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- Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elasticity of the other good you buy?Over time, technological advances increaseconsumers’ incomes and reduce the price ofsmartphones. Each of these forces increasesthe amount consumers spend on smartphones ifthe income elasticity of demand is greater than_________ and the price elasticity of demand isgreater than _________.a. zero; zerob. zero; onec. one; zerod. one; one
- Calculaye cross elasticity of demand exy Before Commodity. Price. Quantity (cent/cup) (units/month) Lemon (Y) 40. 50 Yea (X) 20. 40. After Price. Quantity (Cent/units) (unirs/months) 60. 30 20. 50Whatisthedifferencebetweenthedemandandthe quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price inelastic? Explain your reasoning
- Directions: Read each scenario. Illustrate the change in demand or change in quantity demanded for the good mentioned in each scenario on the graphs provided. Write if it was a change in demand or a change in quantity demanded. List the determinant. 1. TheMarketinquestionisthebagelmarket.If the price of cream cheese rises, what do you expect to happen to the demand for bagels? A). Will the demand change (shift of the curve) of will the quantity demanded change (movement along the line)? Answer:______________________________________ B). If demand changes, will the curve shift to the right (increase in demand) or shift to the left (decrease in demand)? Please draw this on the graph above. C). If the demand changes, what is the factor or determinant affecting the change? Please see Supply/Demand Cheat Sheet...Hint: income (normal or inferior good, complement or substitute good), prices of related goods, tastes, expectations, population or numbers of buyers?…a. The price of commodity x changes and this brings corresponding changes in the quantitydemanded of that commodity while keeping other things the same. Which type of elasticity is this?Explain b. What are the degrees of price elasticity of demand for a good? Give a real world example ofeach type.(Other Elasticity Measures) Complete each of the followingsentences:a. The income elasticity of demand measures, for a givenprice, the ____________ in quantity demanded dividedby the ____________ income from which it resulted.b. If a decrease in the price of one good causes adecrease in demand for another good, the two goodsare ____________.c. If the value of the cross-price elasticity of demandbetween two goods is approximately zero, they areconsidered ____________.
- What happens to buying plans today if the price of orange juice rises and no other influences on buying plans change? What happens today if the price of orange juice is expected to double next week? If the price rises totday and no other influences on buying plans change, ______ decreases, but if the price is expected to double next week, ______ increases today. A. demand; the quantity demanded B. the quantity demanded; demandBecause bagels and cream cheese are often eatentogether, they are complements.a. We observe that both the equilibrium price ofcream cheese and the equilibrium quantity ofbagels have risen. What could be responsible forthis pattern: a fall in the price of flour or a fallin the price of milk? Illustrate and explain youranswer.b. Suppose instead that the equilibrium price ofcream cheese has risen but the equilibriumquantity of bagels has fallen. What could beresponsible for this pattern: a rise in the price offlour or a rise in the price of milk? Illustrate andexplain your answer.Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demand