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- Whatisthedifferencebetweenthedemandandthe quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.CNOLLS we r any CONE questions of the two in this sectlon in the answer book 21 211 Answer the following questions Name T WO types of imperfect markets Explain why demand curve has a negative slop 2.1.2 2.2 Study the Table below and answer questions below. 121 Number of Burgers 121 Total utillty Marginal utility 10 18 8. 23 25 26 1 6. 24 A [Adapted from Focus Economics grade 10 page 97 figure 5.2] 2.3.1 What is the source of the table above? (1) 2.3.2 How much was marginal utility in unit 3 (1) 2.3.3 Briefly describe the term utility (2) 2.3.4 Calculate A in the above table (4) 2.3.5 Draw a marginal utility graph using the information above 0851 897 345Opleassssee help me thank you
- You have data on Meena's quantity demanded for craft beer and theirincome. According to this data when Meena's income falls by 7% theassociated change in their quantity demanded for beer is 11%. You don'tknow if it is an increase or decrease in quantity demanded. From pastresearch you know that craft beer is a normal good for Meena. Use thisinformation to calculate Meena's income elasticity of demand.You have data on Timon's quantity demanded for Bud Light beer and theirincome. According to this data when Timon's income rises by 6% theassociated change in their quantity demanded for Bud Light is 14%. Youdon't know if it is an increase or decrease in quantity demanded. Frompast research you know that Bud Light is an inferior good for Timon. Usethis information to calculate Timon's income elasticity of demand.|Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. a change in quantity demanded for one product or service causes a change in simple demand for a related product or service. * In 2. O Elasticity of Demand O Cross Elasticity of Demand O Diminishing Marginal Utility O Cost-Benefit Analysis O All of These O None of These The rules of the price system operate in all markets of a capitalist/market economy. The market where consumers earn income Market. by selling resources to business resources is called O Consumer
- EtIce QulzO Seve&te The four demand curves shown below ACand D oern ems of ther price ttity of demnd Instructor Notes Be sure to soel down and answer all questions DemandA Demand Demnd Demnd Quantty AAl ele the same, which demand curveeltively more elstc Demand A DemendWhat is the relationship betweensupply and demand?The equation for a demand curve is P = 2/Q. What is the elasticity of demand as price falls from 5 to 4? Whatistheelasticityofdemandasthepricefallsfrom9 to 8? Would you expect these answers to be the same?
- what is elasticity?When the price of goods X increases by 20% and the quantity of demand decreases by 30%, the demand for the goods is inelasticTrue or false?What do you mean by the inverse relationship between the quantity demanded for acommodity and its price. How would you explain, that a fall in the price of Matchboxdoes not make a consumer buy more of it? Please answer it in 30 min if possible
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