Homework Answers
21) slope of a line is the ratio of change in the variable measured along the vertical axis to the change in the variable measured along the horizontal axis. Therefore the correct option is change in Y divided by change in X. Second option is correct
22) third option is correct. Income is a factor that is considered as a non price determinant of demand. for normal goods and an increase in income increases the demand for goods and services and the demand curve shifts out
23) the correct choice is 6 units. (6 - 3.6)/0.4 = 6 units
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O Not secure | my.thinkwell Which of the following formulas is the correct expression for the slope of a line? (22)...
phically how would ani The slope of the demand curve would increase. The slope of the...
phically how would ani The slope of the demand curve would increase. The slope of the demand curve would decrease The demand curve would shift outward, parallel to the original demand curve. o The demand curve would shift inward, parallel to the original demand curve. iven the equation P- $6.00 - S402, where P is the price of the good and O is the quantity of the good 1.44 units 3 units 3.6 units 6 units OElasticity of demand increases...
Given the equation P=$6.00 - $.40Q,where P is the price of the good and Q is...
Given the equation P=$6.00 - $.40Q,where P is the price of the good and Q is the quantity of the Good demanded,how many units will this consumer demand if the price is $3.60?
3. Answer the following questions involving the determinants of both demand and supply as explained in...
3. Answer the following questions involving the determinants of both demand and supply as explained in chapter three: L Assume the demand for product X increases. This might be caused by A a change in consumer tastes that is unfavorable to X. B. a decline in the price of Z, provided that X and Z are substitute goods C. a decline in income, provided that X is an inferior good. D. an increase in the price of Y, provided that...
01 Test to 10 What is the effect on demand for bread when the price of...
01 Test to 10 What is the effect on demand for bread when the price of bagels, a substitute for bread, rises? The demand curve for bread shifts to the right. The demand curve for bread shifts to the left The quantity of bread demanded increases. The quantity of bread demanded decreases. Which of the following would cause the supply curve for bread to shift inward? An increase in the price of bread OAn increase in the price of bagels...
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b. decrease c.will not affect it d. cannot be determined According to the law of demand, if the price of a good decreases, its Qd? a. decreases b. increases c. goes to zero d. stays constant According to the income effect, price changes equal changes in? a. money income b.real income c.demand d. utility on the demand curve a chance in price leads a. no...
Complete the following questions by selecting a SINGLE letter for each: i) Which of the following...
Complete the following questions by selecting a SINGLE letter for each: i) Which of the following is most likely to not be an inferior good? a. concert tickets b. Ramen noodle dinners c. none of the above (all of the above are inferior goods) d. used music CD's e. trips to the laundromat ii) If the government imposes a ceiling price on apartment rents, we would expect to observe which of the following? a. an increase in the number of...
GoodA Q(units) Use the above graph to answer the following questions. 1) What is the price...
GoodA Q(units) Use the above graph to answer the following questions. 1) What is the price elasticity of demand over the price range of 19 and 21? (use the midpoint method) 3 points) 2) Will a price increase from 19 to 21 result in an increase in revenue or a decrease in revenue? (2 point) 3) Given: Cross Price elasticity of demand (between good A and good B) is -4, and the price of good decreases by 5% and the...
When recording a manual which of the following is more correct Name abe123 ID_ OL Assignment...
When recording a manual which of the following is more
correct
Name abe123 ID_ OL Assignment Also copy your answers onto a red Par Score with room for 50 answers, a 1 -Quiz (Circle your answer to these questions on this sheet, and keep it. nd it will be collected at the beginning of class on Monday 2/5. You will be given the answers to the questions at a later date so you can review them). This is a good...
2. Which of the following statements about aggregate demand is (are) correct? (x) The wealth effect...
2. Which of the following statements about aggregate demand is (are) correct? (x) The wealth effect helps explain the slope of the aggregate demand curve. This effect is relatively unimportant in the United States because money holdings are a small part of consumer wealth. (y) The interest-rate effect depends on the idea that increases in interest rates decrease the quantity of goods and services demanded. The interest-rate effect is the most important reason, in the case of the United States,...
Which of the following would be expected to cause a decrease in the quantity supplied of...
Which of the following would be expected to cause a decrease in the quantity supplied of a certain good? 6. a. b. c. d. A decrease in the cost of materials used in producing that good An increase in the cost of materials used in producing that good A decrease in the price of the good An increase in the price of the good Suppose that at a price of $70 the quantity supplied in a market is 10 units,...
phically how would ani The slope of the demand curve would increase. The slope of the demand curve would decrease The demand curve would shift outward, parallel to the original demand curve. o The demand curve would shift inward, parallel to the original demand curve. iven the equation P- $6.00 - S402, where P is the price of the good and O is the quantity of the good 1.44 units 3 units 3.6 units 6 units OElasticity of demand increases...
3. Answer the following questions involving the determinants of both demand and supply as explained in chapter three: L Assume the demand for product X increases. This might be caused by A a change in consumer tastes that is unfavorable to X. B. a decline in the price of Z, provided that X and Z are substitute goods C. a decline in income, provided that X is an inferior good. D. an increase in the price of Y, provided that...
01 Test to 10 What is the effect on demand for bread when the price of bagels, a substitute for bread, rises? The demand curve for bread shifts to the right. The demand curve for bread shifts to the left The quantity of bread demanded increases. The quantity of bread demanded decreases. Which of the following would cause the supply curve for bread to shift inward? An increase in the price of bread OAn increase in the price of bagels...
GoodA Q(units) Use the above graph to answer the following questions. 1) What is the price elasticity of demand over the price range of 19 and 21? (use the midpoint method) 3 points) 2) Will a price increase from 19 to 21 result in an increase in revenue or a decrease in revenue? (2 point) 3) Given: Cross Price elasticity of demand (between good A and good B) is -4, and the price of good decreases by 5% and the...
When recording a manual which of the following is more
correct
Name abe123 ID_ OL Assignment Also copy your answers onto a red Par Score with room for 50 answers, a 1 -Quiz (Circle your answer to these questions on this sheet, and keep it. nd it will be collected at the beginning of class on Monday 2/5. You will be given the answers to the questions at a later date so you can review them). This is a good...
2. Which of the following statements about aggregate demand is (are) correct? (x) The wealth effect helps explain the slope of the aggregate demand curve. This effect is relatively unimportant in the United States because money holdings are a small part of consumer wealth. (y) The interest-rate effect depends on the idea that increases in interest rates decrease the quantity of goods and services demanded. The interest-rate effect is the most important reason, in the case of the United States,...
Which of the following would be expected to cause a decrease in the quantity supplied of a certain good? 6. a. b. c. d. A decrease in the cost of materials used in producing that good An increase in the cost of materials used in producing that good A decrease in the price of the good An increase in the price of the good Suppose that at a price of $70 the quantity supplied in a market is 10 units,...
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