If trumpets are normal goods, explain what will happen to price and quantity of trumpets when income in the economy increases.

Q: Explain the factors that could shift the demand curve and the supply curve

A: The demand (dd) for a commodity shows the quantity that the consumers desire to purchase at the…

Q: Identify two causes, apart from an increase in income, of an increase in demand for a product.

A: Demand for a product implies the desire of people to have a good supported by the willingness and…

Q: what is the determinants of demand and supply and explain how a change in one or more of the…

A: Demand represents the quantity of a particular good that the consumers can afford and wish to…

Q: Please answer these 2 questions for me. Thanks There are many buyers and sellers in the market for…

A: 1) Trumpets are a normal good and when individuals' earnings increment. Accordingly, the equilibrium…

Q: The __________ and ___________ curve together determines the equilibrium quantity and equilibrium…

A: # if we consider the free market where the government intervention is not taken into consideration,…

Q: "If a price is not in a equilibrium price, there is a tendency for it to move to its equilibrium…

A: Market equilibrium is the situation when there is no shortage or excess demand, there is no surplus…

Q: Assume there is an increase in the price of electricity (which is the result of a decrease in the…

A: Substitute good can be used in the place of another good. In the case of substitute goods, an…

Q: As the ethanol mandates increase, what happens to the demand for corn (you can think about this as…

A: If the Federal mandates increased the amount of ethanol in gasoline, it means that more ethanol will…

Q: 9) Which one of the following correctly describes how price adjustments eliminate a shortage?…

A: A shortage occurs when the quantity demanded is greater than the quantity supplied. This can be seen…

Q: The graph is in the image What is the relationship between quantity supplied and price? A)Negative…

A: The demand curve depicts the relationship between price and quantity demanded The supply curve…

Q: What are five things that will shift a supply curve to the right?

A: Five things that will shift a supply curve to the right are as follows 1.Increase in technology…

Q: Explain why a demand curve will shift. Explain why a supply curve will shift. What are the…

A: Demand refers to the total amount of a good which an individual is able, and willing to buy at the…

Q: A wildfire burns most of the production of almonds in California. Explain in words and show on a…

A: Law of demand states that other things being constant, with the increase in the price of good or…

Q: In the orange market, what impact would an increase in the price of oil that orange growers burn to…

A: Demand curve: A demand curve is a curve that shows the relationship between the quantity demanded…

Q: Draw a graph: new equilibrium price supply and demand where as quantity is predicted and…

A: At the new equilibrium, the quantity is predicted or unpredicted depends on the simultaneous shift…

Q: Consider the market for orange juice. Apple juice prices have gone down, and price of oranges have…

A: Demand and supply are the main factors that run the market and decide the market price and quantity.

Q: In economics, what amount does the demand for a good refer to? The amount people would like to have…

A: In general, demand refers to the ability and desire of a consumer to purchase goods and services and…

Q: Why are economists so particular about the difference between an increase in quantity demanded and…

A: The economics as a study is based upon the basic idea that there is scarcity present in each…

Q: Headphones and mobile phones are complements because they are often enjoyed together. When the price…

A: Complementary goods refer to those goods that are demanded together. Headphones are demanded with…

Q: Describe and explain how both the equilibrium price and quantity will change when: a) Only supply…

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

Q: Electricity is a major input into the production of aluminum and aluminum is a substitute in supply…

A: Understanding the nature of the goods in terms of whether they are complimentary or substitute help…

Q: Discuss how prices are determined in a market economy. Find a good/service for which the price has…

A: The demand and supply of any product represent the ability and willingness of consumers and…

Q: If the price of a chocolate bar is $2.50, how does the market move to its equilibrium?   As the…

A: Equilibrium is the state where demand is equal to the supply. Demand is willingness to consume…

Q: An increase in the demand for note books raises the quantity of note books demand, but not the…

A: Suppose there is a market of notebooks with downward sloping demand curve D and upward sloping…

Q: If the price of Pepsi increases, what will happen to the market price of Coke?

A: Suppose two alternate goods can be used for the same purpose, then they are called substitute goods.

Q: Which of the following is the relation that the law of demand defines?   a) Income and price of a…

A: The law of demand works on the assumption of ceteris paribus which means that the law assumes all…

Q: Most people demand goods and services much less than they want. True or False? Explain your answer.…

A: Answer 1.  The quantity of a commodity or service that consumers are willing and able to purchase at…

Q: If the economy goes into a recession and incomesfall, what happens in the markets for inferior…

A: Inferior goods: In the inferior goods, the income effect is negative. If the income of the consumer…

Q: Explain why the following statement is false: “In the goods market, no buyer would be willing to pay…

A: Answer to the question is as follows:

Q: For each of the following changes in the market for apples, explain why demand will increase,…

A: 1.  Here Apples and peanut butter are complimentary goods.  Complimentary goods : These are those…

Q: Carefully explain why an increase in the price of commodity X will not result, ceteris paribus, in a…

A: In a market, there are various  determinants that influence the demand for a good such that income…

Q: When due to rise in price of a good, total expenditure on the good also rises, then demand is…

A: # Depending upon the type of the demand the perticular good have, a rise or fall in price would…

Q: The price of the commodity falls. What will happen to the quantity demanded and the quantity…

A: # according to the law of demand there exist a negative relationship between price and quantity…

Q: The relationship between quantity supplied and price is _____ and the relationship between quantity…

A: In a market, the consumers are the ones who demand goods and services and the producers are the ones…

Q: Graph the indicated hypothetical movements of demand and supply and state what then happens to both…

A: Demand curve shows the various combinations of willingness to pay of a consumer at different level…