Homework Answers
When two products are complements, decline in price of one of them raises its quantity demanded and also increases the demand for the complementary good.
Also, when an input is expensive, the product using it is now less produced so its supply decreases. This increases its price. Higher price forces consumers to switch the product with its substitute which implies the demand for substitute rises
Here the choices for respective blanks are
- increases
- increases
- increases
- increases
- increased / expensive
- decreases
- increase
- cereal for bread
- increases.
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Oyster crackers are a complement for clam chowder. If the price of clam chowder falls, the...
Mida Cengage Learning x ) Orades. 19FA MT100 Fund X + static/b/udev/indexhtml N-97013370965468b 1265972 snapshotid=12659725324656355 Problems...
Mida Cengage Learning x ) Orades. 19FA MT100 Fund X + static/b/udev/indexhtml N-97013370965468b 1265972 snapshotid=12659725324656355 Problems & Applications (Ch 04) < Back to Assignment Attempts: Average: /1 Oyster crackers are a complement for clam chowder. If the price of clam chowder falls, the quantity of clam chowder demanded rises which lowers the demand for oyster crackers. Because of the change in the equilibrium quantity of oyster crackers, the demand for wheat flour by oyster cracker producers falls , causing the...
Ketchup is a complement (as well as a condiment) for hot dogs. If the price of...
Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, the quantity of hot dogs demanded which the demand for ketchup. Because of the change in the equilibrium quantity of ketchup, the demand for tomatoes by causing the equilibrium price of tomatoes to This means producers of tomato juice face in the price of tomato juice causes people to substitute input prices, and the supply of tomato juice The resultingi so...
in the market for oranges suppose a left ward shift in supply causes an increase in...
in the market for oranges suppose a left ward shift in supply
causes an increase in the equilibrium price of oranges. the
movement from the original to the final equilowould entail
QUESTION9 In the market for oranges, suppose a leftward shift in supply causes an increase in the equilibrium price of oranges. The movement from the original to the final equilibrium would ental an increase in the demand for oranges as they become more scarce. As a result of the...
1) Pencils and erasers are complement goods, and pencils and pens are substitute goods. An increase...
1) Pencils and erasers are complement goods, and pencils and pens are substitute goods. An increase in the price of erasers ______ the number of pencils consumers want to buy. An increase in the price of pens ______ the number of pencils consumers want to buy. 2) Demand is QD = 7 - (1/4)P and Supply is QS = -3 + P. The market equilibrium price is P = $ _____ and quantity is Q = _____. Fill in the...
This is the market of instant noodles, an INFERIOR good that is produced with wheat flour....
This is the market of instant noodles, an INFERIOR good that is
produced with wheat flour. Instant mac and cheese is a substitute
and green onions is a complement.
a) Using the information in the table below, draw a graphical
illustration of this market, indicating the equilibrium quantity
and equilibrium price;
For (b), (c), (d), and (e), show graphically or explain
by words (if showing graphically make sure to label all
the curves and the graphs and use arrows to...
Need help please, 1. Interpret the following statement: "An increase in the price of wheat will...
Need help please, 1. Interpret the following statement: "An increase in the price of wheat will encourage farmers to increase the quantity of wheat supplied to the market." A The statement would be correct if "quantity of wheat demanded" were substituted for "quantity of wheat supplied." B The statement is incorrect because it confuses a change in quantity supplied with a change in supply. C The statement would be correct if it read that a "decrease in the price of...
Please help with these four questions, Question 1 0.16 pts The change in equilibrium shown in...
Please help with these four questions,
Question 1 0.16 pts The change in equilibrium shown in the accompanying figure would be explained by a(n) price ofa in the price of an input and a(n) in the increase; increase; complement decrease; increase; substitute increase; increase; substitute increase; decrease; complement decrease; increase; complement Question 2 0.16 pts When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that...
evens only 1. What is the difference between Change in quantity demanded and Change in demand? 2. True or false? As the price of oranges rises, the demand for oranges falls, ceteris paribus. Expl...
evens only
1. What is the difference between Change in quantity demanded and Change in demand? 2. True or false? As the price of oranges rises, the demand for oranges falls, ceteris paribus. Explain your answer 3. With respect to each of the following changes, identify whether the demand curve will shit rightward or leftward: a An increase in income (The good under consideration is a normal good) b. A nse in the price of a substtute good C. A...
