Homework Answers
Sales revenue will fall
although it is true that the demand is elastic at this value which means that when the price ceiling is imposed and the price is reduced, sales revenue should increase. But also know that price ceiling is binding which means quantity exchanged at the price ceiling will also reduce. This will implies that both the price and quantity will decline and therefore sales revenue will fall.
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Suppose at the current price, the demand for copper is estimated wt-3.14, What happens to sales...
Suppose at the current price, the demand for copper is estimated at -3.14. What happens to...
Suppose at the current price, the demand for copper is estimated at -3.14. What happens to sales revenue if the government imposes a price ceiling below the free market equilibrium price in the copper market? Sales revenue remains unchanged because copper is a necessity for most industries. It cannot be determined without information on prices. Sales revenue rises. Sales revenue falls.
Suppose at the current price, the demand for copper is estimated at -3.14. What happens to...
Suppose at the current price, the demand for copper is estimated at -3.14. What happens to sales revenue if the government imposes a price ceiling below the free market equilibrium price in the copper market? It cannot be determined without information on prices. Sales revenue remains unchanged because copper is a necessity for most industries Sales revenue rises. Sales revenue falls. OO0
Question 2 1.5 points Suppose at the current price, the demand for copper is estimated at...
Question 2 1.5 points Suppose at the current price, the demand for copper is estimated at 1 What happens to sales revenue if the government imposes a price ceiling below the free market brum price in the coppermarket? It cannot be determined without information on prices Sales revenue falls Sales revenue remains unchanged because copper is a necessity for most industries Sales revenue rises Moving to another ton will save the responde
If the price elasticity of demand for canned soup is estimated at -1,62.. then what happens...
If the price elasticity of demand for canned soup is estimated at -1,62.. then what happens to sales revenue if the price of canned It falls by 162 percent O it fals by 1.62 percent It falls O It rises Question 30 When Audrina raised the price of her home-made cookies, her total revenue increased. This suggests that the demand for Audrina's cookies is elast O True O False Question 31 ncome elasticity measures O how a good's quantity demanded...
what happens to the current price of a bond if the bond has a larger par...
what happens to the current price of a bond if the bond has a larger par value no change cannot be determined without knowing the market interest rate increase decrease
C. what happens to the market equilibrium price and quantity exchanged if there is a reduction...
C. what happens to the market equilibrium price and quantity exchanged if there is a reduction in supply (leftward shift in the market supply curve). Explain your answer. A. Draw a demand and supply curve for a physician office visits where there is no insurance coverage. Indicate the equilibrium price and quantity of office visits in the market. 2. B. On your diagram above, draw in the market demand curve where there is a 50% coninsurance rate (assume everyone has...
Other things being equal, what happens to the current price of a bond if the bond...
Other things being equal, what happens to the current price of a bond if the bond has a larger par value? Decrease. Increase. No change. Cannot be determined without knowing the market interest rate.
6b. Price Supply * Pmax Demand Quantity/period Imax This is the market for apartments in City...
6b. Price Supply * Pmax Demand Quantity/period Imax This is the market for apartments in City A. Note that the equilibrium price is P'. A widely practiced form of price control in many economies has been rent control. Because governments seek to provide access to rental accommodation for low-income families who cannot afford high city rentals. The local government decides that P is too high and enforces a price ceiling (a maximum prices of P max that landlords can charge....
What happens to the market demand for McDonald's hamburgers when? BI. McDonald's increases the price of...
What happens to the market demand for McDonald's hamburgers when? BI. McDonald's increases the price of its hamburgers, while the price of Burger King's hamburgers remains unchanged. B2. Burger King reduces the price of its hamburgers, while the price of McDonald's hamburgers is unchanged. B3. Scientific stadies show that eating McDonald's hamburgers improves your These are three questions, each presenting a change in the demand environment for McDonald's hamburgers. chance of finding a great boyfriend or girlfriend. each question, you...
What happens to the market demand for McDonald’s hamburgers when ______? -McDonald’s reduces the price of...
What happens to the market demand for McDonald’s hamburgers when ______? -McDonald’s reduces the price of its hamburgers, while the price of Burger King’s hamburgers remains unchanged The question presents a change in the demand environment for McDonald’s hamburgers. The assumption of "ceteris paribus" (other things being equal) is made in each case. For each question, you should begin by drawing a typical market demand curve for McDonald’s hamburgers. For each question, you must both explain your answer verbally and...
Suppose at the current price, the demand for copper is estimated at -3.14. What happens to sales revenue if the government imposes a price ceiling below the free market equilibrium price in the copper market? Sales revenue remains unchanged because copper is a necessity for most industries. It cannot be determined without information on prices. Sales revenue rises. Sales revenue falls.
Suppose at the current price, the demand for copper is estimated at -3.14. What happens to sales revenue if the government imposes a price ceiling below the free market equilibrium price in the copper market? It cannot be determined without information on prices. Sales revenue remains unchanged because copper is a necessity for most industries Sales revenue rises. Sales revenue falls. OO0
Question 2 1.5 points Suppose at the current price, the demand for copper is estimated at 1 What happens to sales revenue if the government imposes a price ceiling below the free market brum price in the coppermarket? It cannot be determined without information on prices Sales revenue falls Sales revenue remains unchanged because copper is a necessity for most industries Sales revenue rises Moving to another ton will save the responde
If the price elasticity of demand for canned soup is estimated at -1,62.. then what happens to sales revenue if the price of canned It falls by 162 percent O it fals by 1.62 percent It falls O It rises Question 30 When Audrina raised the price of her home-made cookies, her total revenue increased. This suggests that the demand for Audrina's cookies is elast O True O False Question 31 ncome elasticity measures O how a good's quantity demanded...
C. what happens to the market equilibrium price and quantity exchanged if there is a reduction in supply (leftward shift in the market supply curve). Explain your answer. A. Draw a demand and supply curve for a physician office visits where there is no insurance coverage. Indicate the equilibrium price and quantity of office visits in the market. 2. B. On your diagram above, draw in the market demand curve where there is a 50% coninsurance rate (assume everyone has...
6b. Price Supply * Pmax Demand Quantity/period Imax This is the market for apartments in City A. Note that the equilibrium price is P'. A widely practiced form of price control in many economies has been rent control. Because governments seek to provide access to rental accommodation for low-income families who cannot afford high city rentals. The local government decides that P is too high and enforces a price ceiling (a maximum prices of P max that landlords can charge....
What happens to the market demand for McDonald's hamburgers when? BI. McDonald's increases the price of its hamburgers, while the price of Burger King's hamburgers remains unchanged. B2. Burger King reduces the price of its hamburgers, while the price of McDonald's hamburgers is unchanged. B3. Scientific stadies show that eating McDonald's hamburgers improves your These are three questions, each presenting a change in the demand environment for McDonald's hamburgers. chance of finding a great boyfriend or girlfriend. each question, you...
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