Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs ) 1 3 3 4 4 5 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change?
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- Distinguish between demand and quantity demanded. Do the same for supply andquantity supplied.The difference between demand 6332.3.Describe the field of economics known as microeconomics.What is the cost-benefit principle?17. Demand is defined as the _____________________ that the consumer is willing ____________at different prices over a given period.Question 4The Pear company sells a smart phone for $250. Its sales have averaged 8,000 units per month over the last year. Recently, its closest competitor Banana company reduced the price of its smart phone from $350 to $300. As a result, Pear’s sales declined by 1,500 units per month. (a) What is the cross price elasticity of demand between the Pear and Banana smart phone? Use the averaging formula. What does this indicate about the relationship between the two products? (b) If the Pear company knows that the price elasticity of demand for its phone is -1.5, what price would the Pear company have to charge to sell the same number of units as it did before the Banana company price cut? Assume that Banana company holds its price of its phone constant at $300. Use the averaging formula.
- q24- Suppose that at the original price of $200, 40 TVs were sold every week and that when the price rose to $210, quantity demanded fell to 30 TVs. What is the percentage change in price of TVs at the original price? Select one: a. 105 per cent b. 5 per cent c. 50 per cent d. 95 per centQ. Suppose the price elesiticity of demand is estimated to be 3 what does this mean with schedule and graph?23) Suppose the price elasticity of demand for a product is 1.8. If a supplier wants to increase revenue, they shoud (increase or decrease price- SELECT ONE) increase 24) Goods that are considered luxuries tend to be more (price elastic or price inelastic- SELECT ONE)price elastic 25) When the price is increased and total revenues increase, the elasticity of demand is (price elastic or price inelastic- SELECT ONE)price inelastic
- 4-5B Draw the price effect and the quantity effect for a price change from $60 to $70. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary. 2. Draw the price effect and the quantity effect for a price change from $10 to $20. Which effect is more significant? Does total revenue increase or decrease? No calculation is necessary.6. Best Buy sells Q units of áat-screen TVs each year. Best Buy executives also know that the price elasticity of demand for áat-screen TVs is eQ;P = 1:5. They propose a 20% reduction in the price of áat-screen TVs claiming that total revenue (a) will increase by 15%. (b) will increase by 30%. (c) will increase by 3:5%. (d) will decrease by 30%. (e) will increasQuestion 2 Plot the demand curve from the demand schedule information provided. Price Quantity Demand (Qd) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change? Requestion solution for subsection ( d ) and (e)
- Only typed answer Suppose the price of a good increased from $3 to $4. In response, the consumer has decreased his consumption from 15 units to 10 units. The price elasticity of demand is-Demand Question- More than one answer Changes in Price;the following data represents a set do demands that have occurred over the last several years at a soap making company. The data were collected on an annual basis. Year Actual Demand (At) Forecast (Ft) 1 310 2 365 3 395 4 415 5 450 6 465 7 a) using the SIMPLE AVERAGE method to predict the demand for the 7th year b) the SIMPLE MOVING AVERAGE method to predict the demand for the 7th year