NOSSASSINS Use demand and supply analysis to answer each of the following questions. Assume that the...
NOSSASSINS Use demand and supply analysis to answer each of the following questions. Assume that the respective market is in equilibrium before the change takes place. Graphically analyze whether there is a movement or a shift in the appropriate curve and then determine the effect on the equilibrium price and quantity. Draw a separate diagram for each question in each market. In the wheat market: A new fertilizer is developed with a lower cost The government imposes a new tax...
QUESTION 36 If the producers of cotton shirts face higher cotton prices, which of the following...
QUESTION 36 If the producers of cotton shirts face higher cotton prices, which of the following is likely to occur? The supply of cotton shirts decreases, the equilibrium price of cotton shirts rises, and the equilibrium quantity falls. The supply of cotton shirts decreases, the equilibrium price of cotton shirts rises, and the equilibrium quantity rises. The supply of cotton shirts increases, the equilibrium price of cotton shirts rises, and the equilibrium quantity falls. The supply of cotton shirts increases,...
Mida Cengage Learning x ) Orades. 19FA MT100 Fund X + static/b/udev/indexhtml N-97013370965468b 1265972 snapshotid=12659725324656355 Problems & Applications (Ch 04) < Back to Assignment Attempts: Average: /1 Oyster crackers are a complement for clam chowder. If the price of clam chowder falls, the quantity of clam chowder demanded rises which lowers the demand for oyster crackers. Because of the change in the equilibrium quantity of oyster crackers, the demand for wheat flour by oyster cracker producers falls , causing the...
Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, the quantity of hot dogs demanded which the demand for ketchup. Because of the change in the equilibrium quantity of ketchup, the demand for tomatoes by causing the equilibrium price of tomatoes to This means producers of tomato juice face in the price of tomato juice causes people to substitute input prices, and the supply of tomato juice The resultingi so...
in the market for oranges suppose a left ward shift in supply
causes an increase in the equilibrium price of oranges. the
movement from the original to the final equilowould entail
QUESTION9 In the market for oranges, suppose a leftward shift in supply causes an increase in the equilibrium price of oranges. The movement from the original to the final equilibrium would ental an increase in the demand for oranges as they become more scarce. As a result of the...
This is the market of instant noodles, an INFERIOR good that is
produced with wheat flour. Instant mac and cheese is a substitute
and green onions is a complement.
a) Using the information in the table below, draw a graphical
illustration of this market, indicating the equilibrium quantity
and equilibrium price;
For (b), (c), (d), and (e), show graphically or explain
by words (if showing graphically make sure to label all
the curves and the graphs and use arrows to...
Please help with these four questions,
Question 1 0.16 pts The change in equilibrium shown in the accompanying figure would be explained by a(n) price ofa in the price of an input and a(n) in the increase; increase; complement decrease; increase; substitute increase; increase; substitute increase; decrease; complement decrease; increase; complement Question 2 0.16 pts When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that...
evens only
1. What is the difference between Change in quantity demanded and Change in demand? 2. True or false? As the price of oranges rises, the demand for oranges falls, ceteris paribus. Explain your answer 3. With respect to each of the following changes, identify whether the demand curve will shit rightward or leftward: a An increase in income (The good under consideration is a normal good) b. A nse in the price of a substtute good C. A...
NOSSASSINS Use demand and supply analysis to answer each of the following questions. Assume that the respective market is in equilibrium before the change takes place. Graphically analyze whether there is a movement or a shift in the appropriate curve and then determine the effect on the equilibrium price and quantity. Draw a separate diagram for each question in each market. In the wheat market: A new fertilizer is developed with a lower cost The government imposes a new tax...
QUESTION 36 If the producers of cotton shirts face higher cotton prices, which of the following is likely to occur? The supply of cotton shirts decreases, the equilibrium price of cotton shirts rises, and the equilibrium quantity falls. The supply of cotton shirts decreases, the equilibrium price of cotton shirts rises, and the equilibrium quantity rises. The supply of cotton shirts increases, the equilibrium price of cotton shirts rises, and the equilibrium quantity falls. The supply of cotton shirts increases,...
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