Homework Answers
5. Option B. They both would decrease
Explanation: Android phones and iPhones are substitutes. Therefore, when the price of an android phone falls, the demand curve of iPhones would shift towards the left. As a result, both the equilibrium price and quantity of iPhones would fall.
6. Option D
Explanation: In case of a normal good, a fall in income results in a leftward shift of the demand curve. This results in lower price and quantity.
Add Answer to:
Principles of Macroeconomics ECON 1204-001 Spring 2019 a. A number of frms left the market b....
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...
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...
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 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...
27) Suppose we observe a rise in the prics ot sold. Which one of the following...
27) Suppose we observe a rise in the prics ot sold. Which one of the following is a likely explanation und an ncease n thr qantity of good A bought a 2 A) The demand for A increased. B) The supply of A increased C) The demand for A decreased. D) The supply of A decreased. E) The law of demand is violated. Tp 28) 28) Suppose we observe a fall in the price of gu and sold. Which one...
QUESTION 13 Consider the market for new residential houses in the Richmond metropolitan area. If the...
QUESTION 13 Consider the market for new residential houses in the Richmond metropolitan area. If the local economy "booms" and incomes rise, we would expect the average home price to fall the average home price to rise home prices to stay stable home prices to fluctuate wildly depending on the whether the Washington Redskins are winning or losing QUESTION 14 Consider the market for Diet Coke. If the price of Diet Pepsi (a substitute good) increases, then we would expect...
A binding price floor exists when the price is not allowed to increase above a certain...
A binding price floor exists when the price is not allowed to increase above a certain level. True False Effective and binding price floors will NOT lead to a social surplus "dead-weight-loss." True False Inferior goods are negatively correlated to changes in income, i.e., as income increases the demand for inferior goods decreases. True False If the price of tennis rackets increases and causes the demand for tennis balls to shift to the left, Tennis rackets and tennis balls are...
A.) Suppose that investors in the bonds market find that risk levels decrease. Consequently, the demand...
A.) Suppose that investors in the bonds market find that risk levels decrease. Consequently, the demand for bonds should _____ and the demand curve will shift to the ____. A. decrease; right B. decrease; left C. increase; right D. increase; left B.) Suppose that government deficit spending rises. In this case, we would expected that the equilibrium price will ____ and the equilibrium yield will ____. A. rise; fall B. rise; rise C. fall; rise D. fall; fall
1. Suppose we found a movement on the demand curve to the left. This change may...
1. Suppose we found a movement on the demand curve to the left. This change may be caused by a ____? A. a lower cost of inputs. B. a decrease of supply. C. fall in the number of substitute goods. D. rise in income. 2. The price of beef, which is used in making beef jerky, increases. In the market for beef jerky you would expect that ____? A. the demand for beef jerky would increase and the price of...
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...
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...
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...
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 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...
27) Suppose we observe a rise in the prics ot sold. Which one of the following is a likely explanation und an ncease n thr qantity of good A bought a 2 A) The demand for A increased. B) The supply of A increased C) The demand for A decreased. D) The supply of A decreased. E) The law of demand is violated. Tp 28) 28) Suppose we observe a fall in the price of gu and sold. Which one...
QUESTION 13 Consider the market for new residential houses in the Richmond metropolitan area. If the local economy "booms" and incomes rise, we would expect the average home price to fall the average home price to rise home prices to stay stable home prices to fluctuate wildly depending on the whether the Washington Redskins are winning or losing QUESTION 14 Consider the market for Diet Coke. If the price of Diet Pepsi (a substitute good) increases, then we would expect...
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...
Most questions answered within 3 hours.
-
why are special-interest travelers becoming more important to
tourism service suppliers?
asked 1 minute from now -
A 50.0-kg child takes a ride on a Ferris wheel that rotates four
times each minute...
asked 20 minutes ago -
What happens to the distribution of gene alleles when a
reproductive isolation arises between different population...
asked 19 minutes ago -
1 – Balance the following
Bi(OH)3 + SnO22- →
SnO32- +
Bi
asked 31 minutes ago -
Explain what we mean by "The electric field at the point marked
X is 10 N/C."...
asked 43 minutes ago -
What is the positive energy states in Dirac’s picture? It says
that it leaves an empty...
asked 41 minutes ago -
A mutual fund manager has a $20 million portfolio with a beta of
1.7. The risk-free...
asked 41 minutes ago -
Given the following contribution margin income statement
Sales (15000 units 35
$/units)
asked 41 minutes ago -
The heights in feet of some of the girls of SEU
are: 5.8, 6.1, 5.9, 5.4, 5.6,...
asked 1 hour ago -
Caspian Sea Drinks is considering the purchase of a new water
filtration system produced by Rube...
asked 1 hour ago -
Compare and contrast the
social media of Pepsi and Coke? which one is most effective and...
asked 1 hour ago -
1.
Who initiates a lockout?
Group of answer choices
management
employees
unions
arbitrators
asked 1 hour ago