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- In understanding and analyzing "demand," we focus on how much of a product the buyers are Multiple Choice actually buying now and in the recent past at various prices. willing and wanting to buy at different prices. willing and able to buy with their given income. willing and able to buy at different prices.How can we apply the supply and demand analysis to a competitive market? What is a real-life example of an increase in the number of consumers in the market or an increase in the number of sellers/buyers in the market (competitive market)?What is one consumer food or service for which in the last 10 to 15 years consumers preference has actually increased, and still, the price has decreased. Based on all the supply and demand determinants, what is a possible reason that could cause the decrease in the price of the suggested good.
- Suppose the National Institutes of Health publishes a study finding that coffee drinking increases the probability of getting colon cancer. How do you imagine this will affect the market for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.Suppose the National Institutes of Health publishes a study finding that coffee drinking reduces the probability of getting colon cancer. How do you imagine this will affect the market for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.How does the equilibrium price of a normal commodity change when income of its buyers falls? Explain the chain effects.
- What is wrong with this statement? Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period.In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. Consumer expectations that the price of X will rise sharply in the future will Multiple Choice increase D, decrease P, and increase Q. increase S, increase P, and increase Q. decrease S, increase P, and increase Q. increase D, increase P, and increase Q.Which of the following variables are not held fixed when drawing a market demand curve?A. Prices of substitute goods.B. Consumer incomes.C. Consumer tastes.D. Quantity of the good demanded
- If the demand for a good decreases, the demand for the factors used to produce the good: None of the above answers is correct. decreases. could increase, decrease, or stay the same depending on whether the demand for the good is elastic, inelastic, or unit elastic. increases. stays the same.explain the inportance of demand analysis to businessIn the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. If X is an inferior good, a decrease in income will: Multiple Choice increase D, increase P, and increase Q. increase S, decrease P, and increase Q. decrease D, decrease P, and decrease Q. decrease D, decrease P, and increase Q.