Homework Answers
The change in price of commodity A is greater than 0. That is a positive value.
While the quantity demanded of commodity B shifts to left thus, the quantity change is negative.
The resultant cross elasticity is Negative.
Hence the two goods are complement to each other.
D. Good A and B are complement.
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The price of good A goes up. As a result the demand for good shifts to...
The price of good A goes up. As a result the demand for good shifts to the left. From this we can infer that: O good A is a normal good. good B is an inferior good. O goods A and B are complements. O goods A and B are substitutes,
A good for which demand increases as income rises is ________, and a good for which...
A good for which demand increases as income rises is ________, and a good for which demand increases as income falls is ________. A. a substitute; a complement B. a normal good; an inferior good C. an inferior good; a normal good D. a complement; a substitute Goods and services that can be used for the same purpose are ________, and goods and services that are used together are ________. A. substitutes; complements B. normal goods; inferior goods C. complements;...
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a....
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a. goods y and x are complements. b. goods y and x are inferior goods. c. goods y and x are normal goods d. goods y and x are substitutes. If β is positive, then: 2. Good X is a normal good and its demand is given by Q-X, +α? + α2P +a/ . Then we know that:
please 24) 25) and 26 24. When the price of good X decreases, the demand for...
please 24) 25) and 26
24. When the price of good X decreases, the demand for good Y also decreases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 25. When the price of good X decreases, the demand for good Y increases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 26. Refer to Figure 4.9. Assume that there are only two people in the market for compact discs:...
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium...
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs to rise a. True b. Fals dicale the answer choice that hest cmnletes the statement or answers the question. 2. If the demand curve for a good shifts leftward. a quantity demanded is less at each price. b. quantity demanded remains constant at each price. c. quantity demanded is greater at each price. d. demand is greater at each price....
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods...
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods are: A. Complements B. Substitutes C. Unrelated Goods D. Inelastic Goods 6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6...
Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for...
Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for X shifts to the right: the price of X goes up. all of the above.
Show transcribed image text Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for X shifts to the right: the price of X goes up. all of...
15. In the following two panels, the demand for good X shifts due to a change...
15. In the following two panels, the demand for good X shifts due to a change in income (Panel A) and a change in the price of a related good Y (Panel B). Holding the price of good X constant at $50, calculate the following elasticities: Price of good X (dollars) Price of good X (dollars) D'(M = $65,000) D(M = $60,000) DIPy = $20) D'(Py = $24) 1 0 0 50 56 Quantity of Panel A 4450 Quantity of...
please explain. A corporation will most likely increase the price of its output if the; supply...
please explain.
A corporation will most likely increase the price of its output if the; supply curve shifts to the right. quantity supplied of the good exceeds the quantity demanded. demand curve shifts to the left. quantity demanded of the good exceeds the quantity supplied. Suppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand for bleu cheese decreases. From this you conclude that: tomatoes are inferior goods and blue cheese is a normal good....
(3) Good X is an inferior good if a decrease in income leads to A. an...
(3) Good X is an inferior good if a decrease in income leads to A. an increase in the supply of good X. B. a decrease in the supply of good X. C. an increase in the demand for good X. D. a decrease in the demand for good X. (4) If the cross-price elasticity between good A & B is negative, we know the goods are: A. inferior goods. B. complements. C. inelastic. D. substitutes.
The price of good A goes up. As a result the demand for good shifts to the left. From this we can infer that: O good A is a normal good. good B is an inferior good. O goods A and B are complements. O goods A and B are substitutes,
l. QD-10 +uP + βΡ, + Suppose the demand for good X is given by a. goods y and x are complements. b. goods y and x are inferior goods. c. goods y and x are normal goods d. goods y and x are substitutes. If β is positive, then: 2. Good X is a normal good and its demand is given by Q-X, +α? + α2P +a/ . Then we know that:
please 24) 25) and 26
24. When the price of good X decreases, the demand for good Y also decreases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 25. When the price of good X decreases, the demand for good Y increases. What are these goods? a. Normal goods b. Inferior goods c. Substitutes d. Complements 26. Refer to Figure 4.9. Assume that there are only two people in the market for compact discs:...
1. If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs to rise a. True b. Fals dicale the answer choice that hest cmnletes the statement or answers the question. 2. If the demand curve for a good shifts leftward. a quantity demanded is less at each price. b. quantity demanded remains constant at each price. c. quantity demanded is greater at each price. d. demand is greater at each price....
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods are: A. Complements B. Substitutes C. Unrelated Goods D. Inelastic Goods 6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6...
Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for X shifts to the right: the price of X goes up. all of the above.
Show transcribed image text Suppose X and Y are substitutes, if the price of Y goes up: then the demand for X increases. then the demand curve for X shifts to the right: the price of X goes up. all of...
15. In the following two panels, the demand for good X shifts due to a change in income (Panel A) and a change in the price of a related good Y (Panel B). Holding the price of good X constant at $50, calculate the following elasticities: Price of good X (dollars) Price of good X (dollars) D'(M = $65,000) D(M = $60,000) DIPy = $20) D'(Py = $24) 1 0 0 50 56 Quantity of Panel A 4450 Quantity of...
please explain.
A corporation will most likely increase the price of its output if the; supply curve shifts to the right. quantity supplied of the good exceeds the quantity demanded. demand curve shifts to the left. quantity demanded of the good exceeds the quantity supplied. Suppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand for bleu cheese decreases. From this you conclude that: tomatoes are inferior goods and blue cheese is a normal good....
(3) Good X is an inferior good if a decrease in income leads to A. an increase in the supply of good X. B. a decrease in the supply of good X. C. an increase in the demand for good X. D. a decrease in the demand for good X. (4) If the cross-price elasticity between good A & B is negative, we know the goods are: A. inferior goods. B. complements. C. inelastic. D. substitutes.
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