Homework Answers
ANSWER: According to the law of demand the price and quantity demanded move in opposite directions and, consequently the demand curve is downward sloping. However in the current scenario when during Christmas the price increases by 30%; the demand increases by 80% and thus law of demand is violated. The change in quantity demand for Christmas tree (i.e. 80%) exceeds the change in price of Christmas tree (i.e. 30%); thus there will be an upward sloping demand curve for Christmas tree as depicted in the enclosed figure.
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Question 1 (a) Right before Christmas, the price of Christmas trees went up by 30%, while...
Question 1 (a) Right before Christmas, the price of Christmas trees went up by 30%, while...
Question 1 (a) Right before Christmas, the price of Christmas trees went up by 30%, while the quantity of Christmas trees sold increased by 80%. Do these figures imply an upward sloping demand curve for Christmas trees? Explain with a diagram. (10 marks) (b) The Kowloon Motor Bus (KMB) Company Limited has done a research on the price elasticity of demand for bus service. The following table shows that the price elasticity of demand varies in different timeslots of a...
You sell Christmas trees. Selling price $30. Purchase cost $20. Salvage value (sale to lumber yard)...
You sell Christmas trees. Selling price $30. Purchase cost $20. Salvage value (sale to lumber yard) $10. With each sale, you give $5 credit to other products. Demand for this Christmas is: Demand Probability 600 0.2 700 0.3 800 0.3 900 0.2 Suppose you order exactly 800 trees, how many trees would you sell? (The correct answer is 730 trees. Can someone show me how this was calculated?)
How to get that answer? Asked this question here before but was not given right answer....
How to get that answer? Asked this question here before but
was not given right answer.
The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve is upward sloping and this firm is maximizing its total profit at a market price of $15. The firm's per unit profit is: $20 ATC i 20 0 į 30 10 40 50 60 70 80 Multiple Choice o $5. O S200. ( a positive amount less than $5....
Evens only Part 4. Economic Equations and Graphs 1. Price is $10, the quantity supplied is...
Evens only
Part 4. Economic Equations and Graphs 1. Price is $10, the quantity supplied is 50 units, and the quantity demanded is 100 units. For every $ 1 rise in price, the quantity supplied rises by 5 units and the quantity demanded falls by 5 units What is the equilibrium price and quantity? 4. In the following figure, can the movement from point 1 to point 2 be explained by a combination of an increase in the price of...
Question 1 Consider the monthly market for whole grain bread in Tasmania with an upward sloping...
Question 1 Consider the monthly market for whole grain bread in Tasmania with an upward sloping supply curve and a downward sloping demand curve. The current equilibrium price of whole grain bread is $3 per loaf and 30,000 loaves are bought and sold each month. a. Draw a diagram showing the monthly market for whole grain bread in Tasmania. Include and label the demand curve, supply curve, equilibrium price and quantity. b. If the price per loaf was temporarily $4...
For the first question and blank the options are less or more! Thank you so much!
For the first question and
blank the options are less or more!
Thank you so much!
We were unable to transcribe this imageWe were unable to transcribe this imageShift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of the CDC's announcement and the new long-run equilibrium after firms and consumers finish adjusting to the news. 10 Suppl Demand 65 Supply 頜 upward sloping downward slopingNTITY (Millions of pounds) 40 50...
Question 13 1 points Saw Answer The cross-price elasticity between Gilletterators and a related good is...
Question 13 1 points Saw Answer The cross-price elasticity between Gilletterators and a related good is 34. What happens to the demand for the related good if the price of Gillette razors fails by 10 percent? The quantity demanded of the related good falls by 3.4 percent The quantity demanded of the related good rises by percent The quantity demanded of the related good falls by 34 percent The quantity demanded of the related good rises by 3.4 percent. Question...
QUESTION 1 The market for bananas and muffins are interrelated. Assume that bananas and muffins have...
