Homework Answers
The goods are substitutes, because with an increase in price of good X consumer moves to point B. At point B (new equilibrium) more of good Y is consumed and less of good X is consumed when compared to initital equilibrium of point A.
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Good Y C(slope --3) D (slope --1) E (slope --2/3) F (slope --1/4) Good X The...
(3) Good X is an inferior good if a decrease in income leads to A. an...
(3) Good X is an inferior good if a decrease in income leads to A. an increase in the supply of good X. B. a decrease in the supply of good X. C. an increase in the demand for good X. D. a decrease in the demand for good X. (4) If the cross-price elasticity between good A & B is negative, we know the goods are: A. inferior goods. B. complements. C. inelastic. D. substitutes.
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....
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a....
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a. goods y and x are complements. b. goods y and x are inferior goods. c. goods y and x are normal goods d. goods y and x are substitutes. If β is positive, then: 2. Good X is a normal good and its demand is given by Q-X, +α? + α2P +a/ . Then we know that:
please 24) 25) and 26 24. When the price of good X decreases, the demand for...
please 24) 25) and 26
24. When the price of good X decreases, the demand for good Y also decreases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 25. When the price of good X decreases, the demand for good Y increases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 26. Refer to Figure 4.9. Assume that there are only two people in the market for compact discs:...
The demand for good X is given by QXd = 6,000 - (1/2)PX - PY +...
The demand for good X is given by QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. Indicate whether goods Y and Z are substitutes or complements for good X b. Is X an inferior or a normal good? c. How many units of good X...
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;...
The demand for good X is given by QXd = 6,000 - (1/2)PX - PY +...
The demand for good X is given by QXd = 6,000 - (1/2)PX - PY + 9PZ + (1/10)M Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $70,000. a. Indicate whether goods Y and Z are substitutes or complements for good X. Good Y is: (Click to select) a substitute neither complement nor substitute a complement . Good Z is: (Click to select) a complement a...
When the price of good X falls and other things remain the same: 1. The quantity...
When the price of good X falls and other things remain the same: 1. The quantity of good X demanded increases, 2. The quantity of good Y demanded decreases, and 3. The quantity of good Z demanded increases Because a fall in the price of good X brings O A. a decrease in the quantity of good Y, good X and good Y are complements O B. a change in the quantity of both good Y and good Z, all...
the cross price of good x with respect to the price of good y has been...
the cross price of good x with respect to the price of good y has been estimated as being equal to -0.2. this implies that both goods are normal goods good y and good x are comlpements one of the two goods is inferior while the other is normal but we need additional information to determine which of them is inferior good y and good x are substitutes
1 Elasticity This problem continues on from the previous homework. Consider the market for good X....
1 Elasticity This problem continues on from the previous homework. Consider the market for good X. The demand function is and the supply function is Px, Py, and Pz are the prices of goods X, Y, and Z. M is the average consumer income Suppose market research determines that M 105, Py 20, and Pz 10. 1.a Caleulate the cross-price clasticities of demand with respect to good Y and good Z at the market cquilibrium. Are goods Y and Z...
(3) Good X is an inferior good if a decrease in income leads to A. an increase in the supply of good X. B. a decrease in the supply of good X. C. an increase in the demand for good X. D. a decrease in the demand for good X. (4) If the cross-price elasticity between good A & B is negative, we know the goods are: A. inferior goods. B. complements. C. inelastic. D. substitutes.
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....
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a. goods y and x are complements. b. goods y and x are inferior goods. c. goods y and x are normal goods d. goods y and x are substitutes. If β is positive, then: 2. Good X is a normal good and its demand is given by Q-X, +α? + α2P +a/ . Then we know that:
please 24) 25) and 26
24. When the price of good X decreases, the demand for good Y also decreases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 25. When the price of good X decreases, the demand for good Y increases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 26. Refer to Figure 4.9. Assume that there are only two people in the market for compact discs:...
When the price of good X falls and other things remain the same: 1. The quantity of good X demanded increases, 2. The quantity of good Y demanded decreases, and 3. The quantity of good Z demanded increases Because a fall in the price of good X brings O A. a decrease in the quantity of good Y, good X and good Y are complements O B. a change in the quantity of both good Y and good Z, all...
1 Elasticity This problem continues on from the previous homework. Consider the market for good X. The demand function is and the supply function is Px, Py, and Pz are the prices of goods X, Y, and Z. M is the average consumer income Suppose market research determines that M 105, Py 20, and Pz 10. 1.a Caleulate the cross-price clasticities of demand with respect to good Y and good Z at the market cquilibrium. Are goods Y and Z...
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