1) Explain whether each of the following events represents (i) a shift of the demand curve or (ii) amovement along the demand curve. If the choice is (i)., indicate which way the demand curve shifts.Please give a proper cause and effect statement even if doing so seems obvious.a)Barnes & Nobles finds that customers are willing to buy less copies of Audacity of Hope whenit increases the prices of the books from $25 to $30.b) After Taco Town announces that its tacos cause cancer, people are buying less tacos than theyhave in the past.c) In order to generate more business, Baskin Robbins increases the price of its ice cream from$3.75 to $5.00. However, the store sees increased business.d) An influx of college students into Hacienda Heights in September sees pizza business increaseat Pizza Co. Prices of pizza and quantity consumed of pizza for the month of September bothincrease.

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Answered: 1) Explain whether each of the…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 10PA

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Similar questions

As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.
What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
Explain all the reasons why a decrease in a products price would lead to an increase in purchases.
True or False *if the answer is false, expalain it 1. In the market for gasoline, the reason that the equilibrium quantity increased was that the increase in demand was less than the decrease in supply. 2. A fall in the price of iPads would shift the demand curve for iPads to the right. 3. Percentage an increase in the price of good Y is 40% causes a decrease in the quantity demanded of the X by 20%, then good X and good Y are complements. 4. Increasing in the apple price by 40% led to an decrease in the quantity of apple demanded by 60%, then the elasticity of demand is an inelastic type. 5. A price floor set by government will increase the equilibrium price and quantity in a Market
Explain how the market demand curve for a ‘normal’ good will shift (i.e. left, right or noshift) in each of the following cases? What then will happen to the equilibrium price andquantity?(a) The price of a substitute good risesClick or tap here to enter text.(b) The price of a complementary good fallsClick or tap here to enter text.(c) The price of the good increasesClick or tap here to enter text.(d) Tastes shift away from the goodClick or tap here to enter text.(e) Personal income increases with diagrams please
Think Critically a. Use the data below to construct a demand curve for pizza. Price Quantity 14 100 12 200 10 300 8 400 6 500 b. Explain two (2) reasons why the demand curve has a negative slope. c. For each of the following situations relating to the demand for pizza. identify the factor affecting demand demonstrate on the axes provided, and explain, the effects of the change. (I)an increase in the price of hamburgers Factor: ___________________________________ Explanation: ______________________________ (II) a media report announces that eating pizza increases the risk of heart disease Factor: ___________________________________ Explanation: ______________________________ d. What role does price play in the market and how does the type of market impact on the determination of price?
PROBLEM You are choosing between two goods, X and Y, and your MU from each is shown in the table below. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities of X, derive a demand curve for X. 7. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. How much will be the total utility for product X only to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement. 8. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. What maximum total utility for products X and Y that will you realize? Use a number, no decimal value, no commas, no space, no unit of measurement. please answer all questions. Thanks
a. Determine the demand functions of x and y in the case of a Cobb-Douglas type utility function, in the following cases: α=0.40;β=0.60 Graph the demand functions of the two goods (price as a function of quantity) assuming the individual's income is $500 - Determine what is the quantity demanded of x and y, if the price of good x is USD 1, the price of good y is USD 4, and income is USD 500 - Now, explain what happens to the quantity demanded if the prices of the goods are doubles holding income constant.
If individuals were spending more time at home and expected the price of Charmin toilet paper to increase in the future, would this, ceteris paribus, be reflected as a change in demand or a change in supply in the market for Charmin toilet paper – a normal good?  Explain.  Be sure to clearly identify a textbook variable or determinant that is causing this change.  Would this change be an increase or decrease?  Explain.�� Would this change result in a surplus or in a shortage in the market for Charmin toilet paper?  Explain.  Given this surplus or shortage, how will a new equilibrium be established?  What do you predict will happen to the equilibrium price and the equilibrium quantity exchanged in the market for Charmin toilet paper?  Explain.
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