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EXPLAIN EACH QUOTE NOT LESS THAN 8 SENTENCES EACH.
1. "There are no precise valuations". Explain
2. "Price is what you pay and value is what you get". Explain
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- Select the number of the question and the letter to indicate the answer you consider correctfor each question. 1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the good demanded willdecrease. 3. Which of the following most appropriately illustrates the law demand?a. Sellers increase the amount they sell because the price of the…When the price of a good rises, what happens to the quantity demanded, all else being equal? A) It rises B) It falls C) It remains unchanged D) It fluctuates randomlyIn the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example. EXAMPLE/ Product - Hamburgers Event - The price of steak increases Answer/ Demand increases - Curve shifts right - Price of substitutes 1. Pepsi - The price of Coke decreases dramatically. 2. Steak - Incomes fall due to the recession 3. Hair dye - Hair dye is successfully advertised in the media. 4. Computer software - The price of computers goes down.
- The price for a product might remain the same, or rise or fall over time. Regardless, over time people may purchase more of this product. Explain.Suppose the price of a football is $20 and the price of a basketball is $10. The ___ of a football is __.“Owen saw that the price of peaches had gone down, and so he decided to buy more peaches.” Based on this information, what does Owen's reaction reflect? Explain.
- Find solutions for your homework business economics economics questions and answers 2.suppose that a busy restaurant charges $9 for its octopus appetizer. at this price, an average of 48 people orders the dish each night. when it raises the price to $12, the number ordered per night falls to 42. assuming that demand is linear, find the demand curve the restaurant faces. what price should the restaurant Question: 2.Suppose That A Busy Restaurant Charges $9 For Its Octopus Appetizer. At This Price, An Average Of 48 People Orders The Dish Each Night. When It Raises The Price To $12, The Number Ordered Per Night Falls To 42. Assuming That Demand Is Linear, Find The Demand Curve The Restaurant Faces. What Price Should The Restaurant This problem has been solved! See the answer 2.Suppose that a busy restaurant charges $9 for its octopus appetizer. At this price, an average of 48 people orders the dish each night. When it raises the price to $12, the number ordered per night…Choose the letter of the correct/best answer. ____1. It summarizes the transactions between the consumer and producer. A. Circular Flow C. Interactions B. Illustrations D. Figures ____2. It shows that when price increases, quantity decreases. A. Law of Supply C. Law of Demand B. Law of the concept of Supply D. Law of the concept of Demand ____3. It shows that when price increases, quantity increases also. A. Law of Supply C. Law of Demand B. Law of the concept of Supply D. Law of the concept of Demand ____4. The relationship between price and quantity in the law of demand is _____. A. Positive C. Indirect B. Direct D. Negative ___5. The relationship between price and quantity in the law of supply is _____. A. Indirect C. Negative B. Direct…Briefly outline and explain some of factors that depend on line amount of a commodity a consumer os prepared to buy
- Given the market price of a good, how does a consumer decide as to how many units of that good to buy? ExplainQuestion 13 If the marginal utility of a commodity is zero, then: Total utility of this commodity has reached a maximum. The paradox of value must have been reached. The commodity in question has no utility, i.e. it’s not one that consumers want to use. Total utility for this commodity must be zero also.Consider the market gold, if people expect a lower future price of gold. Change in demand? Change in supply? Change in market equlibrium price? Change in market equlibrium quantity? Graph?