Homework Answers
34.
Correct Answer:
A
Explanation:
When income increases, then demand also increases and demand curve shifts to the right. It causes price and quantity to increase at the new equilibrium in the market. So, the correct answer is alternative A.
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D Question 34 4 pts Consider the market for...
*i am on a time crunch thanks. Question 33 4 pts Consider the market for soft...
*i am on a time crunch thanks.
Question 33 4 pts Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model of supply and demand to determine the effects on equilibrium price and quantity of soft drinks for the following events. part a: Workers at soft drink bottling plants go on strike demanding higher wages O price increases; quantity decreases O price increases, quantity increases O price decreases: quantity decreases O price decreases: quantity...
Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model...
Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model of supply and demand to determine the effects on equilibrium price and quantity of soft drinks for the following events. part a: Workers at soft drink bottling plants go on strike demanding higher wages part b: Household income increases and soft drinks are a normal good part c: The price of fruit juice, a substitute for soft drinks, decreases a. price decreases, quantity decreases...
Please help with these questions, Question 5 0.16 pts When firms in a market expect the...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
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...
D Question 33 2 pts The market for footballs is perfectly competitive. If all else is...
D Question 33 2 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs would and the equilibrium price would e rise rise O fall fall O fall: rise 2 pts D Question 34
Last Name, First Name Section (12:30 1, 2:002)1 ECON 202-Principles of Microeconomics Spring 2019 Assignment 2...
Last Name, First Name Section (12:30 1, 2:002)1 ECON 202-Principles of Microeconomics Spring 2019 Assignment 2 (20 points) total Due: Thursday January 31t (at the beginning of class) PART 1-Multiple Choice, 10 questions, 1 point each question. There is only one correct answer for each question. You do not need to show your work. 1. The difference between an "inferior" good and a "normal" good in Economics is: The demand for a normal good decreases as the price increases, which...
Please help with these questions, Question 17 0.16 pts During the winter months, many elderly people...
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
got these questions wrong, need help with the correct answers, thanks Question 16 2 pts Exhibit...
got these questions wrong, need help with the correct answers,
thanks
Question 16 2 pts Exhibit 4-1 Quantity Quantity Price demanded supplied $1.00 100 1.20 1.40 1.50 1.60 If the price of the good described in Exhibit 4-1 is $1.50, then there will be 70 units bought and sold in this market O a suprlus of 70 units no units bought or sold in this market O a layoff of all workers in this industry O a shortage of 70...
**I am on a time crunch thanks wenk Grey Men's... Due State Universe - The Past,...
**I am on a time crunch thanks
wenk Grey Men's... Due State Universe - The Past, Present Question 1 Attempt 1 Hour 2 pts If the price of hotel rooms rise, when is the price elasticity of demand likely to be the highest? O one year after the price increase one week after the price increase O one month after the price increase O six months after the price increase 2 pts
please answer Question 4 2.6 pts Assuming Demand is downward sloping and Supply is upward sloping...
please answer
Question 4 2.6 pts Assuming Demand is downward sloping and Supply is upward sloping (as we usually do), what happens to equilibrium price (P) and quantity (Q) of a good when Demand decreases? P and Q should not change P increases; Q increases P increases; Q decreases. P decreases, decreases. P decreases; Q increases. Question 5 2.6 pts Suppose that the supply of Blu Ray players decreases (i.e., shifts to the left). Using our standard supply and demand...
*i am on a time crunch thanks.
Question 33 4 pts Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model of supply and demand to determine the effects on equilibrium price and quantity of soft drinks for the following events. part a: Workers at soft drink bottling plants go on strike demanding higher wages O price increases; quantity decreases O price increases, quantity increases O price decreases: quantity decreases O price decreases: quantity...
Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model of supply and demand to determine the effects on equilibrium price and quantity of soft drinks for the following events. part a: Workers at soft drink bottling plants go on strike demanding higher wages part b: Household income increases and soft drinks are a normal good part c: The price of fruit juice, a substitute for soft drinks, decreases a. price decreases, quantity decreases...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
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...
D Question 33 2 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs would and the equilibrium price would e rise rise O fall fall O fall: rise 2 pts D Question 34
Last Name, First Name Section (12:30 1, 2:002)1 ECON 202-Principles of Microeconomics Spring 2019 Assignment 2 (20 points) total Due: Thursday January 31t (at the beginning of class) PART 1-Multiple Choice, 10 questions, 1 point each question. There is only one correct answer for each question. You do not need to show your work. 1. The difference between an "inferior" good and a "normal" good in Economics is: The demand for a normal good decreases as the price increases, which...
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
got these questions wrong, need help with the correct answers,
thanks
Question 16 2 pts Exhibit 4-1 Quantity Quantity Price demanded supplied $1.00 100 1.20 1.40 1.50 1.60 If the price of the good described in Exhibit 4-1 is $1.50, then there will be 70 units bought and sold in this market O a suprlus of 70 units no units bought or sold in this market O a layoff of all workers in this industry O a shortage of 70...
**I am on a time crunch thanks
wenk Grey Men's... Due State Universe - The Past, Present Question 1 Attempt 1 Hour 2 pts If the price of hotel rooms rise, when is the price elasticity of demand likely to be the highest? O one year after the price increase one week after the price increase O one month after the price increase O six months after the price increase 2 pts
please answer
Question 4 2.6 pts Assuming Demand is downward sloping and Supply is upward sloping (as we usually do), what happens to equilibrium price (P) and quantity (Q) of a good when Demand decreases? P and Q should not change P increases; Q increases P increases; Q decreases. P decreases, decreases. P decreases; Q increases. Question 5 2.6 pts Suppose that the supply of Blu Ray players decreases (i.e., shifts to the left). Using our standard supply and demand...
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