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Income, taste, or population
changes do what to the demand
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- How do you suppose the demographics of an aging population of Baby Boomers' in the United States will affect the demand for milk? Justify your answer.As Sandi's income rises, her demand for popcorn rises. As Mark's income falls, his demand for prepaid telephone cards rises. What kinds of goods are popcorn and telephone cards for the people who demand each?Which service will NOT likely have an increased demand as the population ages? O Elementary Education O Pharmaceuticals O Health care O Bioengineering
- How would an increase in income for a normal good affect demand for the good? How would an increase in income for a normal good affect The demand curve for that good? Show graphically, i cantt figure out how to graph itSuppose you could buy shoes one at a time, ratherthan in pairs. What do you predict the cross-priceelasticity for left shoes and right shoes would be?what are an appropriate measure of how sensitive the quantity demanded is to changes in price, income and price of goods? what affects those sensitivities?
- Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods.QUESTION 8 (Table: Martinez Family Household Income and Expenditures) Use Table: Martinez Family Household Income and Expenditures. The Martinez's income elasticity of demand for falafels, computed using the midpoint method, is: Table: Martinez Family Household Income and Expenditures Monthly Income Quantity Purchases per Month Hamburgers Books Online Movie Rentals Falafel $2,000 2 4 6 8 $3,000 2 6 6 6 a. –1.4. b. approximately –0.7. c. 0. d. approximately 0.7.Go to Yahoo Finance, and create a graph for the price of bitcoin going back at least twoyears. Is the price driven more by changes in demand or changes in supply? Explain.2. What was the price of crude oil in April 2020? In June 2022? And recently? Why does theprice of crude oil fluctuate so much
