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Q: coke and pepsi are substitute goods. if the price of coke skyrockets, then the demand for pepsi…

A: Two goods are said to be substitute goods when one good can be used in place of other. Price and…

Q: Law of demand states that price and the demand are positively related to each other is it right?

A: Demand is the willingness to buy backed by the purchasing power. The factors affecting demand are:…

Q: Does a change in consumers tastes lead to a movement along the demand curve or to a shift in the…

A: The demand changes due to a shift in the demand curve(D-curve) whereas the change in demand of the…

Q: Law of demand pretty much means that if price is high then the demand is low, and if price is low…

A: Demand shows the amount of goods and services a consumer is willing and able to buy at different…

Q: Which of the following is consistent with the law of demand? People substitute higher-priced goods…

A: Which of the following is consistent with the law of demand:

Q: QUESTION 5 Income in Bahrain increased by 30%, as a results the demand for tuna decreased by 20%,…

A: Elasticity of income is defined as type responsiveness of the quantity demand when income of the…

Q: In which case does the demand curve not shift? a. When there is a change in the price of a…

A: In a market, demand curve show two types of effects such that change in quantity demanded and change…

Q: If the demand for milk is downward sloping, then an increase in the price of milk will result in…

A: Microeconomics studies the economic behavior of individual units such as a market, a firm, a…

Q: d. Using the two prices and quantities for X, derive a demand schedule (a table showing prices and…

A: Demand and supply In an economy there is always a demand for goods and services and the supply of…

Q: If milk is a normal good, then a decrease in consumers’ income will definitely cause  A a decrease…

A: A normal good is the one whose demand increases with the increase in income and demand falls with…

Q: A consumer buys two goods X and Y. Suppose price of Good X falls. What will be its effect on its…

A: # The consumer will work accordingly to the law of demand which means if price falls then the demand…

Q: xplain, using supply and demand analysis, why the price of sugar has been increasing recently.

A: There are various factors that impact the demand and supply of particular commodities. For instance,…

Q: Which of the following will NOT cause a shift in the demand curve? a) a decrease in the price b)…

A: The demand curve D is the downward sloping graphical representing the association between price and…

Q: Which of the following factors will NOT cause a shift in the demand for a good? a. None of the…

A: The demand for a good refers to when the person has an adequate amount of resources and the…

Q: 3. Dove Soap 4. India Gate Basmati Rice hoose any two products from the list and answer the…

A: Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Quantity Quentity Price Prce Quantiy Quanity 1. Refer to the Figure 4-5. Which of the four graphs…

A: Demand graph is used to represent the demand of goods and services. It is very easy to understand…

Q: Continuing the previous example, by how much will the demanded quantity change if the price of…

A: Since you have posted multiple questions, we will answer the first question for you. If you want any…

Q: the downward-sloping line relating the price of the good with the quantity demanded

A: Answer Explanation: The demand curve is downward sloping, indicating the negative relationship…

Q: Explain How the market demand curve for a 'normal' good will shift (i.e. left,right or no shift) in…

A: Normal goods are those whose demand rises with increases in consumer income and falls with decline…

Q: Part 3 (2 points) O See Hint If the price of chicken falls by 2%, the quantity of beef demanded…

A: Cross-elasticity between beef & chicken = % Change in quantity of beef / % Change in price of…

Q: The law of demand states that, other things remaining the same, the higher the price of a good,…

A: The law of demand describes that by considering all other factors being fixed, the quantity demanded…

Q: Over the last 10 years, price of new models of smart Phones increased by 25%. At the same time, the…

A: The Law of demand states that there is an inverse relationship between the price of the product and…

Q: a. In December, the price of Christmas trees rises, and the quantity of trees sold rises. Is this a…

A: Microeconomics consists of various laws of supply and also those of demand, that is affected by…

Q: If computers are like most goods and the price of computers chips fall, then holding all else…

A: Answer: A decrease in the cost of inputs leads to an increase in the supply of a good. As a result,…

Q: True of false ( explain the why) Percentage an increase in the price of good Y is 40% causes a…

A: In an economy, products are related to each other as the change in the price of one commodity will…

Q: What happens to the demand for a good if a Complement's price increases? a. The demand decreases and…

A: Demand curve for a good shifts when the price of its compliment good increases or decreases. When…

Q: a. What is the difference between a "change in demand" and a "change in quantity demanded?" Graph…

A: The law of demand refers to the inverse relationship between price and quantity demanded (other…

Q: b. Over the last 10 years, price of new models of smart Phones increased by 25%. At the same time,…

A: As per the law of demand, ceteris paribus, there is an inverse relationship between the price of the…

Q: If the price of Pepsi were to increase then which of the following would happen? O the demand for…

A: The goods which fulfill the same needs of a consumer are termed as substitute goods.

Q: A given cafe sells tea and coffee. They notice that most customers tend to order tea or coffee, as…

A: The substitute goods are used for each other. Rise in the price of one good leads to rise in demand…

Q: Sometimes the demand may be abnormal, meaning that the law of demand does not apply to the…

A: According to the law of demand, other things being equal, if there is an increase in the price of…

Q: As Sandi's income rises, her demand for popcorn rises. As Mark's income falls, his demand for…

A: In an economy there exist certain types of goods that individuals consume based on their income,…

Q: In the market for lattes, if the number of coffee shops increases, how does the quantity of lattes…

A: law of demand refers to the inverse relationship between price and quantity demanded keeping all…

Q: “In the latte market, demand often exceeds supply and supply sometimes exceeds demand.” “The price…

A: Demand is the willingness of consumers for consuming goods and services at given prices. Supply…

Q: If the economy goes into a recession and incomesfall, what happens in the markets for inferior…

A: Inferior goods: In the inferior goods, the income effect is negative. If the income of the consumer…

Q: 2. Identify and state the variables on each axis of a demand curve 3. How is "a shift of the demand…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first three subpart for you…

Q: Which of the following increases the demand for a good or service? A) a rise in the price of a…

A: Increase in demand refers the situation when more quantity of a commodity is purchased at the same…

Q: 1. Explain, with the aid of a graph, the effect of an increase in income on the equilibrium price…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Explain how the market demand curve for a normal good will shift (ie left, right or no shift in each…

A: When the price of a substitute good falls then demand for a normal good decreases, it shifts…

Q: The law of demand implies that, other things remaining the same,   A) as the price of a…

A: The law of demand states that the amount wanted is always inversely proportionate to the price of…

Q: what is a quantity demanded? taking example

A: Quantity demanded is the total number of a good or service that is demanded by the consumers over a…

Q: True or False *if the answer is false, expalain it 1. In the market for gasoline, the reason that…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Homework: Homework 2 Pepsi and Coke are considered to be substitute goods. Definitions: substitute…

A: Here, it is given that Pepsi and Coke  are substitutes of each other, which implies that they cannot…