Homework Answers
1. If the price of cream increases, quantity demanded for creams will decrease (law of demand : there is an inverse relationship between price and Quantity demanded). As cream and peaches are consumed together (complementary goods), therefore demand for peaches will also decrease, shifting the demand curve in peach market leftward.
Answer: Figure (b)
2. If animal rights activists decreases Consumers' willingness to purchase leather products, therefore demand for leather jackets will decrease. This will shift the demand curve in leather jacket market leftward.
Answer: Figure (b)
3. If the expected future price of oil decreases, then Consumers will purchase more in the future and less in today's period. This will shift the current demand for oil curve leftward.
Answer: Figure (b)
4. In case of normal good, demand decreases as income decreases. Therefore, if income decreases, demand for steak will decrease, shifting the demand curve leftward.
Answer: figure (b)
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Other economic factors, known as determinants of demand, can affect the demand of a good or...
Can you think of a case where non-economic determinants (i.e., factors other than commodity prices and...
Can you think of a case where non-economic determinants (i.e., factors other than commodity prices and the consumer’s income) can have a major impact producing changes in consumer demand for a commodity? Given an example. Please type it, thanks!
as many as you can please 23. When demand and supply both decrease, the impact on...
as many as you can please
23. When demand and supply both decrease, the impact on price and quantity is that the shifts reinforce each other with respect to quantity, which decreases, but they act as countervailing forces along the price axis. (TRUE/FALSE)? 24. How would you characterize the term business cycle? A. Short-term fluctuation in economic cycle B. Long-term fluctuation in economic activity c. Short-term fluctuation in economic activity D. None of the above 25. You are in a...
TO F Panel (b) Panel (a) real interest rate, with no other changes that affect aggregate in panel (b). 16. Refer to fig...
TO F Panel (b) Panel (a) real interest rate, with no other changes that affect aggregate in panel (b). 16. Refer to figure 10.3. An increase in the real interest rate expenditure, is best represented by in panel (a) and - A) a shift from AE to AE3: a shift from 151 to IS2 B) a shift from AE3 to AEz: a shift from IS2 to IS1 C) a shift from AE to AE]: a movement from point B to...
Price Controls and Taxes: Price Supply Pit------- - - - - E DE Demand - Quantity 23) In the figure shown above, if...
Price Controls and Taxes: Price Supply Pit------- - - - - E DE Demand - Quantity 23) In the figure shown above, if prices go from PI to P3, what could this be due to? a. There is a tax imposed on suppliers per unit sold. b. Demand for the good increases due to an increase in people's incom . c. There is a sales tax imposed on consumers. d a binding price floor is imposed e. Both c and...
3. Referring to the graph above, what can you conclude about the elasticity of the supply...
3. Referring to the graph above, what can you conclude about the elasticity of the supply curve S, in comparison to supply curve $,7 a Supply curve S, is more inelastic than supply curve S b. Supply curve S is more elastic than supply curve S c. Both curves have the same degree of clasticity d. Supply curve S, is infininely elastic, and supply cuve S, is infinitely iselastie e. There is not enough information to answer the question. 36....
QUESTION 16 Which of the following is NOT part of the first big economic question? A....
QUESTION 16 Which of the following is NOT part of the first big economic question? A. What goods and services are produced? B. For whom are goods and services produced? C. How are goods and services produced? D. Why are goods and services produced? 3.0304 points QUESTION 17 A person has a comparative advantage in producing a particular good is that person A. Has higher productivity in producing it than anyone else has. B. Has less desire to consume...
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py...
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py where X quantity demanded of good X in units/year Px = price of good X in dollars/unit per capita income in dollarsyear Py price of good Y in dollars/unit a) Calculate the market (own-price) demand curve when I = 25 and Py =12 b) Using your results from part a), calculate the quantity of good X demanded in the market when PX-10 c) Calculate...
QUESTION 1 Suppose the short-run elasticity of demand for gasoline in the US retail market is -0.5, and the long-run e...
QUESTION 1 Suppose the short-run elasticity of demand for gasoline in the US retail market is -0.5, and the long-run elasticity of demand in the same market is -0.8. What is the impact of an increase in the US federal gasoline tax? A. Increase tax revenue in the short run and decrease tax revenue in the long run B. Decrease tax revenue in both short run and long run C. Increase tax revenue in both short run and long run...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if pri...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
as many as you can please
23. When demand and supply both decrease, the impact on price and quantity is that the shifts reinforce each other with respect to quantity, which decreases, but they act as countervailing forces along the price axis. (TRUE/FALSE)? 24. How would you characterize the term business cycle? A. Short-term fluctuation in economic cycle B. Long-term fluctuation in economic activity c. Short-term fluctuation in economic activity D. None of the above 25. You are in a...
TO F Panel (b) Panel (a) real interest rate, with no other changes that affect aggregate in panel (b). 16. Refer to figure 10.3. An increase in the real interest rate expenditure, is best represented by in panel (a) and - A) a shift from AE to AE3: a shift from 151 to IS2 B) a shift from AE3 to AEz: a shift from IS2 to IS1 C) a shift from AE to AE]: a movement from point B to...
Price Controls and Taxes: Price Supply Pit------- - - - - E DE Demand - Quantity 23) In the figure shown above, if prices go from PI to P3, what could this be due to? a. There is a tax imposed on suppliers per unit sold. b. Demand for the good increases due to an increase in people's incom . c. There is a sales tax imposed on consumers. d a binding price floor is imposed e. Both c and...
3. Referring to the graph above, what can you conclude about the elasticity of the supply curve S, in comparison to supply curve $,7 a Supply curve S, is more inelastic than supply curve S b. Supply curve S is more elastic than supply curve S c. Both curves have the same degree of clasticity d. Supply curve S, is infininely elastic, and supply cuve S, is infinitely iselastie e. There is not enough information to answer the question. 36....
2. The annual market own-price demand function for good X is estimated as X=142-5PX-1 -3.5 Py where X quantity demanded of good X in units/year Px = price of good X in dollars/unit per capita income in dollarsyear Py price of good Y in dollars/unit a) Calculate the market (own-price) demand curve when I = 25 and Py =12 b) Using your results from part a), calculate the quantity of good X demanded in the market when PX-10 c) Calculate...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
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