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- What is the law of demand? A) As the price of a good increases, its demand decreases B) As the price of a good increases, its demand increases C) Demand remains constant regardless of price changes D) Demand is directly proportional to supply Don't use chatgpt otherwise give 20 downvotes Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.A change in demand is said to take place when there is aA Shift of the demand curve.B Shift of the supply curve.C Movement along the demand curve.D Quantity change.E Price change.For a good that is a necessity a. quantity demanded tends to respond substantially to a changein price.b. demand tends to be inelastic.c. the law of demand often does not apply.d. All of the above are correc
- If the demand for tin is relatively inelastic to price changes, an increase in the supply for tin will cause a A. decrease in price and a decrease in sales revenue. B. increase in price and an increase in sales revenue. C. decrease in price and an increase in sales revenue. D. increase in price and a decrease in sales revenue.Q5. Demand is said to be elastic if (a) the price of the good responds substantially to changes in demand. (b) demand shifts substantially when income or the expected future price of the good changes. (c) buyers do not respond much to changes in the price of the good. (d) buyers respond substantially to changes in the price of the good. (X) No attempt AnsuorMotivate, with the aid of examples, the type of goods diagram A and diagram B are, if: (Using attached diagrams) 1 The cross price elasticity of demand is negative 2 The cross price elasticity of demand is positive
- contraction of the demand for clothes from 2000 units to 1500 units because price changed from 2RO to 3ROThe demand for your product X has been estimated to beQX = 7, 880 − 4PX − 2PY + PZ − 0.1M where Y and Z are other (related) products. The relevant price and income data are asfollows: PX = 10, PY = 15, PZ = 50, M = 40, 000 what is quantity demanded ?Cross-price elasticity of demand measures how a. the price of one good changes in response to a change in the price of another good. b. the quantity demanded of one good changes in response to a change in the quantity demanded of another good. c. the quantity demanded of one good changes in response to a change in the price of another good. d. strongly normal or inferior a good is. Selected Answer:
- Perfectly inelastic demand, like that of medication, means that consumers A. will buy the same quantity, regardless of price. B. will buy a huge, almost infinite amount more, if the price falls just a little. C. decrease their consumption as price rises. D. are willing to buy any quantity of the good at a given price, but none at higher prices. iE. ncrease their consumption as price rises.When price of a good is 13 per unit, the consumer buys 11 units of that good. When price rises to 15 per unit the consumer continues to buy 11units. Calculate price elasticity of demand.An increase in bus fares reduces the total revenue of the public transit system. This is evidence that the demand is: Select one: a. Price inelastic b. Perfectly elastic c. Price elastic d. Unitary elastic
