Figure 4-5 Pice Prce Quantiy Quentity Price Price Quant Quanety 7. Refer to the Figure 4-5. Which of the four graphs represents the market for cars after chips used in making cars become more expensive? a graph A b. graph B c. graph C d aranh D
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- Q1: The demand for good X is given by Qx d = 6,000 − 1/2 Px − Py + 9 Pz + 1/10 M. Research shows that the prices of related goods are given by Py = $6,500 and Pz = $100, while the average income of individuals consuming this product is M = $80,000. a. How many units of good X will be purchased when Px = $5,230? The calculation should be handwrittenwhy does a decrease in income cause an increase in both equilibrum price and quanity of an inferior good, such as macaroni and cheese?The demand for Ipads is estimated to be: Q=3,000−4P+8I+2PS−2PLQ=3,000−4P+8I+2PS−2PL where QQ is the quantity of Ipads demanded, PP is the price of Ipads, II is the average consumer income, PSPS is the price of Samsung tablets and PLPL is the price of laptops. a. Apple is expecting that Samsung will drop the price of its tablets by $50. What will be the impact on the quantity demanded of Ipads? b. Suppose that Apple wants to respond to Samsung's price drop, how much would Apple need to change its price to maintain the quantity demanded at the level it was before Samsung's price change, i.e. to offset the effect of Samsung's price drop? c. Suppose that Samsung changes its price as in (a) but, before Apple adjusts its price, the price of laptops falls by $100. Based on the above equation, are laptops a complement or a substitute to Ipads? Does Apple still need to change its price to maintain the quantity demanded unchanged? If so, by how much?
- A TV channel has estimated the demand for its service to be givenby the following function: Q=9.83p-1.2A2.5Y1.6P0-1.4whereQ = monthly sales in unitsP = price of the service in $A = promotional expenditure in $’000Y = average income of the market in $’000P0 = price of ‘home movies’ in $ The current price of the TV channel is $60, promotional expenditure is$120,000, average income is $28,000, and the price of ‘homemovies’ is$45.Indicate whether the following statements are true or false, givingyour reasons and making the necessary corrections h. Current sales are over a million units a month. i. The demand curve for the channel is given by:Q=9.83p-1.2j. The channel’s sales are more affected by the price of ‘home movies’ than by the price of its own service.k. If the channel increases its price this will reduce its profit.If the consumer income is OR 928, price of good (X) is OR 58.6 and the price of good (Y) is OR 14, what is the quantity of good (Y) purchased by the consumer if he is only purchasing good (Y). a. 0.02 b. 66.29 c. 0.06 d. 15.84Suppose that a store decreases the price of laundry detergent from $4.10 to $3.50. As a result, quantity demanded increases from 210 to 230. 1. Using the mid-point approach, calculate the percentage change in price. by using mid point method.
- Consumer demand for Caramel Iced Mochas (a kind of drink) at a coffee shop is given by p=7−.25x dollars per drink, where x items are drinks are sold every day. Total consumer spending S is the product of the price per drink and the number of drinks sold. Which of the following is a formula for total consumer spending?MCQZ 13 Camille is at the candy store with Grandma Mary, who offers to buy her $10 worth of candy. If lollipops are $2 each and candy bars are $3 each, what combination of candy can Camille's Grandma Mary buy her? Multiple Choice five lollipops and three candy bars two lollipops and two candy bars two lollipops and three candy bars four lollipops and one candy bars MCQZ 16 Assume that a consumer has a given budget or income of $10 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. If the consumer decides to buy 4 apples, how many bananas can she also buy with the remainder of her budget, assuming she exhausts her income? Multiple Choice 2 bananas 10 bananas 4 bananasThis week Sara’s income falls from $12 to $9 a week, while the price of popcorn isunchanged at $3 a bag and the price of a smoothie is unchanged at $3.g. What is the effect of the fall in Sara’s income on her real income in terms ofsmoothies and in terms of popcorn?h. What is the effect of the fall in Sara’s income on the relative price of a smoothiein terms of popcorn? What is the slope of Sara’s new budget line if it is drawnwith smoothies on the x-axis?
- Ceb's income has just risen from $950 per week to $1,050 per week. As a result, she decides toincrease the number of movies she attends each month by 5 percent. Her demand for movies is enelastic becauseAlexi has a budget of $21 to spend on toaster and breads. He does not directly gain any utility from owining a toaster but for every slice of toasted bread he consumes he gain 2 units of utility, that is if he owns a toaster. Without the toaster, he gain 0 units of utility from consuming plain bread. Suppose the toaster has inferior quality and will break after toasting only 10 slices, then Alexi needs to buy a new one. The current market price for cheap toaster is $5 and the price for a single slice of bread is $1. Assume that Alexi aims to maximize consumer surplus. In a graph, draw total utility as a function of number of toasted slices, assuming that Alexi buys 1 toaster.Alexi has a budget of $21 to spend on toaster and breads. He does not directly gain any utility from owining a toaster but for every slice of toasted bread he consumes he gain 2 units of utility, that is if he owns a toaster. Without the toaster, he gain 0 units of utility from consuming plain bread. Suppose the toaster has inferior quality and will break after toasting only 10 slices, then Alexi needs to buy a new one. The current market price for cheap toaster is $5 and the price for a single slice of bread is $1. Assume that Alexi aims to maximize consumer surplus. Find Alexi's income-consumption curve for slices of bread for incomes between $0 and $21, assuming a price of $1 per slice.