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- There are several factors that have influenced the importance of purchasing andsupply”. Justify this statement by discussing information technology as a major factor.Provide an example of your choice to explain the factor.Question Earlier this year, 2021, the price of chicken meat rose unexpectedly reached to 250/ kilo at peak from the previous price of 170/ kilo. This 68% increase of price per kilo was primarily caused by excess demand for chicken meat. This is the result of the decrease in consumption for pork meat due to the threat of African Swine Flu (ASF). However, even though consumer shifted preferences, the increase in the price of chicken was perceived to be too high for the budget of consumers. Therefore, sellers realized decrease in their daily aggregate sales from 1,000 kilos to 700 kilos. 1. Illustrate the change in the market equilibrium through a graph. 2. What presumably happened to the total revenues of the sellers during the price hike period? a.) Compute the price elasticity of demand b.) Derive the total revenue before the hike (TR1), and after the hike (TR2).When the consumer buys 60 units of quantity of goods at a price of 3 per unit what would be the total expenditure!!!!
- Question 16 Which of the following goods are likely to be considered complements? a) Peanut butter and jelly b) Coke and Pepsi c) Gasoline and diesel fuel d) Sprite and 7-Up10) A consumption points inside the budget line A) is unaffordable. B) shows that the consumer spends income on only one of the goods. C) shows that the consumer has chosen to spend all of his or her income on both products. D) is possible to afford but has some unspent income.Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?
- Give examples of goods with high utility and high prices, andgoods with low utility and low prices.True/False 1. it is necessary assumption and economics that consumers prefer higher quantities a good to lower quantities of that good for all goodsQuestion1: a-Using an example with graph, explain when consumer is in equilibrium? b- Draw the graph (curves)
- Use the following information to answer questions 1 through 8: A student has a monthly budget of $120 to spend on either burritos, which cost $6 each, or sodas, which cost $4 each. What is the largest number of burritos that the student could afford to purchase in one month? What is the largest number of sodas the student could afford to purchase in one month?Exercise 1: Identifying the determinants of demand. In worksheet 5B, you have seen have how an increase in demand is depicted on a graph by a shift in the demand curve. • When the demand curve shifts upward and to the right, this is indicative of an increase in demand. • When the demand curve shifts to the left, this is indicative of a decrease in demand. • Factors that result in a change in demand are the determinants of demand. Working as a part of a team of three or four, complete the table below. For each determinant of demand: • indicate whether demand will increase or decrease; • provide an explanation as to why.1. Generally speaking, as more of a good is purchased by an individual consumer, marginal utility A. increases and total utility increases. B. increases and total utility decreases. C. decreases and total utility increases. D. decreases and total utility decreases.
