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- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?Distinguish between contraction of supply and decrease in supply. any 4 points.Consider the market gold, if people expect a lower future price of gold. Change in demand? Change in supply? Change in market equlibrium price? Change in market equlibrium quantity? Graph?
- 41-Write the differences between increase in supply and decrease in supply.27.Increase and decrease in supply is due to ______________________factors keeping the price constant.4-5B Draw the price effect and the quantity effect for a price change from $60 to $70. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary. 2. Draw the price effect and the quantity effect for a price change from $10 to $20. Which effect is more significant? Does total revenue increase or decrease? No calculation is necessary.
- #8 What happens to total revenue (TR) if the price rises on a product with demand that is price elastic? Total revenue will remain the same. Total revenue will fall. Total revenue will rise.Iran has threatened to close the Straits ot Hormuz, a narrow passageway that connects the Persian Gulf and the Indian Ocean. As a result, gas prices have increased. What is the effect on grocery prices in general? What Will be the fifth on demand and supply of gas in Texas? 1. what has happened to his concern you as an economist?Diagram of increase in demand and a diagram of increase in supply both do separately and do well labelled
- 6. Best Buy sells Q units of áat-screen TVs each year. Best Buy executives also know that the price elasticity of demand for áat-screen TVs is eQ;P = 1:5. They propose a 20% reduction in the price of áat-screen TVs claiming that total revenue (a) will increase by 15%. (b) will increase by 30%. (c) will increase by 3:5%. (d) will decrease by 30%. (e) will increasAnswer your friend who claims that; b)The condominium prices do not change largely regionally across Japan (according to table below) Do you agree/disagree with this statement,explain your reason.5 - When the kg price of strawberry increases from 6 TL to 9 TL, if the quantity supplied increases from 2 kg to 3 kg, what is the price elasticity of the supply of strawberries? a) 0.5 B) 0 NS) one D) 3 TO) 4