Homework Answers
Option 'A' is correct.
As consumer's preference shift toward X from Y, quantity demanded for X will increase and quantity demanded for Y will decrease. As a result, demand curve in X shifts right, increasing the equilibrium quantity and demand curve of Y will shift left thereby decreasing the equilibrium quantity.
Note : You haven't provided the graph of Industry X in figure 12.4(only Industry Y graph is provided), so it is assumed that either supply has increased to cope up with the demand or remains unchanged. Because the decrease in supply and increase in demand will lead to some other answer.
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Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. a....
Refer to the following foue flqure when o answering the next question Figure 12.4 : Philips Curve РС the Philips curve in Figure 12.4. At point a, the economy ispoint c, the economy is d. booming...
Refer to the following foue flqure when o answering the next question Figure 12.4 : Philips Curve РС the Philips curve in Figure 12.4. At point a, the economy ispoint c, the economy is d. booming, in recession in recession, booming a. in its long-run equilibrium; in recession e. in recession; in recession b. in recession, in its iong-run equilibrium c.
Refer to the following foue flqure when o answering the next question Figure 12.4 : Philips Curve РС the...
Refer to the information provided in Figure 5.2 below to answer the questions that follow. $4...
Refer to the information provided in Figure 5.2 below to answer the questions that follow. $4 10 A B 8 Price 6 C E 4 F N 1 2 3 4 5 Number of hamburgers Figure 5.2 Refer to Figure 5.2. If the price of a hamburger is increased from $6 to $8, the price elasticity of demand equals Use the midpoint formula. -0.24 - 1.0 0 -1.4 -2.0 Free entry implies that the government regulates the number of firms...
QUESTION 11 Refer to the information provided in Figure 10.2 below to answer the question(s) that...
QUESTION 11 Refer to the information provided in Figure 10.2 below to answer the question(s) that follow. MC, MC Dollars Units of labor Figure 10.2 __the amount of Refer to Figure 10.2. This firm's marginal cost curve has shifted from MC 1 to MCO A profit-maximizing firm should output produced and —_ its demand for labor. o keep constant, increase decrease; decrease increase; increase increase; decrease
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA...
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA MC ATC P = MR 24 20 18 Price 0 100 350 500 700 4 Bales of hay Figure 8.9 Refer to Figure 8.9. if the price jay falls to 18, to maximize profits, the firm should. produce 700 to minimize fixed costs O produce 350 and break even- reduce production to 500 shut down to avoid losses If P = MC and MC...
Refer to the information provided in Figure 8.1 below to answer the questions that follow. Figure...
Refer to the information provided in Figure 8.1 below to answer the questions that follow. Figure 8.1 1) Refer to Figure 8.1. The equation for this household's saving function is a) S = -1,000 + 0.8Y. b) S = -300 + 0.25Y. c) S = -200 + 0.8Y. d) S = -500 + 0.5Y. Refer to the information provided in Figure 8.1 below to answer the questions that follow. Figure 8.1 2) Refer to Figure 8.1. This household consumes $2,000...
Question 4 0.6 pts Refer to the information provided in the figure below to answer the...
Question 4 0.6 pts Refer to the information provided in the figure below to answer the question that follows The industry A representitive firm MC ATC Price (S) d = MR Units of output, Q Units of output, Existing firms in this industry make__economic profits, and as long as this continues zero; new firms will not enter it and existing firms will not leave it either. negative; new firms will not enter it and existing firms will leave it O...
If the aggregate demand in the economy depicted below is AD2, ceteris paribus, what is likely...
If the aggregate demand in the economy depicted below is AD2, ceteris paribus, what is likely to happen in this economy in the long run (without any government intervention)? Price level LRAS SRAS P3 AD3 AD1 2 AD2 2 Y Y Real GDP O The SRAS curve will shift to the right. Nominal wages will decrease. Nominal wages will increase. Both the nominal wages will decrease and the SRAS curve will shift to the right. O The SRAS curve will...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4 Price of pizza B C Dz 0 •D, D₂ Number of plazas per month Figure 3.7 Refer to Figure 3.7. An increase in demand is represented by the movement along D2 from Point B to Point C. from D2 to Di. along D2 from Point B to Point A. from D2 to Dz. Refer to the information provided in Figure 13.3 below to answer...
