Homework Answers
Q27
Answer
Option 4
The exogenous variables are the determinants of demand and supply
curve and that shifts the curves
an endogenous variable is a price.
========
Q28
Answer
Option a
income elasticity Mesure the change in quantity demanded because of
the change in income
price elasticity measures it because of the change in price
cross-price elasticity measure it because of the change in prices
of other good
Add Answer to:
27 n 28 please help
Question Completion Status: QUESTION 27 Shifts in the demand or supply...
25) What is measured by the price elasticity of supply? A) The price elasticity of supply...
25) What is measured by the price elasticity of supply? A) The price elasticity of supply measures how responsive producers are to changes in the price of other goods. B) The price elasticity of supply measures how responsive producers are to changes in income. C) The price elasticity of supply measures how responsive producers are to changes in the price of a product. D) The price elasticity of supply is a measure of the slope of the supply curve. E)...
The price elasticity of demand measures how much a. quantity demanded responds to a change in...
The price elasticity of demand measures how much a. quantity demanded responds to a change in price. b. quantity demanded responds to a change in income. c. price responds to a change in demand. d. demand responds to a change in supply.
4. Suppose that the demand curve shifts to the right and the supply curve shifts to...
4. Suppose that the demand curve shifts to the right and the supply curve shifts to the left simultaneously (i.e., both shift at the same time). For each part, draw a single demand and supply graph (i.e., one graph for part a, another graph for part b). (You can practice with the other possibilities on your own if you want more practice with simultaneous shifts.) a. If the demand curve shifts by a greater amount than the supply curve, how...
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)...
7. Assume that advertising shifts the demand curve for Coca-Cola to the right along the supply...
7. Assume that advertising shifts the demand curve for Coca-Cola to the right along the supply curve which pushes the Coca-Cola price up by 45%. If the old equilibrium price of Coke was $1.33/liter bottle and the old equilibrium quantity is 13,360.0 million liter bottles, the elasticity of Coca-Cola supply is 0.50 and the elasticity of demand is -1.83, what is the new equilibrium quantity demanded of Coca-Cola? What is the new equilibrium quantity supplied?
5. Movements along versus shifts of demand and supply curves Aa Consider the supply of donuts....
5. Movements along versus shifts of demand and supply curvesConsider the supply of donuts.Which of the following would cause a movement along the supply curve (that is, a change in the quantity supplied) for donuts Check all that apply.A change in the number of producersA change in the price of flour (used in the production of donuts)A shift in the demand curve of donutsWhich of the following would cause a shift of the supply curve for donuts? Check all that...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the equilibrium price: increases and the equilibrium quantity decreases. increases and the equilibrium quantity increases, decreases and the equilibrium quantity decreases. decreases and the equilibrium quantity increases. stays the same and the equilibrium quantity increases. Question 20 0.1 pts If the price of a good increases, holding all else constant, o the demand for all of that good's substitutes will decrease. the quantity demanded for...
13. An increase in the demand for a product means that the a. supply curve shifts...
13. An increase in the demand for a product means that the a. supply curve shifts to the left. b. demand curve shifts to the right. C. supply curve shifts to the right. d. demand curve shifts to the left. Exhibit 3-15 Supply and demand curres for good X Price per unit (dollars) 100 200 300 400 Quantity of pedx (unis per time period 14.- In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X...
If the price elasticity of demand for canned soup is estimated at -1,62.. then what happens...
If the price elasticity of demand for canned soup is estimated at -1,62.. then what happens to sales revenue if the price of canned It falls by 162 percent O it fals by 1.62 percent It falls O It rises Question 30 When Audrina raised the price of her home-made cookies, her total revenue increased. This suggests that the demand for Audrina's cookies is elast O True O False Question 31 ncome elasticity measures O how a good's quantity demanded...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________...
Suppose that the price elasticity of demand of a good is -3. Its demand is _________ and the percentage change in its quantity demanded is ________ than the percentage change in its price. A. Elastic: Smaller B. Elastic: Greater C. Inelastic: Smaller D. Inelastic: Greater Which of the following is not a determinant of the price elasticity of demand? A. Availability of substitutes B. Degree of necessity C. Cost relative to income D. Availability of inputs With a(n) ______ demand,...
4. Suppose that the demand curve shifts to the right and the supply curve shifts to the left simultaneously (i.e., both shift at the same time). For each part, draw a single demand and supply graph (i.e., one graph for part a, another graph for part b). (You can practice with the other possibilities on your own if you want more practice with simultaneous shifts.) a. If the demand curve shifts by a greater amount than the supply curve, how...
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)...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the equilibrium price: increases and the equilibrium quantity decreases. increases and the equilibrium quantity increases, decreases and the equilibrium quantity decreases. decreases and the equilibrium quantity increases. stays the same and the equilibrium quantity increases. Question 20 0.1 pts If the price of a good increases, holding all else constant, o the demand for all of that good's substitutes will decrease. the quantity demanded for...
13. An increase in the demand for a product means that the a. supply curve shifts to the left. b. demand curve shifts to the right. C. supply curve shifts to the right. d. demand curve shifts to the left. Exhibit 3-15 Supply and demand curres for good X Price per unit (dollars) 100 200 300 400 Quantity of pedx (unis per time period 14.- In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X...
If the price elasticity of demand for canned soup is estimated at -1,62.. then what happens to sales revenue if the price of canned It falls by 162 percent O it fals by 1.62 percent It falls O It rises Question 30 When Audrina raised the price of her home-made cookies, her total revenue increased. This suggests that the demand for Audrina's cookies is elast O True O False Question 31 ncome elasticity measures O how a good's quantity demanded...
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