Homework Answers
1) perfectly inelastic demand curve is vertical which says whatever the price is, the quantity is constant.
Therefore (a) A is the answer to this question
2) Equilibrium price is when demand is equal to supply = $10
Therefore (b) $10 is the answer to this question
3) At price of $30, demand = 300, supply = 500 which means there's an excess supply of $300.
Therefore (a) $30 is the answer to this question
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QUESTION 30 Figure 5-3 Price darity Refer to Figure 5-3. Which demand curve is perfectly inelastic?...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
QUESTION 12 Figure: The graph below shows a demand curve and four supply curves 1 Price...
QUESTION 12 Figure: The graph below shows a demand curve and four supply curves 1 Price Refer to Figure. If a tax is imposed in the above market then which supply curve will have highest deadweight lossi a. S2 Oc. SA. d.53. QUESTION 18 When boats are taxed and sellers of boats are required to pay the tax to the government, a. there is a movement downward and to the right along the demand curve for boats. Ob the quantity...
Question 3: The graph below is the market for hats Price 20 18 16 14 10 Demand 100 200 300 400 50...
Question 3: The graph below is the market for hats Price 20 18 16 14 10 Demand 100 200 300 400 500 600 700 800 900 Duatit Refer to the above figure and answer the following questions: Using mid-point method calculate the price elasticity between points A and B and mention if the situation is price elastic or price inelastic? Using mid-point method calculate the price elasticity between points B and C and mention if the situation is price elastic...
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....
29. The following figure shows the demand curve faced by a monopolist. Refer to the figure...
29. The following figure shows the demand curve faced by a monopolist. Refer to the figure above. What is the change in total revenue due to a price decrease from $4 to $3? a. Total revenue decreases by $200. b. Total revenue increases by $100. c. Total revenue decreases by $100. d. Total revenue dinreases by $200. 30. Which of the following is true of an increase in product prices? a. When the quantity effect dominates the price effect, total...
Question 11 (1 point) Use figure 9.7 to answer the following question: Figure 9.7 Price (5)...
Question 11 (1 point) Use figure 9.7 to answer the following question: Figure 9.7 Price (5) MR 20 30 40 50 Quantity (Figure 9.7) The levels of consumer surplus under monopoly and perfect competition are _ ____ and _____, respectively. O a) $600; $2,000 Ob) $200; $400 OC) $800; $3,200 OD) $400; $1,600 Question 12 (1 point) Use figure 9.7 to answer the following question: Figure 9.7 Price (S) MR 10 20 30 40 50 Quantity (Figure 9.7) The levels...
QUESTION 7 Refer to the accompanying figure. The equilibrium price is and the equilibrium quantity is...
QUESTION 7 Refer to the accompanying figure. The equilibrium price is and the equilibrium quantity is a. $4; 6 b.$6; 4 OC $2;8 d. $8; 6 QUESTION 8 The demand for a good is elastic if the price elasticity of demand is: a. equal to one b.equal to zero greater than one d.less than one QUESTION 9 If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is: a....
Figure 9-12 Price Domestic Supply World Price Domestic Demand 200 400 600 800 1000 1200 1400...
Figure 9-12 Price Domestic Supply World Price Domestic Demand 200 400 600 800 1000 1200 1400 Quantity 62. Refer to Figure 9-12. With trade allowed, this country a. exports 200 units of the good. c. imports 200 units of the good. b. exports 400 units of the good. d. exports 800 units of the good. 63. Refer to Figure 9-12. With trade, the domestic price and domestic quantity demanded are a. $18 and 400. c. $14 and 400. b. $18...
Question 18 Refer to the figure below. If a market changes from perfectly competitve to a...
Question 18 Refer to the figure below. If a market changes from perfectly competitve to a monopoly, what happens to the price and output levels? Price MC MR Demand Quantity O A. They move from point A to point B. B. They move from point B to point C. C. They move from point C to point B. O D. They move from point A to point C. Question 20 Refer to the figure below. How much is the amount...
Figure 6-2 Price led = 1 Demand 20 30 Quantity 10) 10) Refer to Figure 6-2....
Figure 6-2 Price led = 1 Demand 20 30 Quantity 10) 10) Refer to Figure 6-2. The absolute value of the price elasticity of demand at points a and bis 1. What is the value of Pb? A) $50 B) $40 C) $30 D) $20 11) If the slope of a demand curve is equal to -0.1 then A) we don't know whether the demand is elastic or inelastic. B) as price increases by 10 percent quantity demanded decreases by...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
QUESTION 12 Figure: The graph below shows a demand curve and four supply curves 1 Price Refer to Figure. If a tax is imposed in the above market then which supply curve will have highest deadweight lossi a. S2 Oc. SA. d.53. QUESTION 18 When boats are taxed and sellers of boats are required to pay the tax to the government, a. there is a movement downward and to the right along the demand curve for boats. Ob the quantity...
Question 3: The graph below is the market for hats Price 20 18 16 14 10 Demand 100 200 300 400 500 600 700 800 900 Duatit Refer to the above figure and answer the following questions: Using mid-point method calculate the price elasticity between points A and B and mention if the situation is price elastic or price inelastic? Using mid-point method calculate the price elasticity between points B and C and mention if the situation is price elastic...
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....
Question 11 (1 point) Use figure 9.7 to answer the following question: Figure 9.7 Price (5) MR 20 30 40 50 Quantity (Figure 9.7) The levels of consumer surplus under monopoly and perfect competition are _ ____ and _____, respectively. O a) $600; $2,000 Ob) $200; $400 OC) $800; $3,200 OD) $400; $1,600 Question 12 (1 point) Use figure 9.7 to answer the following question: Figure 9.7 Price (S) MR 10 20 30 40 50 Quantity (Figure 9.7) The levels...
QUESTION 7 Refer to the accompanying figure. The equilibrium price is and the equilibrium quantity is a. $4; 6 b.$6; 4 OC $2;8 d. $8; 6 QUESTION 8 The demand for a good is elastic if the price elasticity of demand is: a. equal to one b.equal to zero greater than one d.less than one QUESTION 9 If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is: a....
Figure 9-12 Price Domestic Supply World Price Domestic Demand 200 400 600 800 1000 1200 1400 Quantity 62. Refer to Figure 9-12. With trade allowed, this country a. exports 200 units of the good. c. imports 200 units of the good. b. exports 400 units of the good. d. exports 800 units of the good. 63. Refer to Figure 9-12. With trade, the domestic price and domestic quantity demanded are a. $18 and 400. c. $14 and 400. b. $18...
Question 18 Refer to the figure below. If a market changes from perfectly competitve to a monopoly, what happens to the price and output levels? Price MC MR Demand Quantity O A. They move from point A to point B. B. They move from point B to point C. C. They move from point C to point B. O D. They move from point A to point C. Question 20 Refer to the figure below. How much is the amount...
Figure 6-2 Price led = 1 Demand 20 30 Quantity 10) 10) Refer to Figure 6-2. The absolute value of the price elasticity of demand at points a and bis 1. What is the value of Pb? A) $50 B) $40 C) $30 D) $20 11) If the slope of a demand curve is equal to -0.1 then A) we don't know whether the demand is elastic or inelastic. B) as price increases by 10 percent quantity demanded decreases by...
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