Part 1. 1. Use the figure above to answer this question. Consider a perfectly competitive market experiencing good time...
Part 1.
1. Use the figure above to answer this question.
Consider a perfectly competitive market experiencing good times.
Figure ________ shows a firm maximizing profit in the LONG RUN
because it produces ________ units and makes an economic profit of
________.
A) A; 100; $2 per unit
B) A; 90; $3 per unit
C) B; 100; $0 per unit
D) C; 100; $3 per unit
Part 2.
2. The figure above shows a firm's demand and marginal
revenue curves...
Refer to the information provided in Figure 13.5 below to answer the questions that follow. MC...
Refer to the information provided in Figure 13.5 below to answer the questions that follow. MC ATC Price per unit LL MR 20222426 hits of output Figure 13.5 1. Refer to Figure 13.5. The profit-maximizing level of output for this monopolist is units of output. A) 20 B) 22
Refer to the following foue flqure when o answering the next question Figure 12.4 : Philips Curve РС the Philips curve in Figure 12.4. At point a, the economy ispoint c, the economy is d. booming, in recession in recession, booming a. in its long-run equilibrium; in recession e. in recession; in recession b. in recession, in its iong-run equilibrium c.
Refer to the following foue flqure when o answering the next question Figure 12.4 : Philips Curve РС the...
Refer to the information provided in Figure 5.2 below to answer the questions that follow. $4 10 A B 8 Price 6 C E 4 F N 1 2 3 4 5 Number of hamburgers Figure 5.2 Refer to Figure 5.2. If the price of a hamburger is increased from $6 to $8, the price elasticity of demand equals Use the midpoint formula. -0.24 - 1.0 0 -1.4 -2.0 Free entry implies that the government regulates the number of firms...
QUESTION 11 Refer to the information provided in Figure 10.2 below to answer the question(s) that follow. MC, MC Dollars Units of labor Figure 10.2 __the amount of Refer to Figure 10.2. This firm's marginal cost curve has shifted from MC 1 to MCO A profit-maximizing firm should output produced and —_ its demand for labor. o keep constant, increase decrease; decrease increase; increase increase; decrease
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA MC ATC P = MR 24 20 18 Price 0 100 350 500 700 4 Bales of hay Figure 8.9 Refer to Figure 8.9. if the price jay falls to 18, to maximize profits, the firm should. produce 700 to minimize fixed costs O produce 350 and break even- reduce production to 500 shut down to avoid losses If P = MC and MC...
Question 4 0.6 pts Refer to the information provided in the figure below to answer the question that follows The industry A representitive firm MC ATC Price (S) d = MR Units of output, Q Units of output, Existing firms in this industry make__economic profits, and as long as this continues zero; new firms will not enter it and existing firms will not leave it either. negative; new firms will not enter it and existing firms will leave it O...
If the aggregate demand in the economy depicted below is AD2, ceteris paribus, what is likely to happen in this economy in the long run (without any government intervention)? Price level LRAS SRAS P3 AD3 AD1 2 AD2 2 Y Y Real GDP O The SRAS curve will shift to the right. Nominal wages will decrease. Nominal wages will increase. Both the nominal wages will decrease and the SRAS curve will shift to the right. O The SRAS curve will...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4 Price of pizza B C Dz 0 •D, D₂ Number of plazas per month Figure 3.7 Refer to Figure 3.7. An increase in demand is represented by the movement along D2 from Point B to Point C. from D2 to Di. along D2 from Point B to Point A. from D2 to Dz. Refer to the information provided in Figure 13.3 below to answer...
Part 1.
1. Use the figure above to answer this question.
Consider a perfectly competitive market experiencing good times.
Figure ________ shows a firm maximizing profit in the LONG RUN
because it produces ________ units and makes an economic profit of
________.
A) A; 100; $2 per unit
B) A; 90; $3 per unit
C) B; 100; $0 per unit
D) C; 100; $3 per unit
Part 2.
2. The figure above shows a firm's demand and marginal
revenue curves...
Refer to the information provided in Figure 13.5 below to answer the questions that follow. MC ATC Price per unit LL MR 20222426 hits of output Figure 13.5 1. Refer to Figure 13.5. The profit-maximizing level of output for this monopolist is units of output. A) 20 B) 22
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