Homework Answers
The demand for inelastic goods such as medicines,food etc does not change much when the income of the consumer falls.
Answer-First option
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During economic downturns (recessions) consumers' incomes decrease. When this happens, consumers will change their purchases of...
Which type of goods is most adversely affected by recessions? Question 4 options: Goods for which...
Which type of goods is most adversely affected by recessions? Question 4 options: Goods for which the income elasticity coefficient is relatively low or negative. Goods for which the cross elasticity coefficient is negative. Goods for which the income elasticity coefficient is relatively high and positive. Goods for which the cross elasticity coefficient is positive. Demand is said to be _____________ when the quantity demanded is not very responsive to changes in price. Question 5 options: inelastic elastic unit elastic...
Which statement regarding capital investments is correct? Capital investments decrease during economic booms due to increased...
Which statement regarding capital investments is correct? Capital investments decrease during economic booms due to increased capital flight. When the demand for capital rises, interest rates fall. Recessions discourage capital investments because incomes of consumers grow slowly. High interest rates encourage capital investments during recessions.
5. If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity...
5. If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or 6. If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on Under which circumstances does the tax burden fall entirely on consumers? İpts on price? Ipts quantity? 1pts 8. What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower...
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 answer ,question 8,9,10,11,12. 8. When the percentage change in price is greater than the resulting...
please answer ,question 8,9,10,11,12.
8. When the percentage change in price is greater than the resulting percentage change in quantity demanded A) a decrease in price will increase total revenue B) demand may be either elastic or inelastic. C) an increase in price will increase total revenue. D) demand is elastic. 9. Suppose the price elasticity coefficients of demand are 1.43, 0.67, 1.11, and 0.29 for products W, X, Y, and Z respectively. A 1 percent decrease in price will...
Please answer the following questions: 1)Graph the accompanying demand data, and then use the midpoint formula...
Please answer the following questions: 1)Graph the accompanying demand data, and then use the midpoint formula for Ed to determine price elasticity of demand for each of the four possible $1 price changes. Explain in a nontechnical way why demand is elastic in the upper segment of the demand curve and inelastic in the lower segment. Product Price Quantity Demanded $5 1 $4 2 $3 3 $2 4 $1 5 2)How would the following changes in price affect the...
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
A:OA pomoc 1. The demand for petrol rises from 500 to 600 barrels when the price...
A:OA pomoc 1. The demand for petrol rises from 500 to 600 barrels when the price of a particular scooter is reduced from $375 to $330. Then Gros elasticity of demand for the two goods is: b) -2.22 c) 0.14 d) 0.70 2. In the above example, scooter and petrolare: a) Substitute goods b) Complementary goods c) Inferior goods d) Superior goods Answer Questions 3-6 based on the information available in the following Output (0) Total Cost (TC)$ 311 3....
7. Suppose an increase in the world price of corn is sustained throughout a long time...
7. Suppose an increase in the world price of corn is sustained throughout a long time period. The supply of corn over time will likely, a. become more elastic because consumers have more choices over longer time horizons. b. become more elastic because it takes corn a relatively long amount of time to mature from planting to harvest. c. become less elastic (more inelastic) because consumers have fewer choices over longer time horizons. d. become less elastic (more inelastic) because...
M [12508.202010] Samp Jacob Clifford -Calendar Hand and Stom X USB Printer Cable for x X...
1. You are on a campus committee that sets the ticket prices for basketball games. The committee wants to increase the total money generated from ticket sales. When should the committee choose to raise ticket prices? a. Always. b. When demand for basketball tickets is inelastic. c. When demand for basketball tickets is clastic. d. Never. 2. A 10% rise in the price of housing reduces the quantity demanded of housing by 3%. We can conclude that the demand for housing is a. inelastic. c. unitary elastic. b. elastic. d. perfectly elastic. 3....
5. If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or 6. If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on Under which circumstances does the tax burden fall entirely on consumers? İpts on price? Ipts quantity? 1pts 8. What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower...
please answer ,question 8,9,10,11,12.
8. When the percentage change in price is greater than the resulting percentage change in quantity demanded A) a decrease in price will increase total revenue B) demand may be either elastic or inelastic. C) an increase in price will increase total revenue. D) demand is elastic. 9. Suppose the price elasticity coefficients of demand are 1.43, 0.67, 1.11, and 0.29 for products W, X, Y, and Z respectively. A 1 percent decrease in price will...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
A:OA pomoc 1. The demand for petrol rises from 500 to 600 barrels when the price of a particular scooter is reduced from $375 to $330. Then Gros elasticity of demand for the two goods is: b) -2.22 c) 0.14 d) 0.70 2. In the above example, scooter and petrolare: a) Substitute goods b) Complementary goods c) Inferior goods d) Superior goods Answer Questions 3-6 based on the information available in the following Output (0) Total Cost (TC)$ 311 3....
7. Suppose an increase in the world price of corn is sustained throughout a long time period. The supply of corn over time will likely, a. become more elastic because consumers have more choices over longer time horizons. b. become more elastic because it takes corn a relatively long amount of time to mature from planting to harvest. c. become less elastic (more inelastic) because consumers have fewer choices over longer time horizons. d. become less elastic (more inelastic) because...
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