In a demand relationship we consider many factors like taste, income, etc. What are the two main variables that determines the demand relationship: a. consumer tastes and the quantity demanded. O b. price and production costs. O c. money income and quantity demanded. O d. price and quantity demanded.
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- We know that a change in the price of a product causes a movement along the demand curve. Suppose consumers believe that prices will be rising in the future. How will that affect demand for the product in the present? Can you show this graphically?As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
- What will happen if the price were below the equilibrium price? Select one: O a. Quantity demanded would exceed quantity supplied and there would be a surplus O b. Quantity demanded would exceed quantity supplied and there would be a shortage O c. Quantity supplied would exceed quantity demanded and there would be a surplus O d. Quantity supplied would exceed quantity demanded and there would be a shortage Oe. Quantity supplied would equal quantity demanded and the market would clearWhat is the Supply Schedule and the Supply curve, and how are they related? Why does the Supply curve slope up wards? What are the other factors that affect market supply and how increase or decrease in other factors affect the supply curve of a product? Does the change in producer’s technology lead to a movement of the supply curve or a shift of the supply curve? Also does a change in Price of a commodity shift the supply curve or lead to the movement of the supply curve/ kindly explain your answer with graphs and examplesIf the price of coffee increases, then: Select one: O A. Demand for coffee substitutes will increase. B. Demand for coffee substitutes will decrease OC. Demand for coffee will decrease. O D. Quantity demanded coffee will increase.
- Please no written by hand and no image Suppose Body Fragrances increases the price of its Adore Me fragrance from $150 to $200. The result is a decrease in... Select one: O a. the supply of this product O b. the quantity demanded of this product O c. the quantity supplied of this product O d. the demand for this productA supply-demand graph can be described as having a demand curve that begins in the upper left and slopes downward to the lower right; and having a supply curve that begins in the lower left and slopes upward to the upper right. Using words in a narrative, please describe and explain how both the equilibrium price and quantity will change when: d) Only demand decreasesd. Suppose there is an increase in consumers' incomes. In the market for automobiles(a normal good), does this event cause an increase in demand or an increase in quantitydemanded? Does this cause an increase in supply or an increase in quantity supplied?(Explain. NB: Explanation must not be more than half a page.)e. Suppose there is an advance in the technology employed to produce automobiles. Inthe market for automobiles, does this event cause an increase in supply or an increasein the quantity supplied? Does this cause an increase in demand or an increase in thequantity demanded? Explain NB: Explanation must not be more than half a page.f. The demand and supply functions for two related commodities A and B in two differentmarkets are defined below:QdA= 410-5PA-2PB QdB= 295-PA-3PBQsA= -60+3PA QsB= -120+2PBi. Find the equilibrium conditions in the two marketsii. How are goods A and B related? Explain your.
- B). Draw the supply curve with the slope of your choice (individual or market demand). Choose a price level (say, P1) and find the quantity supplied (Q1) for that price, using the supply curve drawn. Now, assume that price decreases to P2. What happens to the quantity supplied? How about if we have a decrease in the input prices for that product? Show what happens and explain. C). Draw the supply and demand curves together. Show the equilibrium point. Present graphically the equilibrium price and the equilibrium quantity.Which of the following is the correct definition of demand schedule? K OA. the demand for a product by all the consumers in a given geographic area B. a table that shows the relationship between the price of a product and the quantity of the product demanded OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price D. a curve that shows the relationship between the price of a product and the quantity of the product supplied Which of the following is the correct definition of demand curve? OA. a table that shows the relationship between the price of a product and the quantity of the product demanded OB. the demand for a product by all the consumers in a given geographic area OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price OD. a curve that shows the relationship between the price of a product and the quantity of the product demandedIf donuts and coffees are complimentary goods, how would "Star Hollow Coffee" sales be impacted by a 30 per cent discount on donuts O a. a rightward shift of demand curve leading to an increase in sales of coffee O b. a rightward shift of demand curve of donuts leading to an increase in sales C.no change O d. a leftward shift of demand curve leading to an increase in sales of coffee