Homework Answers
An increase in the price of jelly ( a complement for peanut butter) - shift
A decrease in the income of consumers - shift
A decrease in the price of peanut butter - movement along
Non price factors of a good lead to the shift in the demand curve whereas the price Changes lead to movement along the demand curve.
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Attempts: demand curve for peanut butter, holding all else constant. Event in the price of peanut...
Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else constant.
4. Movements along versus shifts of demand curves Consider the market demand for cereal. Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else constant.EventMovement Along ShiftAn increase in the price of cereal A change in tastes of consumers that makes them desire more cerealA change in the expectations of consumers about their future income
2. Movements along versus shifts of demand curves
2. Movements along versus shifts of demand curvesConsider the market demand for peanut butter.Complete the following table by indicating whether an event will cause a movement along the demand curve for peanut butter or a shift of the demand curve for peanut butter, holding all else constant.EventMovement Along ShiftA change in tastes of consumers that makes them desire more peanut butterAn increase in income of consumersA decrease in the price of peanut butter
Question 38 1.66 pts Holding all else constant, an increase in the market demand for a...
Question 38 1.66 pts Holding all else constant, an increase in the market demand for a product in a competitive market would cause a decrease in profits for a firm. the average total cost (ATC) curve of the firms to increase. the marginal revenue (MR) curve of the firms to increase. a decrease in the price a firm could charge for the product. the marginal cost (MC) curve of the firms to increase.
Question 10 (10 points) Knowing that peanut butter and jelly are complementary goods, what can be...
Question 10 (10 points) Knowing that peanut butter and jelly are complementary goods, what can be expected if the price of peanut butter goes up (other things being equal)? Buyers of peanut butter and jelly will move downward and to the right along the the market demand curve for peanut butter. Buyers of peanut butter and jelly will shift their demand for jelly to the left. Market price of jelly will fall. All of the above are expected to occur.
MARKET EFFICIENCY IN-CLASS WORKSHEET 2 This question examines the market for peanut butter. You will use...
MARKET EFFICIENCY IN-CLASS WORKSHEET 2 This question examines the market for peanut butter. You will use the formulas for a demand and supply curve to identify the equilibrium market price and quantity and analyze the benefits that consumers and producers derive from participation in this market. Below, you have the formulas for the demand curve and the supply curve for jars of peanut butter. If you plug any price into the formula for the demand function, you get the quantity...
1. Suppose that the price of peanut butter is $2 per jar and the price of...
1. Suppose that the price of peanut butter is $2 per jar and the price of jam is $4 per jar, and that the person in question consumes only peanut butter. (Assume that the person views both peanut butter and jam as goods.) a. What can you say about the number of jars of peanut butter that this person is willing to give up to get one jar of jam (i.e., the MRS) relative to the price ratio (Pjam/Ppb)? b....
7. Movements along versus shifts of supply curves Consider the market supply of...
1)7. Movements along versus shifts of supply curvesConsider the market supply of peanut butter.Complete the following table by indicating whether an event will cause a movement along the supply curve for peanut butter or a shift of the supply curve for peanut butter, holding all else constant.EventMovement AlongShiftA change in expectations about the future price of peanut butterA decrease in the price of peanut butterA change in technology that makes it less costly to produce peanut butter2)9. Shifts in supply...
The cross price elasticity of demand for peanut butter and jelly is: Select one: O a....
The cross price elasticity of demand for peanut butter and jelly is: Select one: O a. Positive O b. Negative O c. Zero O d. There is no relationship ge hort Answers Jump to...
The larger the share of a good in a consumer's budget, holding everything else constant, the?...
The larger the share of a good in a consumer's budget, holding everything else constant, the? a-more unit elastic is a consumer's demand. b-more price elastic is a consumer's demand. c-more vertical is a consumer's demand curve. d-more price inelastic is a consumer's demand.
to $7 O. The price of O The price of peanut butter increases to $7 because...
to $7 O. The price of O The price of peanut butter increases to $7 because of a demand shift O The price of peanut butter decreases to $4 because of a supply shift Question 31 2 pts After a new technology is introduced, the price typically falls. What is a possible explanation for G More people purchase the product and more firms produce the product o Fewer people purchase the product O More people purchase the product. O Fewer...
Question 38 1.66 pts Holding all else constant, an increase in the market demand for a product in a competitive market would cause a decrease in profits for a firm. the average total cost (ATC) curve of the firms to increase. the marginal revenue (MR) curve of the firms to increase. a decrease in the price a firm could charge for the product. the marginal cost (MC) curve of the firms to increase.
Question 10 (10 points) Knowing that peanut butter and jelly are complementary goods, what can be expected if the price of peanut butter goes up (other things being equal)? Buyers of peanut butter and jelly will move downward and to the right along the the market demand curve for peanut butter. Buyers of peanut butter and jelly will shift their demand for jelly to the left. Market price of jelly will fall. All of the above are expected to occur.
1. Suppose that the price of peanut butter is $2 per jar and the price of jam is $4 per jar, and that the person in question consumes only peanut butter. (Assume that the person views both peanut butter and jam as goods.) a. What can you say about the number of jars of peanut butter that this person is willing to give up to get one jar of jam (i.e., the MRS) relative to the price ratio (Pjam/Ppb)? b....
1)7. Movements along versus shifts of supply curvesConsider the market supply of peanut butter.Complete the following table by indicating whether an event will cause a movement along the supply curve for peanut butter or a shift of the supply curve for peanut butter, holding all else constant.EventMovement AlongShiftA change in expectations about the future price of peanut butterA decrease in the price of peanut butterA change in technology that makes it less costly to produce peanut butter2)9. Shifts in supply...
The cross price elasticity of demand for peanut butter and jelly is: Select one: O a. Positive O b. Negative O c. Zero O d. There is no relationship ge hort Answers Jump to...
to $7 O. The price of O The price of peanut butter increases to $7 because of a demand shift O The price of peanut butter decreases to $4 because of a supply shift Question 31 2 pts After a new technology is introduced, the price typically falls. What is a possible explanation for G More people purchase the product and more firms produce the product o Fewer people purchase the product O More people purchase the product. O Fewer...
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