Homework Answers
1> a
There will be no surplus and shortage as the quantity supplied and demanded are same and equal to 70.
2> d
Used clothes is an inferior good as with the rise in income, people shift to not buying used clothes.
3> c
A normal good as if the consumption rises when the income rises.
4> a
Only an increase in demand will cause both the quantity and price to shift upwards.
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Question 16 2 pts Exhibit...
I got all these wrong. Please provide the correct answers. Thanks! Question 19 of 20 0.0/...
I got all these wrong. Please provide the correct answers.
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Question 19 of 20 0.0/ 0.25 Points What is a key component of a market system's operation? OA. money C. cooperation between buyers and sellers Question 20 of 20 0 25 Points Though the United States has large coal reserves, environmental concerns led to the Clean Air Act of 1975 which enforces the reduction of coal emissions. Which of the following scenarios is most likely to have occurred soon...
Please help with these questions Question 36 0.4 pts When you change your quantity demanded of...
Please help with these questions
Question 36 0.4 pts When you change your quantity demanded of one good because of a change in price of another good, you are acting according to the principle of income elasticity of demand. O price elasticity of demand. O cross-price elasticity of demand O price elasticity of supply O income elasticity of supply Question 37 0.4 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout...
Question 25 4 pts Exhibit 4-2 400 600 800 1,000 Quantity Exhibit 4-2 represents the orange...
Question 25 4 pts Exhibit 4-2 400 600 800 1,000 Quantity Exhibit 4-2 represents the orange juice market. The horizontal line at $2 shows a price ceiling imposed by the government. Which of the following statements is true at this price? O At the price ceiling the shortage equals 400 units. OAt the price ceiling the shortage equals 200 units. ONone of these options O At the price ceiling the surplus equals 400 units. O At the price ceiling the...
Please help with these questions, Question 23 0.16 pts If the number of buyers in a...
Please help with these questions,
Question 23 0.16 pts If the number of buyers in a market increases from 50 to 100, you would expect the equilibrium price to and the equilibrium quantity to , holding all else constant. decrease; decrease increase; increase O decrease: increase ○ increase, decrease O remain the same; remain the same Question 24 0.16 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout the economy. If...
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded...
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded Price per per month bushel 50 $5 55 4 per month 80 75 70 60 3 165 2 65 70 1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4.10? Farmers would reduce the number of acres allocated to the growing of apricots. Buyers would not want to purchase all...
Please help with these questions: Question 13 0.2 pts Which one of the following pairs of...
Please help with these questions:
Question 13 0.2 pts Which one of the following pairs of goods is likely to have a positive cross price elasticity of demand? fries and ketchup onion rings and chicken strips O chocolate ice cream and sprinkles O Pepsi and Coke O ice cream shakes and hamburgers Question 14 0.2 pts When Noelle received a promotion at work, her income rose by 50 percent. The income elasticity of demand for steak was found to be...
Please answer D Question 12 2.6 pts Consider the market for baseball bats below (and assume...
Please answer
D Question 12 2.6 pts Consider the market for baseball bats below (and assume it can be analyzed in our typical supply/demand framework) SPrice (P) Quantity (a) If the price of ash (the kind of wood used to make baseball bats) increases, the market equilibrium price of bats will increase and the equilibrium quantity will decrease. You should think about what this would look like on the graph above (i.e., with appropriate shift (or shifts). Suppose an analyst...
Please help with these questions: Question 1 0.2 pts When the price of scooters drops by...
Please help with these questions:
Question 1 0.2 pts When the price of scooters drops by 5 percent, the quantity demanded changes by 20 percent. We know that the price elasticity of demand for scooters is O inelastic. O perfectly inelastic. O perfectly elastic. unitary elastic. O elastic. Question 2 0.2 pts Nicolette raised her quantity demanded of hockey pucks from 100 to 150 when the price fell from $5 to $3 per puck. Using the midpoint method, her price...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand,...
Please help with these questions Question 5 0.4 pts Which of the following lists three main...
Please help with these questions
Question 5 0.4 pts Which of the following lists three main characteristics of a competitive market? many buyers and few sellers, similar products, easy entry into the market O many buyers and sellers, differentiated products, easy entry into the market many buyers and few sellers, unique products, barriers to entry into the market O many buyers and sellers, similar products, barriers to entry into the market O many buyers and sellers, similar products, easy entry...
I got all these wrong. Please provide the correct answers.
Thanks!
Question 19 of 20 0.0/ 0.25 Points What is a key component of a market system's operation? OA. money C. cooperation between buyers and sellers Question 20 of 20 0 25 Points Though the United States has large coal reserves, environmental concerns led to the Clean Air Act of 1975 which enforces the reduction of coal emissions. Which of the following scenarios is most likely to have occurred soon...
Please help with these questions
Question 36 0.4 pts When you change your quantity demanded of one good because of a change in price of another good, you are acting according to the principle of income elasticity of demand. O price elasticity of demand. O cross-price elasticity of demand O price elasticity of supply O income elasticity of supply Question 37 0.4 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout...
Question 25 4 pts Exhibit 4-2 400 600 800 1,000 Quantity Exhibit 4-2 represents the orange juice market. The horizontal line at $2 shows a price ceiling imposed by the government. Which of the following statements is true at this price? O At the price ceiling the shortage equals 400 units. OAt the price ceiling the shortage equals 200 units. ONone of these options O At the price ceiling the surplus equals 400 units. O At the price ceiling the...
Please help with these questions,
Question 23 0.16 pts If the number of buyers in a market increases from 50 to 100, you would expect the equilibrium price to and the equilibrium quantity to , holding all else constant. decrease; decrease increase; increase O decrease: increase ○ increase, decrease O remain the same; remain the same Question 24 0.16 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout the economy. If...
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded Price per per month bushel 50 $5 55 4 per month 80 75 70 60 3 165 2 65 70 1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4.10? Farmers would reduce the number of acres allocated to the growing of apricots. Buyers would not want to purchase all...
Please help with these questions:
Question 13 0.2 pts Which one of the following pairs of goods is likely to have a positive cross price elasticity of demand? fries and ketchup onion rings and chicken strips O chocolate ice cream and sprinkles O Pepsi and Coke O ice cream shakes and hamburgers Question 14 0.2 pts When Noelle received a promotion at work, her income rose by 50 percent. The income elasticity of demand for steak was found to be...
Please answer
D Question 12 2.6 pts Consider the market for baseball bats below (and assume it can be analyzed in our typical supply/demand framework) SPrice (P) Quantity (a) If the price of ash (the kind of wood used to make baseball bats) increases, the market equilibrium price of bats will increase and the equilibrium quantity will decrease. You should think about what this would look like on the graph above (i.e., with appropriate shift (or shifts). Suppose an analyst...
Please help with these questions:
Question 1 0.2 pts When the price of scooters drops by 5 percent, the quantity demanded changes by 20 percent. We know that the price elasticity of demand for scooters is O inelastic. O perfectly inelastic. O perfectly elastic. unitary elastic. O elastic. Question 2 0.2 pts Nicolette raised her quantity demanded of hockey pucks from 100 to 150 when the price fell from $5 to $3 per puck. Using the midpoint method, her price...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand,...
Please help with these questions
Question 5 0.4 pts Which of the following lists three main characteristics of a competitive market? many buyers and few sellers, similar products, easy entry into the market O many buyers and sellers, differentiated products, easy entry into the market many buyers and few sellers, unique products, barriers to entry into the market O many buyers and sellers, similar products, barriers to entry into the market O many buyers and sellers, similar products, easy entry...
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