1- If oil consumers anticipate that the price ofgasoline is going to increase next week, then:A- the demand for gasoline today willdecrease.B- nothing will happen to demand today, butquantity demanded will decrease due to thehigher price.C- the demand for gasoline today willincrease.D- nothing will happen to demand for gastoday because the price isn't expected tochange until next week.2- 'I, Pencil' illustrates that:A- the market system mobilizes individualcreativity in a way that other systems ofeconomic organization do not.B- pencils are superior writing instruments topens.C- centrally-planned economies are able toproduce pencils well.D- the market system helps to keep Parissupplied with all of the material goods itsresidents need3-Which of the following best describes thedifference between a decrease in quantitydemanded and a decrease in demand?A- A decrease in demand is caused by anincrease in price, whereas a decrease inquantity demanded is caused by a number offactors, such as an increase in the price of acomplementB- A decrease in quantity demanded iscaused by an increase in price, whereas adecrease in demand is caused by a number offactors, such as a complement becomingmore expensive.C- There is no difference; both events havethe same underlying causes.D- There is only ever a decrease in demandwhen supply also decreases.4- Which of the following does not affectdemand for a product?A- A new subsidy for consuming that productimplemented by the government.B- The technology used to produce thatproduct.C- Consumer expectations about futureprices.D- The prices of complementary goods.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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D Question 7 The price elasticity of demand tells us how sensitive buyers are to a change in price. the movement along a supply curve when there is a change in demand. O how much more consumers will demand when incomes rise. none are correct O the extent to which demand increases as additional buyers enter the market.
Well questions 9-12 graph and explain how these factors can drive gasoline/oil prices down. 9 Market structure of gasoline
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
1. What does it mean when we say that the demand is unitary elastic?(a) A 1% change in price leads to a 1% change in demand(b) A 1% change in price leads to more than 1% change in demand(c) A 1% change in price leads to a less than 1% change in demand(d) None of the above is true
(a) You went to the market to buy groceries. You noticed that the price of the tea increased in the market from April to September. Now that you have a knack for elasticity, you wanted to check something. You asked the customers assistant of the store for some information. The information you collected is mentioned below. Information of Tea Market: Price Quantity April 12 14 September 18 10 Information of Coffee Market: Quantity April 12 September 18 Out of curiosity, you wanted to see the effect of change in price of tea on the quantity demanded for coffee. What would be the cross price elasticity of demand due to the price increase of tea? Do not convert into percentage. Give your answer in 2 decimal places. E.g. If you get XED = 0.253 then submit 0.25 (b) Based on the findings in 6(a), you can comment on the relationship of tea and coffee Tea and coffee are - One word answer (complementary/substitute/neutral) goods
Which would cause a decrease in the quantity of computers supplied? A. An increase in the demand for computers B. A decrease in the demand for computers C. An increase in the incomes of consumers D. A decrease in the price of parts for making computers
a.Examine the ways in which a business might use information about the different elasticities of demand for its product in its decision making. b.Explain why the prices of agricultural products tend to fluctuate more than the prices of manufactured goods.
5) If a government sets a price below the equilibrium price(a) quantity demanded will be greater than quantity supplied.(b) the supply curve will shift to the left.(c) quantity demanded will equal quantity supplied.(d) demand will be less than supply.
8. If a seller facing excess demand is unable to raise the price of the good due to a price ceiling, the seller might: a. increase the quantity supplied of the product. b. decrease the price of the product. c, increase the quality of the product. d. decrease the level of service for that product.
iii) discuss one factor EACH,that you think influence demand and supply for milk. Provide examples
66. Elasticity measures Select one: a. The percentage change in one variable in response to a one present increase in another variable. b. The inverse of the slope of a demand curve. c. The slope of a demand curve d. Sensitivity of price to a change in quantity.
2. The graph below shows the demand and supply of baseball caps with inflexible prices. Suppose that 100 baseball caps is the optimal and most profitable level of production for the firm. Price (S) 20 10 150 Baseball A. Determine the equilibrium price and quantity at the medium level of demand (DM) B. Determine the equilibrium price and quantity if there is a demand shock that unexpectedly lowers demand (DL). C. Determine the equilibrium price and quantity if there is a demand shock that unexpectedly increases demand (DH). D. What can you conclude will happen to prices and output when this model is shocked by changes in demand?

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