Homework Answers
Answer is Option D. Quantity demanded of room will increase.
Basic difference between increase in demand and increase in quantity demanded is that increase in quantity demanded is caused by changes in price of good and increase in demand is caused by changes in other factors rather then price of that good like changes in taste, income etc.
When price changes there will be movement on same demand curve and when changes in demand are caused by other the price then demand curve will shift.
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ket at Work: Homework 02/23/20 See Hint Part 1 (2 points) As the owner of a...
02 Question (5 points) 1st attempt Part 1 (2 points) Feedback O See Hint A monopolist...
02 Question (5 points) 1st attempt Part 1 (2 points) Feedback O See Hint A monopolist has a cost function given by c(y) = y2 and faces an inverse demand curve given by P(y) = 120.00 – y, where P is the per-unit price and yis the quantity of output sold. Assume this monopolist cannot discriminate and charges a single price. What is the profit-maximizing level of output? * 120 What is its profit-maximizing price? * $ 120 Part 2...
O See Hint Given the demand curves shown for three individuals, use the straight-line tool to...
O See Hint Given the demand curves shown for three individuals, use the straight-line tool to draw their combined market demand curve. To refer to the graphing tutorial for this question type, please click here. Price(3) 60 20 Quantity
d Part 1 (1 point) See Hint The diagram below shows Juan's preferences for cheeseburgers and...
d
Part 1 (1 point) See Hint The diagram below shows Juan's preferences for cheeseburgers and pizzas. Juan's income is $120. The price of one cheeseburger is $10 and the price of one pizza is $15. Use the line tool to draw Juan's budget line. To refer to the graphing tutorial for this question type, please click here. Cheeseburger and Pizza Preferences Pizzas Cheeseburgers Part 2 (2 points) See Hint Using the indifference curves and the budget line you've just...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that a. as the price of bagels increases, the quantity of bagels demanded will increase. b. as the price of bagels increases, the demand for bagels will increase. c. as the price of bagels increases, the quantity of bagels demanded will decrease. d. as the price of bagels increases, the demand for bagels will decrease! 2. When the price of a normal good falls, ceteris...
07 Question (4 points) @ See page 298 The university's food court is a competitive market...
07 Question (4 points) @ See page 298 The university's food court is a competitive market for lunch combos. The inverse demand for lunch combos is p= 10 – where q is the number of combos demanded and p is the market price per combo. The inverse supply of lunch combos is given by p=;-2. 1st attempt Part 1 (2 points) See Hint 1st attempt Part 1 (2 points) See Hint The equilibrium quantity of lunch combos is , and...
< Ch.2. Model Building and Gains.... pon 02/09/20 83% 2nd attempt Feedback See Hint An auto...
< Ch.2. Model Building and Gains.... pon 02/09/20 83% 2nd attempt Feedback See Hint An auto factory produces a popular, entry-level car in both sedan and hatchback versions. The graph below shows the factory's production possibilities frontier. As the dot indicates, the factory is currently producing 750 sedans and 600 hatchbacks per day Move the point to a location representing inefficient production To refer to the graphing tutorial for this question type, please click here • VIEW SOLUTION < 10/11...
Part 1 (0.3 point) OSeeHint Oliver, amasked crime fighter, and Malcolm, his villainous counterpart both use...
Part 1 (0.3 point) OSeeHint Oliver, amasked crime fighter, and Malcolm, his villainous counterpart both use arrows on a regular basis. Together, they are the main consumers of arrows in their local market. Their demand schedules for arrows are given below Price per arraw $140 $90 $60 $30 S0 Oliver's demand Malcolm's demand (arrows per week] arrows per week) 20 40 60 80 30 40 50 60 Using the point plotting tool, interpret the demand schedule to plot fin oints...
04 Question (2 points) See page 138 A 20% increase in price led the quantity supplied...
04 Question (2 points) See page 138 A 20% increase in price led the quantity supplied of watches in a competitive market to increase from 330.00 to 360.00 2nd attempt Part 1 (1 pt) See Hint What is the price elasticity of supply for watches? Give your answer to two decimals. .45 Part 2 (1 pt) See Hint What is the best description of the price elasticity of supply for watches? Choose one: A. elastic B. normal • C. inelastic...
Part 1 (1 point) D See Hint The supply of smart watches is linear and upward sloping, and the demand for smart watches...
Part 1 (1 point) D See Hint The supply of smart watches is linear and upward sloping, and the demand for smart watches is linear and downward sloping. Suppose the government imposes a tax of $3.00 per unit in the market for smart watches. In this market, the tax decreases consumer surplus by $1,500.00, and it decreases producer surplus by $3,000.00. The tax generates tax revenue of $3,000.00. The tax decreased the equilibrium quantity of the good by smart watches....
