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- 09. Which of the following statements is False? a) Supply is a relationship between price and quantity. b) Demand represents the willingness and ability of buyers to buy quantities of a good at various prices. c) The demand relationship represents the specific quantity of a good demanders have bought. d) All of the above e) None of the aboveIn graph 3 a higher price results in a higher quantity, in graph 4 a lower price results in a lower quantity. This means the "law of demand" is disproven. Do you agree? Why or why not?The demand for product M is NOT changed by which of the following? (Consider the Change in Demand vs Change in Quantity Demanded) Multiple Choice A change in consumer tastes A change in the price of M A change in the price of close-substitute product J An increase in consumer incomes
- Q) Income of a person is Rs.8000 and he uses 60 units of a commodity. 1.Calculate income elasticity of demand when the income increased by 30% and consumption of the good is decline by 50%. (1 Mark) 2.Nature of good (1 Mark)If the economy goes into a recession and incomesfall, what happens in the markets for inferior goods?a. Prices and quantities both rise.b. Prices and quantities both fall.c. Prices rise and quantities fall.d. Prices fall and quantities rise.True or False *if the answer is false, expalain it 1. In the market for gasoline, the reason that the equilibrium quantity increased was that the increase in demand was less than the decrease in supply. 2. A fall in the price of iPads would shift the demand curve for iPads to the right. 3. Percentage an increase in the price of good Y is 40% causes a decrease in the quantity demanded of the X by 20%, then good X and good Y are complements. 4. Increasing in the apple price by 40% led to an decrease in the quantity of apple demanded by 60%, then the elasticity of demand is an inelastic type. 5. A price floor set by government will increase the equilibrium price and quantity in a Market
- also with the questions in the picture : good 1 and 2 can be described as what : substitutes, elastic goods, unit elastic goods, inferior goods, complements, normal goods, inelastic goods. More than one answer is rightIn the market for air travel, which of the following variables would decrease demand,ceteris paribus? A An increase in rental rates for hired cars, a substituteB A rise in income of touristsC A rise in the price of air travelD A rise in the price of hotel accommodation, a complementE A drop in the price of air travelDemand is the relationship between the ________ and the ________ of a good when all other influences on buying plans remain the same. quantity demanded, price individual demand, quantity market demand, supply common demand, quality
- No written by hand solution Suppose pasta salad is a normal good. What will happen if the price of pasta (a major ingredient in pasta salad) increases and income also increases?The price of 1 kg apples, which was $5 last month, is $6 today. True of False: The demand curve for apples must have shifted rightward between last month and today.True of false ( explain the why) Percentage an increase in the price of good Y is 40% causes a decrease in the quantity demanded of the X by 20%, then good X and good Y are complements.