QUESTION 1 The market for bananas and muffins are interrelated. Assume that bananas and muffins have a typical upward sloping supply and downward sloping demand curves. In a market for bananas, the current equilibrium price is $1.00 per kilogram and the equilibrium quantity is 1,000 kilograms per week. Suppose the government imposes a price floor on bananas at $1.20 per kg, causing the quantity supplied to increase to 1,500 kg per week. Based on the above information, draw a...
This Question: 4 pts Question Help The diagram to the right illustrates a hypothetical demand curve...
This Question: 4 pts Question Help The diagram to the right illustrates a hypothetical demand curve representing the relationship between price in dollars per unit) and quantity (in 1.000s of units per unit of time). Total revenue is $ (Enter your response as an integer.) Price (dollars per unit) 10 20 30 40 50 60 70 80 90 100 Quantity (1,000s of units per unit of time) Enter your answer in the answer box
End of Chapter 1.8 Question Help You own a hot dog stand that you set up...
End of Chapter 1.8 Question Help You own a hot dog stand that you set up outside the student union every day at lunch time. Currently you are selling hot dogs for a price of $3, and you sell 30 hot dogs a day (point A on the diagram to the righ). You are considering cutting the price to $2. The graph to the right shows two possible increases in the quantity sold as a result of your price cut....
Question 1 (a) Right before Christmas, the price of Christmas trees went up by 30%, while the quantity of Christmas trees sold increased by 80%. Do these figures imply an upward sloping demand curve for Christmas trees? Explain with a diagram. (10 marks) (b) The Kowloon Motor Bus (KMB) Company Limited has done a research on the price elasticity of demand for bus service. The following table shows that the price elasticity of demand varies in different timeslots of a...
How to get that answer? Asked this question here before but
was not given right answer.
The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve is upward sloping and this firm is maximizing its total profit at a market price of $15. The firm's per unit profit is: $20 ATC i 20 0 į 30 10 40 50 60 70 80 Multiple Choice o $5. O S200. ( a positive amount less than $5....
Evens only
Part 4. Economic Equations and Graphs 1. Price is $10, the quantity supplied is 50 units, and the quantity demanded is 100 units. For every $ 1 rise in price, the quantity supplied rises by 5 units and the quantity demanded falls by 5 units What is the equilibrium price and quantity? 4. In the following figure, can the movement from point 1 to point 2 be explained by a combination of an increase in the price of...
For the first question and
blank the options are less or more!
Thank you so much!
We were unable to transcribe this imageWe were unable to transcribe this imageShift the demand curve, the supply curve, or both on the following diagram to illustrate both the short-run effects of the CDC's announcement and the new long-run equilibrium after firms and consumers finish adjusting to the news. 10 Suppl Demand 65 Supply 頜 upward sloping downward slopingNTITY (Millions of pounds) 40 50...
Question 13 1 points Saw Answer The cross-price elasticity between Gilletterators and a related good is 34. What happens to the demand for the related good if the price of Gillette razors fails by 10 percent? The quantity demanded of the related good falls by 3.4 percent The quantity demanded of the related good rises by percent The quantity demanded of the related good falls by 34 percent The quantity demanded of the related good rises by 3.4 percent. Question...
This Question: 4 pts Question Help The diagram to the right illustrates a hypothetical demand curve representing the relationship between price in dollars per unit) and quantity (in 1.000s of units per unit of time). Total revenue is $ (Enter your response as an integer.) Price (dollars per unit) 10 20 30 40 50 60 70 80 90 100 Quantity (1,000s of units per unit of time) Enter your answer in the answer box
End of Chapter 1.8 Question Help You own a hot dog stand that you set up outside the student union every day at lunch time. Currently you are selling hot dogs for a price of $3, and you sell 30 hot dogs a day (point A on the diagram to the righ). You are considering cutting the price to $2. The graph to the right shows two possible increases in the quantity sold as a result of your price cut....
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