See Hint (1 point) Part 1 The supply of smart watches is linear and upward sloping,...
See Hint (1 point) Part 1 The supply of smart watches is linear and upward sloping, and the demand for smart watches is linear and downward sloping. Suppose the government imposes a per-unit tax in the market for smart watches. In this market, the tax decreases consumer surplus by $7,000.00, and it decreases producer surplus by $16,800.00. The tax decreased the equilibrium quantity of the good by 1,400.00 smart watches, and it generated a deadweight loss of $9,800.00. The tax...
02 Question (5 points) 1st attempt Part 1 (2 points) Feedback O See Hint A monopolist has a cost function given by c(y) = y2 and faces an inverse demand curve given by P(y) = 120.00 – y, where P is the per-unit price and yis the quantity of output sold. Assume this monopolist cannot discriminate and charges a single price. What is the profit-maximizing level of output? * 120 What is its profit-maximizing price? * $ 120 Part 2...
O See Hint Given the demand curves shown for three individuals, use the straight-line tool to draw their combined market demand curve. To refer to the graphing tutorial for this question type, please click here. Price(3) 60 20 Quantity
d
Part 1 (1 point) See Hint The diagram below shows Juan's preferences for cheeseburgers and pizzas. Juan's income is $120. The price of one cheeseburger is $10 and the price of one pizza is $15. Use the line tool to draw Juan's budget line. To refer to the graphing tutorial for this question type, please click here. Cheeseburger and Pizza Preferences Pizzas Cheeseburgers Part 2 (2 points) See Hint Using the indifference curves and the budget line you've just...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that a. as the price of bagels increases, the quantity of bagels demanded will increase. b. as the price of bagels increases, the demand for bagels will increase. c. as the price of bagels increases, the quantity of bagels demanded will decrease. d. as the price of bagels increases, the demand for bagels will decrease! 2. When the price of a normal good falls, ceteris...
07 Question (4 points) @ See page 298 The university's food court is a competitive market for lunch combos. The inverse demand for lunch combos is p= 10 – where q is the number of combos demanded and p is the market price per combo. The inverse supply of lunch combos is given by p=;-2. 1st attempt Part 1 (2 points) See Hint 1st attempt Part 1 (2 points) See Hint The equilibrium quantity of lunch combos is , and...
< Ch.2. Model Building and Gains.... pon 02/09/20 83% 2nd attempt Feedback See Hint An auto factory produces a popular, entry-level car in both sedan and hatchback versions. The graph below shows the factory's production possibilities frontier. As the dot indicates, the factory is currently producing 750 sedans and 600 hatchbacks per day Move the point to a location representing inefficient production To refer to the graphing tutorial for this question type, please click here • VIEW SOLUTION < 10/11...
Part 1 (0.3 point) OSeeHint Oliver, amasked crime fighter, and Malcolm, his villainous counterpart both use arrows on a regular basis. Together, they are the main consumers of arrows in their local market. Their demand schedules for arrows are given below Price per arraw $140 $90 $60 $30 S0 Oliver's demand Malcolm's demand (arrows per week] arrows per week) 20 40 60 80 30 40 50 60 Using the point plotting tool, interpret the demand schedule to plot fin oints...
04 Question (2 points) See page 138 A 20% increase in price led the quantity supplied of watches in a competitive market to increase from 330.00 to 360.00 2nd attempt Part 1 (1 pt) See Hint What is the price elasticity of supply for watches? Give your answer to two decimals. .45 Part 2 (1 pt) See Hint What is the best description of the price elasticity of supply for watches? Choose one: A. elastic B. normal • C. inelastic...
Part 1 (1 point) D See Hint The supply of smart watches is linear and upward sloping, and the demand for smart watches is linear and downward sloping. Suppose the government imposes a tax of $3.00 per unit in the market for smart watches. In this market, the tax decreases consumer surplus by $1,500.00, and it decreases producer surplus by $3,000.00. The tax generates tax revenue of $3,000.00. The tax decreased the equilibrium quantity of the good by smart watches....
See Hint (1 point) Part 1 The supply of smart watches is linear and upward sloping, and the demand for smart watches is linear and downward sloping. Suppose the government imposes a per-unit tax in the market for smart watches. In this market, the tax decreases consumer surplus by $7,000.00, and it decreases producer surplus by $16,800.00. The tax decreased the equilibrium quantity of the good by 1,400.00 smart watches, and it generated a deadweight loss of $9,800.00. The tax...
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