to other soft drinks than that for s...
We would expect the cross elasticity of demand for Pepsi to be greater in relation to other soft drinks than that for soft drinks in general because Multiple Choice eBook ( ) soft drinks are normal goods. O the income effect always exceeds the substitution effect O there are fewer good substitutes for soft drinks as a whole than for Pepsi specifically o ( ) there are more good substitutes for soft drinks as a whole than for Pepsi specifically...
When the income elasticity of demand for a good is negative, one can correctly conclude that:...
When the income elasticity of demand for a good is negative, one can correctly conclude that: total revenue will decrease when the price increases. the good is a substitute. the good is a complement. the good is a normal good. the good is an inferior good. As the price is raised along a straight-line demand curve, the demand curve becomes more elastic. True False Income elasticity of demand is expected to be _____. relatively high for necessities relatively low for...
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...
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units....
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units. The price elasticity of supply in this price range is (use the Midpoint Formula): Multiple Choice a.0.3 b.0.67 c.1.5 d.3.33 10. When any change in price results in an infinite change in quantity demanded: Multiple Choice a.price elasticity of supply is zero. b.demand is perfectly elastic. c.demand is perfectly inelastic. d.price elasticity of supply is infinite. 12. Over a longer period of time: Multiple...
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:...
Suppose that a 20 percent increase in the price of normal good Y causes a 10 percent decline in the quantity demanded of normal good X. The coefficient of cross elasticity of demand is Multiple Choice eBook negative, and therefore these goods are substitutes. negative, and therefore these goods are complements. positive, and therefore these goods are substitutes. positive, and therefore these goods are complements.
please explain.
A corporation will most likely increase the price of its output if the; supply curve shifts to the right. quantity supplied of the good exceeds the quantity demanded. demand curve shifts to the left. quantity demanded of the good exceeds the quantity supplied. Suppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand for bleu cheese decreases. From this you conclude that: tomatoes are inferior goods and blue cheese is a normal good....
The price of good A goes up. As a result the demand for good shifts to the left. From this we can infer that: O good A is a normal good. good B is an inferior good. O goods A and B are complements. O goods A and B are substitutes,
When the price of good X falls and other things remain the same: 1. The quantity of good X demanded increases, 2. The quantity of good Y demanded decreases, and 3. The quantity of good Z demanded increases Because a fall in the price of good X brings O A. a decrease in the quantity of good Y, good X and good Y are complements O B. a change in the quantity of both good Y and good Z, all...
We would expect the cross elasticity of demand for Pepsi to be greater in relation to other soft drinks than that for soft drinks in general because Multiple Choice eBook ( ) soft drinks are normal goods. O the income effect always exceeds the substitution effect O there are fewer good substitutes for soft drinks as a whole than for Pepsi specifically o ( ) there are more good substitutes for soft drinks as a whole than for Pepsi specifically...
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