0. If supply changes from S2 to S1 and demand changes from D1 to D2     (a) equilibrium price falls to $ 14.     (b) equilibrium quantity increases to 16.     (c) equilibrium price increases to $19.     (d) supply has increased. 11. if demand changed from D1 to D2 as a result of an increase in buyers' income this product is     (a) a normal good.     (b) a free good.     (c) an inferior good.     (d) a complementary good. 12. If demand for this product changed from D2 to D1 as a result of a increase in price of a related product, then these two products are     (a) complements.     (b) inferior goods.     (c) economic goods.     (d) substitutes.     (e) public goods.

Q: Question 2* (a). Prove that when the consumer is in equilibrium the marginal utility that is placed…

A: Marginal utility is the additional satisfaction of consuming an additional unit of product. A…

Q: 1. Which of the following would most likely cause equilibrium quantity and price of x to rise? (a) A…

A: The equilibrium occurs where the demand and supply are equal.

Q: Do you agree with the following statements? Give reasons.  (a) There are some exceptions to the law…

A: Answer - Need to find- Do you agree with the following statements? Give reasons.    (a) There are…

Q: QUESTION 14 If two goods are substitutes, then a(n) A increase in the demand for one of them will…

A: Substitute goods are goods that satisfy a similar need or desire. For example, butter and margarine…

Q: The following table shows the demand and supply of tickets of a football game which will be held at…

A: Given, Price  Market Demand Market Supply  20 5000 3500 30 4000 3500 60 3000 3500 80 2000…

Q: 4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000…

A: The price elasticity of demand is the percentage change in a good or service's quantity demanded…

Q: Evaluate how the following situations will affect the demand curve for iPods. (a) Income statistics…

A: The demand curve is a graphical representation that represents the association between quantity…

Q: Freihofer's bread is a normal good produced by the Freihofer Bakery. Using clearly labeled Demand…

A: Note: Since, you've posted question with multiple sub-parts, we will solve the first three sub-parts…

Q: Plot the supply curve from the supply schedule information provided. (a) What can you explain from…

A: The market supply curve is determined by summing the quantity which producer is willing to sell at…

Q: A $2.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 6…

A:

Q: our of the following five events might reasonably be responsible in shifting the demand curve for…

A: Answer - Need to find- Four of the following five events might reasonably be responsible in shifting…

Q: Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium…

A: Since you have posted a question with multiple sub-parts, we will solve the first 3 sub-parts for…

Q: If X and Y are substitutes, and if the marginal cost of producing X increases, which of the…

A: Marginal Cost:Marginal cost is the additional cost incurred by producing one more unit of a good or…

Q: For a good with the following demand: Quantity Demanded Price 6000 $20 14,000 $15 (a) Calculate the…

A: Introduction: It is given that when the price is $20, then the quantity demanded is 6000 while at…

Q: List five basic determinants of market demand that could cause demand to increase. (a) Consumers'…

A: Demand for any particular good increases/decreases increases because of various factors.

Q: 13. A possible explanation for a change in demand from D1 to D2 is     (a) decrease in supply.…

A: A change in demand refers to a state of affairs that places the extent of a proper or carrier that…

Q: If supply changes from S1 to S2 and demand changes from D1 to D2 a) equilibrium price decreases to…

A: The market is a system or an allocative mechanism which results in the buyers and sellers to engage…

Q: Q.1.9 An increase in the cost of flour used to bake bread is most likely to;  (a) decrease the…

A: The demand and price are inversely related to each other. If the price of the commodity increases,…

Q: Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: valuate how the following situations will affect the demand curve for iPods. (a) Income statistics…

A: (A) Income impacts the demand for a commodity directly. With the rise in income, the purchasing…

Q: me gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: When the demand curve shifts, the change in equilibrium price will be larger the more elastic the…

A: The size of change in price will depend on the elasticity of demand and supply.

Q: (1) A verticle demand curve results in  (a) no change in quantity when the supply curve shift  (b)…

A: The law of demand establishes the negative correlation between the price of a good and its quantity…

Q: Assume gasoline is sold in a competitive market, the equilibrium price is $50 per barrel, and the…

A: Note: There are multiple sub parts of the question. Therefore, we shall answer only the first three…

Q: What effect should each of the following have on the demand for gasoline in a competitive market?…

A: Competitive equilibrium is the interaction of demand and supply which helps in determination of a…

Q: 1. The price of compact disc players fell over tne past decade because a com technology, rising…

A: the price of compact disc players fell over the past decade because a combination of improving…

Q: 105. If we know that the price elasticity of supply of eggnog is 3 and that the price of eggnog has…

A: Elasticity is the concept used by economists to measure the responsiveness of supply/demand to…