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- Economists define normal goods as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category. Can you come up with a name for each category?What is the rule relating the ratio of marginal utility to prices of two goods at the optimal choice? Explain why, if this rule does not hold, the choice cannot be utility-maximizingWhat does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
- Explain all the reasons why a decrease in a products price would lead to an increase in purchases.As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower quantities, what happens lo the measured elasticity? How would you explain that?
- Would you expect total utility to rise or fall with additional consumption of a good? Why?For normal goodsA) the substitution effect of a price decrease will decrease the quantity of the good demanded while theincome effect of a price decrease will increase the quantity of the good demanded.B) the substitution and income effects of a price decrease will both increase the quantity of the gooddemanded.C) the substitution and income effects of a price decrease will both decrease the quantity of the gooddemanded.D) the substitution effect of a price decrease will increase the quantity of the good demanded while theincome effect of a price decrease will decrease the quantity of the good demanded.QUESTION 8 The demand for bicycles decreases by 10 as a result of an increase in the price of bicycles. The substitution effect alone would predict a decrease of 12 units. We can conclude that O a. Bicycles are a Giffen good O b. Bicycles are inferior goods OG Bicycles have a positive elasticity of demand with respect to income O d. Substitution and income effects have the same magnitude O e. None of the proposed answers is correct
- There is a negative relationship between the price of fuel and quantity demanded for cars, as these two goods are O a. Substitute goods O b. Normal goods Oc Complementary goods O d. Inferior goods Which of the following factors cause a contraction in quantity demanded for a commodity? O a. A rise in the price of the commodity O b. A decrease in the price of complementary goods Oc An increase in the price of its substitutes O d. An increase in the taste and preferences of the consumer for the commodityIf two goods are substitutes, then O an increase in the price of one causes the demand for the other to fall. O there is an inverse relationship between changes in the price of one good and changes in the demand for the other. O if the price of one good falls, the demand for the other good falls also. O changes in the quantity demanded of one good will not affect the demand for the other.Suppose potatoes are a Giffen good. Then if the price of potatoes decreases, the quantity of potatoes will decrease O remain the same O ambiguous increase