Homework Answers
The answer is A. The farm productivity might increase and is bound to woth increased productivity. However, the cost of maintaining that new equipment must be kept in mind. If the maintenance cost of the equipment surpasses the productivity then only will the farmers income increase.
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The demand for most farm products is relatively inelastic. With all else constant, what is the...
The demand for most farm products is relatively inelastic. With all else constant, what is the...
The demand for most farm products is relatively inelastic. With all else constant, what is the effect on farm revenues as a result of the introduction of new and better farm equipment which increases productivity? Farm revenues remain constant because consumers will not increase their consumption of farm products by much. Farm revenues decrease. Farm revenues could increase or decrease depending on the cost of this new equipment Farm revenues increase.
If the market fora product is broadly defined, then there are few substitutes for the product and the demand for...
If the market fora product is broadly defined, then there are few substitutes for the product and the demand for the product is relatively inelastic. the expenditure on the good is likely to make up a large share of one's budget. there are many substitutes for the product and the demand for the product is relatively elastic. the good has many complements. An increase in the demand for green tea raises the price of apples from US$16 a kilo to...
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....
1. Suppose the price elasticity of demand for farm products is inelastic and the federal government...
1. Suppose the price elasticity of demand for farm products is inelastic and the federal government wants to follow a policy of increasing income for farmers. To accomplish this goal, the government will promote the programs that.........(increase or decrease) the price of farm products, knowing that the percentage change in price will be......…...(exactly the same as, Greater than, or smaller than) the percentage........(increase or Decrease) in quantity. 2. Suppose the price elasticity of demand for used cars is estimated to...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that a. as the price of bagels increases, the quantity of bagels demanded will increase. b. as the price of bagels increases, the demand for bagels will increase. c. as the price of bagels increases, the quantity of bagels demanded will decrease. d. as the price of bagels increases, the demand for bagels will decrease! 2. When the price of a normal good falls, ceteris...
C Relatively elastic Relatively inelastic Unit elastic 26. Which of the following is true of an...
C Relatively elastic Relatively inelastic Unit elastic 26. Which of the following is true of an economy's production possibilities curve? It shows the combinations of any two resources that can be used to produce and efficient leve of b It shows the alternative combinations of goods that can be produced by fully employing scar dIt is bowed in (convex to the origin) because of changing levels of technology output b it shows the alternative combinations of goods that can be...
Which would most likely shift the aggregate supply curve? A change in the prices of _____....
Which would most likely shift the aggregate supply curve? A change in the prices of _____. domestic products foreign products financial assets resources A decrease in aggregate demand in the short run will reduce _____. both real output and the price level the price level and increase the real domestic output the real domestic output and have no effect on the price level the price level and have no effect on real domestic output The economy's long-run AS curve assumes...
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.
Price Elasticity of Demand: AWAKE Price Elasticity of Demand measurers how changed in a price affect...
Price Elasticity of Demand: AWAKE Price Elasticity of Demand measurers how changed in a price affect the quantity of the product demanded. Specifically, it is the ratio of the percentage change in quantity demanded to the percentage change in price. In order to understand how to plan a successful pricing program, marketers must understand how elastic or inelastic the consumers are to changes in price. In other words, to what extent will a price increase or decrease result in changes...
36) What would happen in the red apple market if the price of golden apples decreases?...
36) What would happen in the red apple market if the price of golden apples decreases? 36) A) The demand for red apples would increase B) The quantity demanded of red apples would increase C) The demand for red apples would fall. D) Nothing, they are separate and unrelated commodities. 37) Market demand shows: 37) A) the quantity of a good that one seller will sell at a given price B) the quantity of a good that one buyer will...
The demand for most farm products is relatively inelastic. With all else constant, what is the effect on farm revenues as a result of the introduction of new and better farm equipment which increases productivity? Farm revenues remain constant because consumers will not increase their consumption of farm products by much. Farm revenues decrease. Farm revenues could increase or decrease depending on the cost of this new equipment Farm revenues increase.
If the market fora product is broadly defined, then there are few substitutes for the product and the demand for the product is relatively inelastic. the expenditure on the good is likely to make up a large share of one's budget. there are many substitutes for the product and the demand for the product is relatively elastic. the good has many complements. An increase in the demand for green tea raises the price of apples from US$16 a kilo to...
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....
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that a. as the price of bagels increases, the quantity of bagels demanded will increase. b. as the price of bagels increases, the demand for bagels will increase. c. as the price of bagels increases, the quantity of bagels demanded will decrease. d. as the price of bagels increases, the demand for bagels will decrease! 2. When the price of a normal good falls, ceteris...
C Relatively elastic Relatively inelastic Unit elastic 26. Which of the following is true of an economy's production possibilities curve? It shows the combinations of any two resources that can be used to produce and efficient leve of b It shows the alternative combinations of goods that can be produced by fully employing scar dIt is bowed in (convex to the origin) because of changing levels of technology output b it shows the alternative combinations of goods that can be...
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.
36) What would happen in the red apple market if the price of golden apples decreases? 36) A) The demand for red apples would increase B) The quantity demanded of red apples would increase C) The demand for red apples would fall. D) Nothing, they are separate and unrelated commodities. 37) Market demand shows: 37) A) the quantity of a good that one seller will sell at a given price B) the quantity of a good that one buyer will...
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