Cadmium is a chemical element with many industrial uses, including batteries and paint pigments. Suppose that the market f cadmium is highly volatile and can experience many shifts in productivity. Using this information, please place each of the situations in the correct category, according to which situation causes that effect.
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- Product T and Product Y are substitutes. If the price Y decreased a. Price of T increases b. Demand of T increases c. Demand of Y decreases d. Price of T decreases When the maker lemon D increased its price from P150.00 to P170.00 per bottle, the result is a. A decrease quantity demanded for lemon D b. A decrease in quantity supplied for lemon D c. An increase in quantity demanded for lemon D d. A constant quantity demanded for lemon DProducing a quantity larger than the equilibriumof supply and demand is inefficient because themarginal buyer’s willingness to pay isa. negative.b. zero.c. positive but less than the marginal seller’s cost.d. positive and greater than the marginal seller’scost.Supply curves tend to be more ______ the greater the time period facing the producer. A) Price -in elastic B) price- elastic C) steeply sloped D) infkexi
- Other things held constant, the lower the price of a good Multiple Choice the higher the supply. the lower the producer surplus. the greater the producer surplus. the lower the supply.The demand is more price-elastic: A. If the product is a large part of the consumer's budget. B. If the product has very few substitutes. C. If the product is a necessity. D. In the long run.Genovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.
- If the government could charge different entry or user fees at different national parks to raise revenue for the maintenance of the parks, it should charge Select one: a. lower prices at parks where demand is relatively inelastic. b. the same prices for all the national parks. c. higher prices at parks where demand is relatively inelastic. d. higher prices at parks where demand is relatively elastic. e. a percentage of the estimated cost of building the parkoptions for blank one drop down: 1 OR 2 OR 5 options for blank twodrop down: 1 OR 2 OR 5 options for blank threedrop down: 0 OR 1 OR 2 OR 3 OR 4 OR 5 options for blank four no drop down options for blank five drop down: Supply OR demand OR either options for blank six drop down: supply id more elastic than demand OR demand is smore elastic then supply OR its not related to elasticityIf a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the price elasticity of demand equals Select one: A. 10.0. B. 0.5. C. 1.0. D. 2.0.
- If gas prices rose from $3 to $4 a gallon and gasoline consumption decreased by 10% Group of answer choices demand for gasoline is elastic. demand for gasoline is inelastic. total expenditures on gasoline would fall.If the price elasticity of supply is zero, the supply curve isa. upward sloping.b. horizontal.c. vertical.d. fairly flat at low quantities but steeper at largerquantities.Assume the demand being perfectly inelastic and supply suddenly doubles due to innovative technique of Illustrate in a well labelled graph, the changes in the equilibrium price, and quantity, and also is it advisable to do so from supplier point of view.