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- A fall in the price of a good causes producers to reduce the quantity of the good they are willing toproduce. This fact illustratesA) a change in supply. B) the law of demand. C) the nature of an inferior good. D) the law of supply.Explain the difference between (i) a normal good and an inferior good (ii) complements and substitutes. Provide examples and explain why such is the case. What are the twin blades of the economic scissors?Explain any 5 (five) factors that will lead to a decrease in supply of a good
- There are two consumers in the market for one good (with price P), A and B. Consumer A's inverse demand is given by P = -2QA+5 and consumer B's inverse demand is given by P = -QB+10. At a price of 5, the total quantity demanded is ________ a) 0 b) 0.5 c) 1 d) 1.5 e) 2 f) 2.5 g) 5The demand for apples is more price-elastic than the demand for fruit as a whole. This is best explained by the fact that: A. Apples are a luxuryB. Apples are a necessityC. There are more substitutes for apples than for fruit as a wholeD. Consumption of fruit as a whole is greater than the consumption of applesIf the economy goes into a recession and income fall, what happen in the market for inferior good?
- The equations describing demand and supply curves for pizzasare given as follows:Q= 500 –P and Q= 2P + 200. a.What is the equilibriumpriceand quantity? b.Suppose that the price levelis set by the government at $150. Will there be a shortage or surplus? Explain why . What is the size of the surplus or shortage ?Only typed answer A firm produces two different goods, with demand given by the following: Pa = 500 – 15Qa - 2Qb and Pb = 200 – 2Qb Where Pa = price of good A, Pb = price of good B, Qa = quantity of good A and Qb = quantity of good B. There are 50 units of each good in storage (HINT: think about MC). Determine optimal prices and quantities for each good.7) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 8. Find the slope of the demand curve. a) 0.2b) 5c) -1d) -2Other: 8) Based on Question 7, calculate the quantity when the price is equal to 0.1 pointa) 13b) 2c) 10d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determinedb) 12c) 10d) 14 10) If the price of Pepsi increases, what will happen to the market price of Coke? a) remain unchangedb) decreasec) increased) change
- (ii) Demonstrate and discuss each of the following would have on demand or supply ofcoffee. Additionally, show how equilibrium price and quantity have changed.a. A better method of harvesting coffee beans is introduced.b. Medical researchers found that intake of more than two cups of coffee per daydrastically decreases risk of liver cancer.c. Currently, the price of coffee is ₹15 per cup above equilibrium.d. Consumer income falls because of a recession and coffee is considered anormal good.e. . Protesting liberal milk powder import policy, farmers dump millions of litresof milk, causing milk prices to rise.usiness EconomicsQ&A Library) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c) -1 d) -2 Other: 8) Based on Question 7, calculate the quantity when the price is equal to 0 a) 13 b) 2 c) 10 d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determined b) 12 c) 10 d) 14 Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: (7) - wrong data. "quantity demanded drops from 10 to 12" is wrong since value from 10 to 12 is an increase, not a drop. Ask Your Question Again 6 of 10 questions left until 1/15/21 Question I. If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c)…True or False: As the price of apples rises, the demand for apples falls, ceteris paribus.
