Figure 4-1 shows Kendra's demand curve for ice cream cones. Refer to Figure 4-1. If the market price is $2.50, what is Kendra's consumer surplus? -O $9.00 O $1.50 O $0
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- Table 2.1 - Demand schedules Price Abby’sQuantityDemanded Brandi’sQuantityDemanded Carrie’sQuantityDemanded DeeDee’sQuantityDemanded $12 2 1 3 4 $10 4 4 4 5 $8 6 7 5 6 $6 8 8 4 7 $4 10 9 3 8 $2 12 10 2 9 Refer to Table 2-1. Whose demand does not obey the law of demand? Group of answer choices Abby's Brandi's Carrie's DeeDee'sAn individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate the demand curve for wine. Wine Price Book Price $15 $12 $30 $12 $60 $12 Books 100- 90- Wine 40 20 10 LOTB FO- Books 50 50 50 80- 70- 60- 50- 40- 30- 20- 10- 0- 0 10 20 30 40 50 60 70 80 90 100 Wine PCG Budget $1200 $1200 $1200 N Using the three-point curved line drawing tool, draw the demand curve for wine in the figure to the right. Label this curve 'Demand". Carefully follow the instructions above, and only draw the required object. CULDFigure 4-1 Price (dollars per ice cream cone) $3.50 3,00 2.50 0 2 3 Demand Quantity (ice cream cones) Figure 4-1 shows Kendra's demand curve for ice cream cones.
- 6. John consumes strawberries and cream together and in the fixed ratio of two boxes of strawberries to one cartons of cream. At any other ratio, the excess goods are totally useless to him. The cost of a box of strawberries is $10 and the cost of a carton of cream is $10. At an income of $300, what is John's demand on cream and strawberry?An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate the demand curve for wine. 70- TTTTI Wine Price Book Price Wine Вooks Budget $1200 $1200 60- $15 $12 $12 $12 40 50 $30 $60 20 50 50- 10 50 $1200 40- 100- 90- 30- 80- 70- 20- 60- A 50- PCC 10- 40- 30- 0- 20- 10 20 30 40 50 10- Wine 0+ 0 10 20 30 40 50 60 70 80 90 100 Wine Using the three-point curved line drawing tool, draw the demand curve for wine in the figure to the right. Label this curve 'Demand'. Carefully follow the instructions above, and only draw the required object. Books Price4 Refer to Table below. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. At a price of $6, the quantity demanded in the market would be Kona Coffee Price per lb. (dollars) Luke's Quantity Demanded (lbs.) Ravi's Quantity Demanded (lbs.) Rest of Market Quantity Demanded (lbs.) Market Quantity Demanded (lbs.) $10 3 0 23 8 9 3 32 6 14 7 68 5 18 12 85 4 22 18 110 a. 123 lbs b. 89 lbs c. 36 lbs d. 68 lbs
- 3.In the market for nutritional bars there are two types of consumers: men and women. Suppose that the market equilibrium happens at the same price and quantity for both the women and men's market. At the market equilibrium, the price elasticity of demand for men is ϵMD,P=−2 and the price elasticity of demand for women is ϵWD,P=−2.4. If the supply for nutritional bars is perfectly elastic and if the government implements a subsidy of $A$A in this market, we can be sure that: The increase in the consumer surplus for women will be ?? (greater tlower tequal) than the increase in the consumer surplus for men. The deadweight loss will be greater in which market? (women, men, both)13. Refer to the diagram below. Good Y U, YA U. Xg XA Good X The budget line shift that moves the consumer's equilibrium from point A to point B suggests: A. a decrease in the quantity demanded for product X. B. a decrease in the demand for product X. C. no change in the demand for product X. D. that X is an inferior good.Nadia consumes two goods, food and clothing. The price of food is $2, the price of clothing is $5, andher income is $1,000. Nadia always spends 40 percent of her income on food regardless of the price offood, the price of clothing, or her income.a. What is her price elasticity of demand for food?b. What is her cross-price elasticity of demand for food with respect to the price of clothing?c. What is her income elasticity of demand for food?
- |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 Consumer19) Consider the market for drinking water on a summer camping trip. The supply for water (in gallons) is Qs = 2 + 2P. There are two people on the camping trip, Tony and Khushbu. Tony's demand for drinking water is QDremy = 18 – 3P and Khushbu's demand is = 6 – P. a. What is the total demand for water on this trip? b. Graph supply and demand for drinking water and find the equilibrium price and quantity. c. Suppose some external factors cause the supply of water to shift to Qs = 12 + 2P. Graph this change and calculate the new equilibrium price and quantity. d. What is the price elasticity of demand for this price change? %3|The following data reveal how much each consumer is willing to pay for an Alaskan Cruise. Ed- $2000 Hugo-$1800 Isabel-$1500 Carol -$1500 Gigi-$1300 Bob-$1100 Amy-$900 Eduardo-$400 a. Draw the Market Demand Curve For these 8 consumers (Want to check this is correct)
