A demand schedule A) shows how the demand changes when the supply changes. is a list of the quantities demanded at each different price when all other influences on buying plans remain the same. C) shows the quantity demanded at one price. O D) is a graph showing a relationship between the quantity demanded and the price of a good.
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- If macaroni and cheese is an inferior good and an increase in consumer income occurs, then which of the following statements is TRUE? Select one: O a. At a given price, more will be spent on macaroni and cheese. O b. There will be an increase in demand for macaroni and cheese. Oc The demand curve for macaroni and cheese will shift farther away from the origin. Od. There will be a decrease in demand for macaroni and cheese.When economists say the quantity demanded of a product has increased, they mean the demand curve has shifted to the left. demand curve has shifted to the right. O price of the product has fallen, and consequently, consumers are buying more of it. price of the product has risen, and consequently, consumers are buying less of it.The figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. Move the supply and/or demand curves to reflect the primary effect this would have on the market for online music. You can assume that online music is a normal good. Also select the end result of equilibrium price and quantity. Equilibrium price increases. O remains constant. Equilibrium quantity increases. remains constant. decreases. O change is ambigous. decreases. change is ambiguous. Price (5 per track) Quantity (number of tracks) Supply Demand
- QUESTION 3 A buyer's willingness to pay for a good is the O maximum demand for, is willing to pay for that good. It measures how much the buyer the good. Oprice of, values Omaximum amount the buyer is willing to pay for, values minimum amount the buyer is willing to pay for, needs actual amount the buyer pays for, valuesQuestion 3 According to the law of demand, what is the relationship between price and quantity demanded? O no relationship O inverse O direct Question 10 Refer to the following graph. The demand curve slopes downward because Meredih Demand Care fr San Price iper pend sa ae Incress Price 3.00 S7.50 $5.00 ... Qey nds Dere Salmen Boraphy Cick to view larger image. O prices and quantity demanded remain unchanged. O prices and quantity demanded move in the same direction O prices and quantity demanded have no relationship. O prices and quantity demanded move in opposite directions 1 pts Question 11 because it is driven by the law of supply. Refer to the following graph. The supply curve is he s7 0.00 SA00 Click to view.larger imare. O perfectly vertical O perfectly horizontal O downward sloping O upward sloping Question 12 Refer to the following image. When a market is in equilibrium, which of the following is true? Phice Click to view larger image O Quantity supplied exceeds quantity…2) The following figure shows the demand curves for pens for two consumers. Price 40 Quantity Refer to the figure above and answer the following questions: a) How do you derive the market demand curve? Explain. b) Assuming that the market consists of only these two consumers, what is the market demand for pens when the price is $4? ) Assuming an increase in the price of notebooks, what will be the likely effect on consumers' demand for pens? Explain in terms of possible change in demand curves.
- . It is a hot day, and Bert is thirsty. Here is the value heplaces on each bottle of water:Value of first bottle $7Value of second bottle $5Value of third bottle $3Value of fourth bottle $1a. From this information, derive Bert’s demandschedule. Graph his demand curve for bottledwater.b. If the price of a bottle of water is $4, how manybottles does Bert buy? How much consumersurplus does Bert get from his purchases? ShowBert’s consumer surplus in your graph.c. If the price falls to $2, how does quantitydemanded change? How does Bert’s consumersurplus change? Show these changes in yourgraph.Two goods are complements if a decrease in the price of one good. This will lead to: Select one: O a. reduces the quantity demanded of the other good b. increases the quantity demanded of the other good. C. increases the demand for the other good d. reduces the demand for the other goodThe figure shows the supply curve of wallets. What is the change in the quantity of wallets supplied when the price of a wallet rises from $40 to $80, while all other influences on selling plans are unchanged? The quantity of wallets supplied O A. decreases by an unknown amount O B. increases by an unknown amount O C. increases from 8 million to 16 million O D. decreases from 16 million to 8 million C 100- 80- 60- 20- UT Price (dollars per wallet) Quantity (millions of wallets per year)
- Give typing answer with explanation and conclusion Suppose the cost of petrol is Rs. 100 per litre. There are two consumers who wish to purchase petrol for their cars: A and B. Consumer A goes to the petrol pump and asks for 10 litres of petrol. Consumer B goes to the petrol pump and asks for petrol worth Rs. 1000. (i) Find the equilibrium quantity demanded by each consumer. (ii) Draw the demand curves for each consumer. Are the two consumers identical? What is the price elasticity of demand for each consumer?When supply increases, the effect is a large decrease in price and a small increase in quantity demanded, consumers are responsive to the change in price O consumers are not responsive to the change in price O producers are not responsive to the change in price O producers will increase price.II. The Law of Supplya. In wordsThe Law of Supply states that quantity (demanded/supplied) goes (down/up) as theprice goes (down/up), all other things (equal/moving).Hence, the relationship between quantity demanded and price is (direct/inverse).