Which of the graph/s below show/s a rise in the price of chicken? Fish (pounds per year) Fish (pounds per year) Chicken (pounds per year) Figure A Chicken (pounds per year) Figure B Fish (pounds per year) Fish (pounds per year) Chicken (pounds per year) Chicken (pounds per year) Figure C Figure D Figure A Figure B Figure C Figure D Figures C and D
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- Illustrate the appropriate change and specify whethereach change represents an increase or a decrease.c. When the price of chicken unexpectedly rises, many consumers choose topurchase corned beef instead.Illustrate the appropriate change and specify whether each change represents an increase or a decrease. When the price of chicken unexpectedly rises, many consumers choose to purchase corned beef insteadIn Colorada Snack shop , there are only 3 goods for sale: Dumplings, Ramen and diet drinks. The following table shows the prices and quantities produced of these goods in 2017, 2018, and 2019: 2017 2018 2019 p Q P Q P Q Dumplings 7 500 10 600 12 700 Ramen 6 300 6.5 200 7 310 Diet Drinks 3 1,000 2.5 1,200 2.8 1,350 The average consumption basket for a typical family in colorada is 8 dumplings , 2 ramen, and 2 diet Cokes. Compute the consumer price index (CPI) for each of the three years, using 2017 as the base year. 1b. Use the CPI you computed in (a) to calculate the rate of inflation from 2017 to 2019 and from 2018 to 2019.
- Why has there been such a surge in the number of different products available in our economy?Assume that a college student spends her income on books and pizza. The price of a pizza is $8.00, and the price of a book is $15. If she has $100 of income, she could choose to consumeExplain the difference between a change in supply and a change in quantity supplied. What causes each to change and how thery differ when graphed
- The residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2020, they spend a total of $210 for 100 heads of cauliflower, $70 for 50 bunches of broccoli, and $45 for 450 carrots. In 2021, they spend a total of $225 for 90 heads of cauliflower, $112 for 80 bunches of broccoli, and $120 for 400 carrots. Complete the following table by calculating the price of one unit of each vegetable in each year. Year Cauliflower Broccoli Carrots 2020 2021 Using 2020 as the base year, the CPI for 2020 is________ , and the CPI for 2021 is________ . The inflation rate in 2021 is _________ using the CPI.The price of a DVD rental is 1.50 dollar and the price of a downloaded movie is $1. What is relative price of downloaded movie.Suppose that we have the following price data Year Price of Gasoline Price of Soda 1987 $.89 per gallon $.35 per 16 oz. bottle 2005 $ 2.39 per gallon $1.49 per 16 oz. bottle a) Calculate the percentage change in the price of each good. b) Calculate the percentage change in the relative price of gasoline in terms of soda. Year Relative Price of Gasoline 1987 $.89 / .35 = 2.54 2005 $ 2.39 /1.49 = 1.60 c) Why do we only worry about relative prices in economics?
- Alyssa spends all of her money on comic books and mandarins. In 2014, she earned $27.00 per hour, the price of a comic book was $9.00, and the price of a mandarin was $3.00.There was a disruption in production and shipment of fertilizer when Russia invaded Ukraine in March 2022. How does the event in the market for fertilizer transition into the market for food. Explain and draw the graphs for both the markets.This week Sara’s income falls from $12 to $9 a week, while the price of popcorn isunchanged at $3 a bag and the price of a smoothie is unchanged at $3.g. What is the effect of the fall in Sara’s income on her real income in terms ofsmoothies and in terms of popcorn?h. What is the effect of the fall in Sara’s income on the relative price of a smoothiein terms of popcorn? What is the slope of Sara’s new budget line if it is drawnwith smoothies on the x-axis?