The law of demand is a. inverse relationship between the price of a commodity and the quantity demanded of the commodity per time period. b. direct relationship between the desire a consumer has for a commodity and the amount of the commodity that the
Q: Select one:
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A: Which of the following is consistent with the law of demand:
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A: Equilibrium is achieved at the output level where Qs equals Qd
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A: Moving along the supply curve means change in quantity supplied.
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Q: the downward-sloping line relating the price of the good with the quantity demanded
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A: Demand curve: It shows a relationship between price and the quantity demanded of a good or service…
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Q: Choose the right answer: 1. In drawing an individual’s demand curve for a commodity, all but which…
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Q: II. The Law of Supply a. In words The Law of Supply states that quantity (demanded/supplied) goes…
A: Below is the supply curve:
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A: Supply curve shows the positive relationship between price and quantity supply supplied.
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Q: what is a quantity demanded? taking example
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- The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…cite example where the marketeconomy provides low -priced goods ans sevicesfor lower-income individuals and does so profitably, think of specific examples in the followinfg areas: hotels, air travel, restaurant, clothing, groceries, derinks, entertainment, and vacations.Time remaining:00 :09 :39EconomicsUse the following to answer questions (29) - (31):In the town of “One Horse” there is one movie theater. Two groups of consumers, adults (A) andchildren (C), attend this theater. Suppose the demand for movies by adults is given by:QA = 50 - 0.50PA, where PAis price ofan adultmovie ticket(in cents)and QAis the numberofmovie tickets sold to adults atthe theater. Suppose the demand for movies by children is given by:QC = 20 - 0.50PC,where PCispriceofa children’s movie ticket(in cents)and QCis the numberofmovie tickets sold tochildren atthe theater. Also, imagine totalcostis fixed at$450, thus makingmarginalcostofprovidingonemore movie ticket to either an adult or a child constant at zero.[29]Ifthe movie theateris able to price discriminate amongits two groups ofconsumers, then itshouldcharge a higher price to group A.A.TrueB.False[30]Ifthemovie theateris able to price discriminate amongits two groups ofconsumers, then itsmaximum profit is closest in value…
- Kari requests two goods: X and Y. The utility function is given by: U(XY)=X-Y. Prices of X and Y is Px and Py, and budget is of m dollars. a) Deduce Karis demand for good X and Y b) Suggest price X and Y is showed by Px = 4 and Py = 2 and income, M, is 30. How much will she demand of X and Y? c) Karis wage is doubled. How does this affect her adjustment? Show graphically and mathematically d) is good X and Y normal or inferior goods?a)Draw the supply curve with the slopey our choice (individual or market demand). Choose a price level (say,P1) and find the quantity supplied (Q1) for that price, using the supply curve drawn. Now, assume that price decreases to P2. What happens to the quantity supplied? How about if we have a decrease in the input prices for that product? Show what happens and explain. b)Draw the supply and demand curves together. Show the equilibrium point. Present graphically the equilibrium price and the equilibrium quantity.An increase in the demand for tattoos will lead to a: O higher price and a smaller quantity sold. O lower price and a smaller quantity sold O higher price and a larger quantity sold. O lower price and a larger quantity sold.
- Suppose an economic boom causes incomes toincrease. Explain what will happen to the demandand supply of phones, and predict the direction ofthe change in the equilibrium price and quantitySuppose there is a soda tax to curb obesity. Whatshould a reduction in the soda tax do to the supply ofsodas and to the equilibrium price and quantity? Can youshow this graphically? Hint: Assume that the soda tax iscollected from the sellers.The Jamaican government administers two programs that affect the market forcigarettes. Advertisements and labeling requirements which are aimed atmaking the public aware of the dangers of cigarettes. At the same time, theMinistry of Agriculture limits the amount of land that can be devoted totobacco production. Are these two programs useful in the goal of reducingcigarette consumption? As part of your answer, illustrate graphically the effectsof both policies on the market for cigarettes.
- 2 - Suppose that Omer's income is OR 4800. His demand for books ( good X ) and shoos ( good Y ) depends upon the prices for these two goods , if the price of one unit of book ( good X ) is OR 40 and the price of one unit of shoos ( good Y ) is OR 20 . a ) Draw the budget line for Omar ( show your work ) b ) Find the slope of this budget line .. It is a hot day, and Bert is thirsty. Here is the value heplaces on each bottle of water:Value of first bottle $7Value of second bottle $5Value of third bottle $3Value of fourth bottle $1a. From this information, derive Bert’s demandschedule. Graph his demand curve for bottledwater.b. If the price of a bottle of water is $4, how manybottles does Bert buy? How much consumersurplus does Bert get from his purchases? ShowBert’s consumer surplus in your graph.c. If the price falls to $2, how does quantitydemanded change? How does Bert’s consumersurplus change? Show these changes in yourgraph.Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands. a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?c. Graph the demand and supply curve for bicycles.How can you determine the equilibrium priceand quantity from the graph? How can youdetermine the equilibrium price and quantityfrom the table? What are the equilibrium priceand equilibrium quantity?d. If the price was $120, what would the quantitiesdemanded and supplied be? Would a shortageor surplus exist? If so, how large would theshortage or surplus be?