Price Floors and Ceilings 0 SETTINGS Reset . GRAPH Price Floor Price Ceiling Price ($) Price Floor 6.00 Р б 1 Price Floor P.5 Price Price Adjustment 20 30 Qe Qd 40 45 10 15 35 Quantity
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- As more people buy televisions, the demand for Cable services increases andthe price of Cable services decreases. The fall in the price of Cable servicedecreases the supply of Cable service.” Explain what is wrong with thisstatement.There is a 12% rise in the price of tea. As a result, the quantity demanded of tea fall by 22%, the quantity demanded of milk fall by 34%, and the quantity demanded of coffee rise by 14%. a) Calculate the PED of tea. b) Calculate the XED between tea and milk. c) Calculate the XED between tea and coffee. unanswereddidi's demand for goods X is 7, Dewi's demand for goods X is 6, Dono's demand for goods Y is 6, then the total market demand for goods X is 19True or false
- When the price of the pen is negatively related to the quantity demanded of paper: pen and paper are a. Normal goods b. Inferior goods c. Complementary goods d. Substitute goodsInferior goods are those for which demand increases as a. income decreases Ob.income increases C.the price of a substitute rises Od. the price of a substitute falls.T/F There is an in inverse relationship between the market price and the market demand.
- A bakery uses its resoruces to produce both cake and bread. When the price of bread rises, how does the bakery change what it produces? The bakery ____. A. Increases the quantity supplied of cakes. B. decreases the supply of bread. C. Increases the supply of cakes. D. Decreases the supply of cakes.The price of T-shirts keeps rising and rising, and people keep buying more and more. T-shirts must have an upward-sloping demand curve. Identify the error.Julie buys food and other goods. She has an income of $400 per month. The price of food is initially $1.00 per unit. It then rises to $1.20 per unit. The prices of other goods do not change. To help Julie out, her mother offers to send her a check each month to supplement her income. Julie tells her mother, “Thanks, Mom. If you would send me a check for $50 per month, I would be exactly as happy paying $1.20 per unit as I would have been paying $1.00 per unit and not receiving the $50 from you.” Which of the following statements is true? Explain. The increased price of food has:a) an income effect of +$50 per monthb) an income effect of -$50 per month c) a compensating variation of +$50 per monthd) a compensating variation of -$50 per monthe) an equivalent variation of +$50 per monthf ) an equivalent variation of -$50 per month
- Carla consumes 10 juices per week when the price is $1.50 per unit. A reduction in this year's orange crop lead to 50% an increase in the price of juice. At the new price level Carla's weekly juice consumption cell to 6 units. calculate Carla's own-price elasticity of demand for juice.Inferior goods are those for which demand increases asA) income decreases. B) income increases. C) the price of a substitute rises. D) the price of a substitute falls.In 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 travel