As per the law of demand "as the price increase the the quantity demanded for the good will decrease"
Austin's quantity demand does not follow this rule as his demand increase from 4 to 6 when the price increase from 00 to $0.50. ideally the demand should have decreased. the answer is "B".
Question 3 1 pts Aaron's Angela's Austin's Alyssa's Price Quantity Quantity Quantity Quantity Demanded Demanded Demanded...
Homework (Ch 04) Price (Dollars per candle) Tim's Quantity Demanded (Candles) 16 Alyssa's Quantity Demanded (Candles) 2 32 4 10 24 6 6 16 8 2 12 10 0 8 On the following graph, plot Tim's demand for scented candles using the green points (triangle symbol). Next, candles using the purple points (diamond symbol). Finally, plot the market demand for scented candles using Note: Line segments will automatically connect the points. Remember to plot from left to right. 12 10...
Table 7-16 Quantity Demanded Quantity Supplied 36 30 Price $12.00 $10.00 $ 8.00 $6.00 $ 4.00 $ 2.00 $ 0.00 10 3 6 24 18 12 6 12 15 18 0 60. Refer to Table 7-16. Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, consumer surplus will be a. $21. b.$28. C. $36
When the price of a good increased by 8 percent, the quantity demanded of it decreased 4 percent The price elasticity of demand is . A price rise will total revenue O A. 0.50; decrease O B. 2.00; increase O c. 2.00; decrease OD. 0.50, increase O E. 1.00; decrease An example of a good with such a demand is O A. bread OB. blue jeans O c. theater tickets Click to select your answer
18. Consider the following demand and supply schedule for eggs in USA for a given mooth (quantity figures are in millions of dozens): Price per dozen Quantity demanded Quantity supplied $0.50 $1.00 $1.50 $2.00 $2.50 a. Calculate the price elasticity of demand for a price change from $0.50 to $1.00, from $1.00 to $1.50, from $1.50 to $2.00, and from $2.00 to $2.50. (calculate the change in total expenditure if consumers could buy the quantities they wanted at sach prise....
Microeconomics Chapter 4: Consumer and Producer Surplus Flashcards | Quizlet is backward bending. Question 7 0.2 Refer to the accompanying table to answer the following questions Price of Erasers $.50 $1.00 $1.50 $2.00 $2.50 Quantity Demanded of Erasers Quantity Demanded of Pencils 12 10 8 7 6 10 The price of erasers increases from $0.50 to $1.00 per eraser. Using the midpoint method, what is the cross-price elasticity of demand between pencils and erasers? 0.13 0-3 7.67 0.13 0.2 pts...
Plot the supply and demand curves and indicate the equilibrium price and quantity Demand Schedule Supply Schedule Quantity Quantity Demanded per year Supplied per year Price (thousands) Price (thousands) $2.25 12 $2.25 30 $2.00 16 $2.00 28 $1.75 20 $1.75 26 $1.50 24 $1.50 24 $1.25 28 $1.25 22 $1.00 32 $1.00 20
Suppose the quantity demanded increases by 150 tons at every price. Consider the market for strawberries represented in the schedule below. What is the new equilibrium price? $ What is the new equilibrium quantity? tons 275 Do NOT press Enter after typing the answer in each cell. Use Tab or take the cursor to the next cell. Price Quantity Supplied Quantity Demanded ($/b.) (tons) (tons) $3.00 125 2.50 250 175 2.00 225 225 1.50 200 275 1.00 175 325 0.50...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand,...
If the on campus demand for soda is as follows: Price (per can) Quantity demanded (per day) $225 30 2.00 40 1.75 50 1.50 60 1.25 70 1.00 80 0.75 90 0.50 100 and the marginal cost of supplying a soda is $125, what price will students end up paying in: Instructions: Enter your responses rounded to two decimal places a. A perfectly competitive market? SE b. A monopolized market? < Prev 2004 here to search
QUESTION 35 Table: The Market for Soda Market for a Can of Soda Price Quantity Demanded Quantity Supplied ($/unit) (cans) (cans) 0.50 10 7 0.75 8 8 1.00 9 1.25 10 1.50 2. 11 6 4 Assuming the government sets a price ceiling of $1.25, how many sodas will be sold? 07 OS 10 O 11