Homework Answers
21. An increase in income of consumer leads to increase in demand for normal goods. Therefore, ice cream is a normal good.
An increase in income of consumer leads to decrease in demand for inferior goods. Therefore, chocolate cake is an inferior good.
Answer: Option (B)
NOTE: For question number 22, there is a need of figure 4.7
Add Answer to:
21 and 22 please
d. ice cream is an economic bad and chocolate cake is an...
18) 19) 20) please all of them d. product market only 17. Which of the following...
18) 19) 20) please all of them
d. product market only 17. Which of the following is held constant along the demand curve? 4. price of the good CD quantity e income d. both a and b 18. What effect is working when the price of a good falls and consumers tend to buy it instead of other goods? a. the income effect. b. the substitution effect. c. the diminishing marginal utility effect. d. the ceteris paribus effect. 19. In...
$ A Price of pizza B C (D₃ 0 D D2 Number of pizzas per month...
$ A Price of pizza B C (D₃ 0 D D2 Number of pizzas per month A movement from Point C to Point A on demand curve D2 would be caused by a(n) decrease in income, assuming pizza is a normal good. increase in the price of pizza decrease in the price of pizza. decrease in the price of hamburgers, assuming that pizza and hamburgers are substitutes.
QUESTION 10 The price elasticity of demand for gasoline is -0.25. If we expect the price...
QUESTION 10 The price elasticity of demand for gasoline is -0.25. If we expect the price of gasoline to increase by 8 percent, what is the expected change in the quantity of gasoline demanded? A. Quantity declines by 2 percent B. Quantity declines by 8 percent C. Quantity increases by 2 percent D. Quantity declines by 4 percent QUESTION 11 The income elasticity of demand for bananas is -0.1. Is this good normal or inferior? A. Normal B. Neither normal...
7. If the price of orange juice rises 10%, and as a result the quantity demanded...
7. If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is O A. inelastic. OB. -1.25 O c. Both A and B above. OD. Neither A nor B above. 18. If the price of orange juice rises 10% and as a result the quantity demanded falls by B%, the price elasticity of demand for orange juice is O A. - 10.0. OB. -0.80....
answer this ICE 3 Microeconomics January 21, 2020 4. Suppose we are analyzing the market for...
answer this
ICE 3 Microeconomics January 21, 2020 4. Suppose we are analyzing the market for hot chocolate. From each of the following, identify the impact it would have on demand, supply, equilibrium price, and equilibrium quantity. a. Winter starts and the weather turns sharply colder. (D S P Q b. The price of tea, a substitute for hot chocolate, falls. (D_S_P_10 c. The price of cocoa beans decreases. (D ,S ,P ,Q d. The price of whipped cream falls....
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True...
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True False Question 4 (1 point) The equilibrium price is the same as the market-clearing price. True False Question 5 (1 point) When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied. True False Question 6 (1 point) Which of the following events must cause equilibrium price to fall? a) demand increases and supply decreases b)...
QUESTION 21 Assume there is a price floor imposed on a good which is above the...
QUESTION 21 Assume there is a price floor imposed on a good which is above the equilibrium price. Which of the following changes would reduce the size of the surplus? a. An increase in demand. b. A decrease in demand. c. An increase in supply. d. Any of the above. QUESTION 22 Economic growth can be illustrated by: a. an inward shift of the production possibilities curve. b. a movement along the production possibilities curve. a movement from a point...
I need 24,25,26,27 &28(rest of 28 is on the second attachment) Last name, First namc b....
I need 24,25,26,27 &28(rest of 28 is on the second
attachment)
Last name, First namc b. inverse; direct C. Inverse: inverse d. direct, direct 24. When the price of a product increases, a consumer is able to buy less of it with a givern moncy income. This describes the a cost effect. b. inflationary effect c. income effect. d. substitution effect. 25. If two goods are complements, a they are consumed independently b. an increase in the price of one...
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a. no change in the supply curve, only a change in price b. a decrease in supply (a leftward shift of the supply curve) c. a movement up the supply curve d. a movement down the supply curve. e. an increase in supply (a rightward shift of the supply curve) If the quantity demanded changes substantially with...
18) 19) 20) please all of them
d. product market only 17. Which of the following is held constant along the demand curve? 4. price of the good CD quantity e income d. both a and b 18. What effect is working when the price of a good falls and consumers tend to buy it instead of other goods? a. the income effect. b. the substitution effect. c. the diminishing marginal utility effect. d. the ceteris paribus effect. 19. In...
$ A Price of pizza B C (D₃ 0 D D2 Number of pizzas per month A movement from Point C to Point A on demand curve D2 would be caused by a(n) decrease in income, assuming pizza is a normal good. increase in the price of pizza decrease in the price of pizza. decrease in the price of hamburgers, assuming that pizza and hamburgers are substitutes.
7. If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is O A. inelastic. OB. -1.25 O c. Both A and B above. OD. Neither A nor B above. 18. If the price of orange juice rises 10% and as a result the quantity demanded falls by B%, the price elasticity of demand for orange juice is O A. - 10.0. OB. -0.80....
answer this
ICE 3 Microeconomics January 21, 2020 4. Suppose we are analyzing the market for hot chocolate. From each of the following, identify the impact it would have on demand, supply, equilibrium price, and equilibrium quantity. a. Winter starts and the weather turns sharply colder. (D S P Q b. The price of tea, a substitute for hot chocolate, falls. (D_S_P_10 c. The price of cocoa beans decreases. (D ,S ,P ,Q d. The price of whipped cream falls....
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True False Question 4 (1 point) The equilibrium price is the same as the market-clearing price. True False Question 5 (1 point) When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied. True False Question 6 (1 point) Which of the following events must cause equilibrium price to fall? a) demand increases and supply decreases b)...
QUESTION 21 Assume there is a price floor imposed on a good which is above the equilibrium price. Which of the following changes would reduce the size of the surplus? a. An increase in demand. b. A decrease in demand. c. An increase in supply. d. Any of the above. QUESTION 22 Economic growth can be illustrated by: a. an inward shift of the production possibilities curve. b. a movement along the production possibilities curve. a movement from a point...
I need 24,25,26,27 &28(rest of 28 is on the second
attachment)
Last name, First namc b. inverse; direct C. Inverse: inverse d. direct, direct 24. When the price of a product increases, a consumer is able to buy less of it with a givern moncy income. This describes the a cost effect. b. inflationary effect c. income effect. d. substitution effect. 25. If two goods are complements, a they are consumed independently b. an increase in the price of one...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a. no change in the supply curve, only a change in price b. a decrease in supply (a leftward shift of the supply curve) c. a movement up the supply curve d. a movement down the supply curve. e. an increase in supply (a rightward shift of the supply curve) If the quantity demanded changes substantially with...
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