Homework Answers
9) Substitute goods are those goods which can be consumed in place of that good. Substitute of going to Lehman college is work anywhere else which can give you enough earning for your survival.
10) If the price of substitute good goes down, people will go toward buying that substitute good which will raise its demand. Option A is correct.
11) Complement are the things which will go hand in hand with Lehman College. Books, notebooks and pens would be complement for going Lehman college.
12) If price of complements goes down, people can consume more of the goods with rise in their real income which will raise demand of both the goods. Option A is correct.
13) If consumer income rises, people will raise demand for normal goods. Option A is correct.
14) If consumer income rises, he will buy less of inferior good as he tend to eat good quality food. Option B is correct.
Add Answer to:
Write the number of each question (9)-(14) and the answer to each. (9) List one good...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is...
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,...
A good for which demand increases as income rises is ________, and a good for which...
A good for which demand increases as income rises is ________, and a good for which demand increases as income falls is ________. A. a substitute; a complement B. a normal good; an inferior good C. an inferior good; a normal good D. a complement; a substitute Goods and services that can be used for the same purpose are ________, and goods and services that are used together are ________. A. substitutes; complements B. normal goods; inferior goods C. complements;...
Suppose that you just got a raise at work and are trying to figure out how...
Suppose that you just got a raise at work and are trying to figure out how you are going to spend the additional money. Given the table below, answer the following: % Change in Income % Change in Quantity Demanded of Good A -2% -3% 0% -2% 4% -1% 6% 0% 8% 4% 10% 6% a. Calculate the elasticity of income (EY) for Good A if your raise was 8% b. Is Good A an inferior or normal good. c....
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium...
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs to rise a. True b. Fals dicale the answer choice that hest cmnletes the statement or answers the question. 2. If the demand curve for a good shifts leftward. a quantity demanded is less at each price. b. quantity demanded remains constant at each price. c. quantity demanded is greater at each price. d. demand is greater at each price....
8. The income elasticity of demand is a measure of the responsiveness of the 0 A....
8. The income elasticity of demand is a measure of the responsiveness of the 0 A. quantity of a good demanded to changes in income. O B. quantity of a good demanded to changes in another good's price. C. 0 D. quantity of a good demanded to changes in its price. consumer's income to a change in the price of the goods he or she consumes. 9, Bus rides and canned soup are inferior goods, so the elasticity of demand...
Questions 1-4 Question 3 (1 point) If a good is inferior, then there will be a...
Questions 1-4
Question 3 (1 point) If a good is inferior, then there will be a decrease in supply. an increase in income will have no affect on demand. an increase in income will increase demand. an increase in income will reduce demand Question 4 (1 point) Which of the following would cause a decrease in supply for chicken? A decrease in the price of chicken An increase in technology An increase in the price of hamburger. considered a substitute...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change in quantity demanded the change in quantity demanded divided by the change in price. the value of the slope of the demand curve. the percentage change in quantity demanded divided by the percentage change in price If 20 units are sold at a price of US$50 and 30 units are sold at a price of US$40, what is the absolute value of...
Principles of Macroeconomics ECON 1204-001 Spring 2019 a. A number of frms left the market b....
Principles of Macroeconomics ECON 1204-001 Spring 2019 a. A number of frms left the market b. A sumber of buyers entered the market, and a number of firms entered the market c The price of a complement of this good Increased d. The price of a substitute of this good Increased e. The price of this good decreased S teal else is held constant what would happen to the equlilibrium price and quantity of Phones it the price of an...
Suppose good A is an inferior good. Suppose good B is a normal good. Suppose good...
Suppose good A is an inferior good. Suppose good B is a normal good. Suppose good A and good C are substitutes. Suppose good B and good D are complements. Question 5 If an income increases in an economy, how are the equilibrium price of good B and the equilibrium quantity of good B affected? A. The equilibrium price of good B goes up & The equilibrium quantity of good B goes up B. The equilibrium price of good B...
Qd=680-9Px-6I+4Py where Qd=quantity of good X demanded, Px=price of good X, I=Income, and Py=price of related...
Qd=680-9Px-6I+4Py where Qd=quantity of good X demanded, Px=price of good X, I=Income, and Py=price of related good Y. From the demand function, it is apparent that good X is: I. a normal good II. an inferior good III. a substitute for good Y IV. a complement with good Y a. II only b. both I and III c. both I and IV d. both II and III e. both II and IV
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,...
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs to rise a. True b. Fals dicale the answer choice that hest cmnletes the statement or answers the question. 2. If the demand curve for a good shifts leftward. a quantity demanded is less at each price. b. quantity demanded remains constant at each price. c. quantity demanded is greater at each price. d. demand is greater at each price....
8. The income elasticity of demand is a measure of the responsiveness of the 0 A. quantity of a good demanded to changes in income. O B. quantity of a good demanded to changes in another good's price. C. 0 D. quantity of a good demanded to changes in its price. consumer's income to a change in the price of the goods he or she consumes. 9, Bus rides and canned soup are inferior goods, so the elasticity of demand...
Questions 1-4
Question 3 (1 point) If a good is inferior, then there will be a decrease in supply. an increase in income will have no affect on demand. an increase in income will increase demand. an increase in income will reduce demand Question 4 (1 point) Which of the following would cause a decrease in supply for chicken? A decrease in the price of chicken An increase in technology An increase in the price of hamburger. considered a substitute...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change in quantity demanded the change in quantity demanded divided by the change in price. the value of the slope of the demand curve. the percentage change in quantity demanded divided by the percentage change in price If 20 units are sold at a price of US$50 and 30 units are sold at a price of US$40, what is the absolute value of...
Principles of Macroeconomics ECON 1204-001 Spring 2019 a. A number of frms left the market b. A sumber of buyers entered the market, and a number of firms entered the market c The price of a complement of this good Increased d. The price of a substitute of this good Increased e. The price of this good decreased S teal else is held constant what would happen to the equlilibrium price and quantity of Phones it the price of an...
Most questions answered within 3 hours.
-
determine whether the vectors u=(1,2,3,), v=(-2,1,0) and
w=(1,0,1) are linearly dependent or independent.
asked 2 minutes ago -
python
Define a function called print_values which takes a dictionary
object as a parameter. The function...
asked 1 hour ago -
In Chapter 1 you created a program named Triangle in
which you displayed a seven-line triangle...
asked 57 minutes ago -
Research question: What are the differences between separately
stated and non separately stated transactions in an...
asked 1 hour ago -
By using Arduino write a code that connects two LEDs to two
push-buttons. Each button controls...
asked 2 hours ago -
Bank of America has bonds that pay a coupon interest rate of 5.5
percent and mature...
asked 3 hours ago -
Problem: Patient Fees C++
You are to write a program that computes a patient’s bill for...
asked 4 hours ago -
In a population of interest, we know that, 77% drink coffee, and
23% drink tea. Assume...
asked 5 hours ago -
Given that f(x) = e-(x-1) for x > 1, determine the following
probabilities:
a) P(X <...
asked 4 hours ago -
A mechanic pushes a 2.60 ✕ 103-kg car from rest to a speed of v,
doing...
asked 4 hours ago -
International information systems result in all of the following
except:
A. improved quality of information flow....
asked 4 hours ago -
The president of the retailer Prime Products has just approached
the company’s bank with a request...
asked 4 hours ago