Homework Answers
| Income | Quantity Demanded | Change in Income | Change in Demand | Average Income | Average Quantity | Income Ed (Arc Method) |
| 3000 | 25 | |||||
| 4000 | 30 | 1000 | 5 | 3500 | 27.5 | 0.64 |
The income elasticity of DVDs is less than 1 but greater than zero. So we say that the DVDs are considered Necessities.
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Figure 5-5 Price per DVD Supply D() = 4,000) D(I = 3,000) 25 30 35 Quantity...
Figure 5-5 Price per DVD Supply $16 D(1 = 4,000) D(1 = 3,000) 25 30 35...
Figure 5-5 Price per DVD Supply $16 D(1 = 4,000) D(1 = 3,000) 25 30 35 Quantity of DVDs Refer to Figure 5-5. The data in the diagram indicates that DVDs O are luxury goods. O are both luxury goods and price inelastic goods. O are price inelastic goods. O are both necessities and price inelastic goods. Oare necessities.
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....
QUESTION 25 Figure: The figure below indicates a tax size of AB. 1 Price + Supply...
QUESTION 25 Figure: The figure below indicates a tax size of AB. 1 Price + Supply + + Demand + + + + + + + + + + 5 10 15 20 25 30 35 40 45 50 55 60 Quantity Refer to Figure 8-7. Which of the following statements is true about tax incidence? a. Buyers pays less tax then the sellers b. Buyers and sellers share the same burden of tax. C. Buyers and sellers both will...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B Quantity of Y Quantity of Y Quantity of X Figure C Quantity of X Figure D 17) Consider the indifference maps shown above. If X and Y are perfect substitutes, your indifference curves between them would look like those in A) Figure A. B) Figure B. C) Figure C. D) Figure D. CDs (number per year) 5 10 15 20 25 DVDs (number per...
QUESTION 30 Figure 5-3 Price darity Refer to Figure 5-3. Which demand curve is perfectly inelastic?...
QUESTION 30 Figure 5-3 Price darity Refer to Figure 5-3. Which demand curve is perfectly inelastic? a. A b.B Oc. c d.D QUESTION 23 Figure 4-21 price 1 2 3 4 5 quantity Refer to Figure 4-21. What is the equilibrium price in this market? a. $20 b. $10 c. $5 d. $0 QUESTION 21 Figure 4-18 so 1 price + 100 200 300 400 500 600 700 800 quantity Refer to Figure 4-18. At what price would there be...
Figure 5-1 Panel A Panel B Price Demand Demand Quantity Quantity Panel C Panel D Price...
Figure 5-1 Panel A Panel B Price Demand Demand Quantity Quantity Panel C Panel D Price Demand Demand Quantity Quantity Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel B. Panel C. Panel A. Figure 5-8 Price Supply 120 180 Quantity Refer to Figure 5-8. What is the value of the price elasticity of supply between g and h? O 0.5 02 20 percent 0.02 If demand is perfectly price inelastic, the absolute value...
The graph shows the demand curve for DVDs. Price (dollars per DVD) Suppose the price of...
The graph shows the demand curve for DVDs. Price (dollars per DVD) Suppose the price of a DVD is $30. Draw an arrow that shows the consumer surplus on the 1 millionth DVD bought. Consumer surplus is Market price O A. equal to the amount that we pay for a good or service O B. measured as the marginal benefit (or value) of a good minus the price paid for it, summed over the quantity bought OC. the value that...
QUESTION 15 Figure 5-5 11 Price - Demand 5 10 15 20 25 30 35 40...
QUESTION 15 Figure 5-5 11 Price - Demand 5 10 15 20 25 30 35 40 45 50 55 Quantity Refer to Figure 5-5. Using the midpoint method, demand is unit elastic between prices of O a. $20 and $40. b.$50 and $70 c. $40 and $60 d. $40 and $50.
Price Quantity demanded dollar pero tak pery 20 30 35 25 Using the data in the...
