If there is a rise in price of Galaxy chocolate, people will demand KitKat chocolate and consequently the demand for KitKat chocolate will increase. - Identify the type of demand and explain the reason and relationship.

Q: 1. If a 10% increase in price leads to a 40% decrease in quantity demanded, what is the value of…

A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: 5. Now suppose that income increases by 10% and the quantity demanded of good X decreases by 7%.…

A: Income determines the affordability of the consumer. Higher the income, higher the affordability of…

Q: Ilustrate the law of Demand by showing the differences between the changes of quantity demanded and…

A: Demand curve depicts the relationship between price and quantity demanded.

Q: 33. If goods X and Y are COMPLEMENTS, the which of the following could be the value of cross price…

A: Complementary goods: It is good, which is utilized when related to another great or administration.…

Q: List and explain three non-price determinants of demand. Explain how a change in each of them can…

A: The non-price determinants of demand are an important factor which changes the demand of goods…

Q: An increase in the price of electricity will: a) increase the demand for kerosene heaters. b)…

A: Demand is defined as an economic term that refers to a customer's ability to purchase goods and…

Q: Price (dollars per can) 2.50 2.00 1.50 1.00 0.50 2 3 Quantity (cans of soda per day) 4 The graph…

A: Graph shows us Price on the Y-axis and Quantity on the X-axis. We have been given Price of soda…

Q: When the price of shirts emblazoned with a college logo is $20, consumers buy 150 shirts per week.…

A: Question 7 is incomplete so I will answer question 8. Given  Price of shirt P1 =$20 then quantity…

Q: 3. On a demand curve, price and quantity demanded are _related. A. directly B. inversely C.…

A: Demand curve refers to the curve that shows the total value of goods and services that are demanded…

Q: Explain the law of demand.

A: Demand is the quantity of a good demanded at different prices. Quantity demanded is a different…

Q: 18. If you are selling a product with inelastic demand will you increase the price? Why or why not?…

A: Elasticity of a good is defined as the degree of responsiveness in the quantity demanded of a good…

Q: 1. Explain, using supply and demand analysis, why the price of sugar has been increasing recently.…

A: The supply of a good is a positive function of its price as the quantity supplied…

Q: c When the price of bananas rises 2 percent, the quantity demanded of peanut butter falls 4 percent.…

A: The elasticity of demand is used to determine the relationship between two variables. The cross…

Q: 4. Now, what if the price of good Y increases by 10%, and the quantity demanded of good X decreases…

A: Cross price elaticity = (% change in demand of X)/(% change in price of Y)

Q: 4. As the price of good X increases from $20 to $24, the quantity demanded of good Y increases from…

A: Cross elasticity of demand measures the responsiveness of changes in the demand for one good caused…

Q: d. What does this tell you about the relationship between muffins and coffee when the price of…

A: Elasticity of demand is defined as type responsiveness of the quantity demand when price of the…

Q: Discuss the price elasticity of supply?

A: Supply is the number of goods and services that producers or suppliers are willing to sell in the…

Q: 10. Based on the following circumstances, will there be an increase in demand for jelly-filled…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 6. When as a result of decrease in price of good, the total expenditure made on it decreases we say…

A: To find : Price elasticity of demand

Q: 1. A substitute product is defined as a product that can be used for a similar purpose as the other…

A: Two goods are substitutes when only one of them is enough to satisfy the need.

Q: 4. "Economists use price elasticity of demand to measure demand sensitivity as a result of price…

A: Elasticity of demand is defined as type responsiveness of the quantity demand when price of the…

Q: The demand and supply schedules for sweet packs are displayed in the above table. а. What are the…

A: The supply for good refers to the quantity that a producer is ready to supply at each given price…

Q: Identify whether good X and good Y are substitutes or complements , that is find    the cross…

A: Given information Initial price of good X: $13 Final price of good X: $ 17 Initial quantity…

Q: 7. Using the income elasticity of demand to characterize goods Data collected from the economy of…

A: Both the answer is given in step 2

Q: a. List three factors that will shift the demand curve for sugar and three factors that will shift…

A: Three factors that can shift the demand curve of the sugar are: 1. Price of the related goods -…

Q: Which relationship explains the negative trend of the demand curve?    a) There is an inverse…

A: The demand curve is a graphical representation of the relationship between the price of a good or…

Q: 3. A 20 percent increase in Ramon's income brings about a 30 percent decrease in the demand for…

A: Given: Increase in income=20% Decrease in demand=30% To find: Income elasticity of demand Note: Due…

Q: A 2% increase in the price of milk causes a 4% reduction in the quantity demanded of chocolate…

A: Complementary goods are the products which are used together in order to satisfy the needs of a…

Q: 4. The price elasticity of demand for bracelets is 2.1. How would you interpret this? a. When the…

A: The price elasticity of demand is an economic variable that measures the responsiveness of demand…

Q: If a point in the demand curve points upward, a. quantity demanded b. price shifted to the downward…

A: Demand curve shows inverse relationship between price and quantity demanded.

Q: QUESTION 8 If the demand for product A is elastic, a 7 percent increase in the price of A will: O…

A: (Since you have asked many questions, we will solve the first one for you. If you want any specific…

Q: 35. You are told that the cross-price elasticity between goods X and Y is +2,0. This means that a.…

A: The cross price elasticity of demand is the concept that measures how the demand for a good responds…

Q: 14. Give at least three conditions for the demand to shift to the right or left. Explain.

A: We characterized demand as the measure of some item a customer is willing and ready to buy at the…

Q: 6. Refer to Figure 3-1. Using the graph above and beginning on D1, a shift to D2 would indicate a…

A: What is the Law of Demand (interest)?  The law of interest is one of the most major ideas in…

Q: 3) Opera Estate Girls' School is considering increasing its tuition to raise revenue. If the school…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 7.) State the Law of Demand. Discuss the relationship between Price of the good and its Quantity…

A: Demand is a fundamental concept in economics that affects both the individual and the economy.…