Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 6.A, Problem 15SQ
To determine

The movement in consumer equilibrium from Point A to B.

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Which of the following leads to a rightward shift of the demand curve?     Responses A an expectation of an increase in the good's price in the future an expectation of an increase in the good's price in the future B a decrease in the number of consumers a decrease in the number of consumers C a decrease in the price of a substitute a decrease in the price of a substitute D an increase in the good's own price
Normal goods are those for which demand decreases asA) the price of a substitute falls. B) the price of a complement falls. C) the good's own price rises. D) income decreases.
A consumer buys two goods X and Y. Suppose price of Good X falls. What will be its effect on its demand? Give two reasons
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  • Which of the following increases the supply of meals from KFC?  a. Consumers' incomes increase and meals from KFC are a normal good.  b. Consumers' incomes decrease and meals from KFC are a normal good.  c. The price of movies, a complement to KFC meals, increases.  d. Cashiers receive a reduction in salary
    In the below figure, a consumer is initially in equilibrium at point C. The consumer’s income is $400, and the budget line through point C is given by $400 = $100X + $200Y. When the consumer is given a $100 gift certificate that is good only at store X, she moves to a new equilibrium at point D.     a. Determine the prices of goods X and Y.Price of X: $ Price of Y: $ b. How many units of product Y could be purchased at point A?c. How many units of product X could be purchased at point E?d. How many units of product X could be purchased at point B?e. How many units of product X could be purchased at point F?f. Based on this consumer’s preferences, rank bundles A, B, C, and D in order from most preferred to least preferred.  (Click to select)   D, B, C, A   D, C, A, B   C, A, B, D   A, B, C, D g. Is product X a normal or an inferior good?  (Click to select)   Normal   Inferior
    Which of the following will not cause a good’s entire demand curve to shift? Group of answer choices: (A) A change in consumers' income. (B) A change in consumers' tastes or desires for the good. (C) A change in the availability and price of substitute goods. (D) A change in consumers' expectations. (E) A change in the current price of the good.
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