Price Quantity demanded dollar pero tak pery 20 30 35 25 Using the data in the table above, the demand for skirts is OA perfectly inelastic OB indeterminate O C. inelastic OD. elastic O E. unit elastic
Figure 5-1 Panel A Panel B Price Demand Domand Quantity Quantity Panel C Panel D Price...
Figure 5-1 Panel A Panel B Price Demand Domand Quantity Quantity Panel C Panel D Price Price Demand Dernand Quantity Quantity Refer to Figure 5-1. A perfectly inelastic demand curve is shown in O Panel A. O Panel D. Panel C. Panel B.
Figure 5-5 Price per DVD Supply $16 D(1 = 4,000) D(1 = 3,000) 25 30 35 Quantity of DVDs Refer to Figure 5-5. The data in the diagram indicates that DVDs O are luxury goods. O are both luxury goods and price inelastic goods. O are price inelastic goods. O are both necessities and price inelastic goods. Oare necessities.
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....
QUESTION 25 Figure: The figure below indicates a tax size of AB. 1 Price + Supply + + Demand + + + + + + + + + + 5 10 15 20 25 30 35 40 45 50 55 60 Quantity Refer to Figure 8-7. Which of the following statements is true about tax incidence? a. Buyers pays less tax then the sellers b. Buyers and sellers share the same burden of tax. C. Buyers and sellers both will...
Quantity of Y Quantity of Y Quantity of X Figure A Quantity of X Figure B Quantity of Y Quantity of Y Quantity of X Figure C Quantity of X Figure D 17) Consider the indifference maps shown above. If X and Y are perfect substitutes, your indifference curves between them would look like those in A) Figure A. B) Figure B. C) Figure C. D) Figure D. CDs (number per year) 5 10 15 20 25 DVDs (number per...
QUESTION 30 Figure 5-3 Price darity Refer to Figure 5-3. Which demand curve is perfectly inelastic? a. A b.B Oc. c d.D QUESTION 23 Figure 4-21 price 1 2 3 4 5 quantity Refer to Figure 4-21. What is the equilibrium price in this market? a. $20 b. $10 c. $5 d. $0 QUESTION 21 Figure 4-18 so 1 price + 100 200 300 400 500 600 700 800 quantity Refer to Figure 4-18. At what price would there be...
Figure 5-1 Panel A Panel B Price Demand Demand Quantity Quantity Panel C Panel D Price Demand Demand Quantity Quantity Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel B. Panel C. Panel A. Figure 5-8 Price Supply 120 180 Quantity Refer to Figure 5-8. What is the value of the price elasticity of supply between g and h? O 0.5 02 20 percent 0.02 If demand is perfectly price inelastic, the absolute value...
The graph shows the demand curve for DVDs. Price (dollars per DVD) Suppose the price of a DVD is $30. Draw an arrow that shows the consumer surplus on the 1 millionth DVD bought. Consumer surplus is Market price O A. equal to the amount that we pay for a good or service O B. measured as the marginal benefit (or value) of a good minus the price paid for it, summed over the quantity bought OC. the value that...
QUESTION 15 Figure 5-5 11 Price - Demand 5 10 15 20 25 30 35 40 45 50 55 Quantity Refer to Figure 5-5. Using the midpoint method, demand is unit elastic between prices of O a. $20 and $40. b.$50 and $70 c. $40 and $60 d. $40 and $50.
Price Quantity demanded dollar pero tak pery 20 30 35 25 Using the data in the table above, the demand for skirts is OA perfectly inelastic OB indeterminate O C. inelastic OD. elastic O E. unit elastic
Figure 5-1 Panel A Panel B Price Demand Domand Quantity Quantity Panel C Panel D Price Price Demand Dernand Quantity Quantity Refer to Figure 5-1. A perfectly inelastic demand curve is shown in O Panel A. O Panel D. Panel C. Panel B.
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