Suppose that during the past year, the price of a virtual reality headset fell from $4,350 to $3,930. During the same time period, consumer sales increased from 386,000 to 487,000 headsets
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Suppose that during the past year, the
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- Suppose that during the past year , the price of a laptop computer fell from $2,100 to $1,820. During the same time period , consumer sales increased from 429,000 to 530,000 laptopsAnalysts say that the increase in gasoline prices comes a drop in SUV sales and trade-in values at dealerships.The U.S. Department of energy said that during the past week, U.S. gasoline topped $3 a gallon - the highest level since October 2008. According to Alec Gutierrez,lead analyst for vehicle evaluation at Kelley Blue Book, SUV sales have decreased about 1 percent since the last major gasoline price hike in spring 2008. He doesn't believe that SUV sales will decrease significantly unless prices reach $3.50 to $4 per gallon. if a gasoline price hike of 5 percent caused the SUV sales drop described, what is the cross-price elasticity of demand between gasoline and SUVs?In the last decade or so, there has been a dramatic expansion of small retail convenience stores (such as 7-Eleven, Kwik Shop, and Circle K), although their prices are generally much higher than prices in large supermarkets. What explains the success of the convenience stores?
- In 1985, International Data Corporation (IDC) estimated that 3.7 million desktop computers had been sold at an average price of $1,054. In 2000, the number sold in the United States had risen to 132 million, with the average price decreasing to $700. The change in individuals’ tastes and preferences has increased their demand for computers. Explain how the price of computers dropped over the 15-year period from 1985 to 2000.You are able to collect the following data on the impact of a one-cent increase in gasoline prices. Calculate the percentage change in demand for each service station. (Round your responses to two decimal places. If the change is negative, be sure to include a minus sign.) Service Station Gasoline Sold (thousands of gallons) With No Price Increase Gasoline Sold (thousands of gallons) With 1-Cent Price Increase Percentage Change A 120 90 B 160 140 C 210 180 D 320 280Suppose that the price of semiconductor chips used to make laptop computers falls. On the other hand, the number of people using laptops to work remotely decreases. You predict that the prices of laptops will (rise/fall)____ because the supply of laptops (increases/decreases)______and the demand for laptops (increases/decreases)
- The price of tennis shoes is shown to depend on the price of rubber. Which of the following statements is true? An increase in tennis shoes price causes an increase in rubber price. An increase in tennis shoes price does not cause an increase in rubber price. An increase in tennis shoes price potentially causes an increase in rubber price. An increase in rubber price potentially causes an increase in tennis shoes price. An increase in rubber price causes an increase in tennis shoes price. An increase in rubber price does not cause an increase in tennis shoes price.Suppose you are the manager of a California winery. How would you expect the following events to affect the price you receive for a bottle of wine? The price of comparable French wines decreases. One hundred new wineries open in California. The unemployment rate in the United States decreases. The price of cheese increases. The price of a glass bottle increases significantly due to new government antishatter regulations. Researchers discover a new wine-making technology that reduces production costs. The price of wine vinegar, which is made from the leftover grape mash, increases. The average age of consumers increases, and older people drink less wine.With increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shift of demand, prices have fallen
- an example of derived demand is the demand for: a. machines by businesses b. agricultural products by foreign customers c. paper products by households d. housing by consumersQ8- Suppose the quantity demanded weekly of the Super Titan radical tires is related to its unit price by equation p+x^2=241, where p is measured in dollars and x is measured in units of a thousand. How fast is the quantity demanded changing when x= 13, p= 72, and the price/tire is increasing at the rate of $7/ week? Round the answer to the nearest integer. Dropping at the rate of _______ tires/wkGraphically show the effect of an increase in price of Coca Cola on the demand of PepsiCola
