Q1) The following table shows the demand fora goodprice quantity demand$40 X$50 400By the law of demand, which one of thefollowing could be correct for X?A- OB- 40C-320D-500E- None of the aboveQ2) quantity demanded quantity demandedquantity demandedprice by Jane by Jim by Joe$10 10 8 22$8 12 12 26$6 14 16 30$4 16 20 34$2 18 24 38$0 20 28 42Use the table above. The market consists ofJane, Jim, and Joe and the price falls by $4,the quantity demanded in this market willincreased by?A- 2unitsB-4 unitsC- 6 unitsD-8 unitsE- 10 unitsF- 20 unitsG- none of the aboveQ3) Which of the following would shift thedemand curve for large cars to the left?a- a fall in gasolineb- prices a rise in customer incomec- an increase in the price of large carsd- a decrease in the price of small carse- all of the above

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Q1) The following table shows the demand for a good price quantity demand $40 X $50 400 By the law of demand, which one of the following could be correct for X? A- O B- 40 C-320 D-500 E- None of the above

Q1) The following table shows the demand for a good price quantity demand $40 X $50 400 By the law of demand, which one of the following could be correct for X? A- O B- 40 C-320 D-500 E- None of the above

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 6PA: The price of coffee rose sharply last month, while the quantity sold remained the same. Five people...

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Question

Q1) The following table shows the demand for
a good
price quantity demand
$40 X
$50 400
By the law of demand, which one of the
following could be correct for X?
A- O
B- 40
C-320
D-500
E- None of the above
Q2) quantity demanded quantity demanded
quantity demanded
price by Jane by Jim by Joe
$10 10 8 22
$8 12 12 26
$6 14 16 30
$4 16 20 34
$2 18 24 38
$0 20 28 42
Use the table above. The market consists of
Jane, Jim, and Joe and the price falls by $4,
the quantity demanded in this market will
increased by?
A- 2units
B-4 units
C- 6 units
D-8 units
E- 10 units
F- 20 units
G- none of the above
Q3) Which of the following would shift the
demand curve for large cars to the left?
a- a fall in gasoline
b- prices a rise in customer income
c- an increase in the price of large cars
d- a decrease in the price of small cars
e- all of the above

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