Homework Answers
Option D.
The above numerical figures of price and quantity depicts that both equilibrium price and quantity has increased. This is caused by the rightward shift of the demand curve of the good. The demand curve of the good can shift rightwards because of decrease in the price of complement of the good and also because of an increase in the price of substitute of the good. These changes will lead to rightward shift of the demand curve leading to increase in equilibrium price and equilibrium quantity.
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6. The equilibrium price for a good is currently $25 and the equilibrium quantity is 400....
Which of the following events could have caused the demand curve to shift? Figure 2.5 Price...
Which of the following events could have caused the demand curve
to shift?
Figure 2.5 Price $10- 0 2 4 6 5 10 Quantity 75. (Figure 2.5) Which of the following events could have caused the demand curve to shift? I. The price of a substitute good decreased. II. The price of a complement good increased. III. The income of consumers increased. IV. The number of buyers in the market increased. A) B) C) D) I, II, III and IV...
suppose that after a change in determining factors, the market-clearing price falls as the equilibrium quantity...
suppose that after a change in determining factors, the market-clearing price falls as the equilibrium quantity rises. which of the following could have occurred? a)there was an increase in the price of a complement b)there was a reduction in the number of firms that produce the good c)there was an increase in the number of consumers d)there was a decrease in the input price of the good
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
There is an equilibrium price of $60 in a perfectly competitive market for a good that...
There is an equilibrium price of $60 in a perfectly competitive market for a good that can be produced in continuous quantities. One firm in this market has a marginal cost of $60 at q = 15. If this firm produces q =15, it has an economic profit of -$400. Which of the following statements are true? i) if the firm has fixed costs of $300, then q =15 is the profit maximizing quantity in the short run for this...
Please help with these four questions, Question 1 0.16 pts The change in equilibrium shown in...
Please help with these four questions,
Question 1 0.16 pts The change in equilibrium shown in the accompanying figure would be explained by a(n) price ofa in the price of an input and a(n) in the increase; increase; complement decrease; increase; substitute increase; increase; substitute increase; decrease; complement decrease; increase; complement Question 2 0.16 pts When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that...
An increase in the quantity demanded could be caused by: an increase in the price of...
An increase in the quantity demanded could be caused by: an increase in the price of substitute goods a decrease in the price of complementary goods an increase in consumer income levels all of the above none of the above
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions....
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions. Surplus is the quantity supplied If there is a surplus of a good its price rises, skeds the quartz clem If both demand and supply curves shift rightward then equilibrium quantity increases. quantity demanded equals the quantity supplere Ah increase in demand lowers the equilibrium price in the market. Equilibrium Price is the price at which the If demand increases and supply increases the...
10. According to the language used in this class, an increase in the price of a...
10. According to the language used in this class, an increase in the price of a good will a. increase demand b. decrease demand. c. increase quantity demanded. d. decrease quantity demanded. 11. When the price of peaches changes, the demand curve for peaches a. shifts because the price of peaches is measured on the vertical axis of the graph. b. shifts because the quantity demanded of peaches is measured on the horizontal axis of the graph. c. does not...
I need help with this problem 6. Quantity supplied c Supply 2. A good will have...
I need help with this problem
6. Quantity supplied c Supply 2. A good will have more inelastic demand, the treater the availability of close substitutes b. longer the period of time. C broader the definition of the market d more it is regarded as a luxury 3. If the price elasticity of demand for a good is 2, then a percent increase in price results in a a 2 percent decrease in the quantity demanded. b. 1 percent decrease...
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,...
Which of the following events could have caused the demand curve
to shift?
Figure 2.5 Price $10- 0 2 4 6 5 10 Quantity 75. (Figure 2.5) Which of the following events could have caused the demand curve to shift? I. The price of a substitute good decreased. II. The price of a complement good increased. III. The income of consumers increased. IV. The number of buyers in the market increased. A) B) C) D) I, II, III and IV...
Please help with these four questions,
Question 1 0.16 pts The change in equilibrium shown in the accompanying figure would be explained by a(n) price ofa in the price of an input and a(n) in the increase; increase; complement decrease; increase; substitute increase; increase; substitute increase; decrease; complement decrease; increase; complement Question 2 0.16 pts When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that...
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions. Surplus is the quantity supplied If there is a surplus of a good its price rises, skeds the quartz clem If both demand and supply curves shift rightward then equilibrium quantity increases. quantity demanded equals the quantity supplere Ah increase in demand lowers the equilibrium price in the market. Equilibrium Price is the price at which the If demand increases and supply increases the...
10. According to the language used in this class, an increase in the price of a good will a. increase demand b. decrease demand. c. increase quantity demanded. d. decrease quantity demanded. 11. When the price of peaches changes, the demand curve for peaches a. shifts because the price of peaches is measured on the vertical axis of the graph. b. shifts because the quantity demanded of peaches is measured on the horizontal axis of the graph. c. does not...
I need help with this problem
6. Quantity supplied c Supply 2. A good will have more inelastic demand, the treater the availability of close substitutes b. longer the period of time. C broader the definition of the market d more it is regarded as a luxury 3. If the price elasticity of demand for a good is 2, then a percent increase in price results in a a 2 percent decrease in the quantity demanded. b. 1 percent decrease...
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,...
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