Bb 5535547H My Blackboard Conte xBb Module 01: Fundamer xpardcdn.com/blackboard.learn.xythos.prod/5a25b62cdb9cf/5497575?X-Blackboard-Expiration=1631804400000&X-B1 / 4100%1. If there is a population boom in California, the (demand/quantity demand) for surfboards will (increasedecrease).2. If market experts announce that price of gold is expected to rise 25% in May, the (demand/quantitydemand) for gold will (increase / decrease) in April.3. If Kroger announces a price decrease on hot dogs, the (demand/quantity demand) for hamburgerswill (increase / decrease).4. If a drought destroys tea crops causing an inerease in the price of tea, the (demand/quantity demand)for sugar will (increase / decrease).5. If a new study shows that eating dark chocolate promotes a healthier lifestyle, the (demand/quantitydemand) for Ghirardelli 92% Intense Dark bars at Chocoly Candy Shop will (increase / decrease).6. If the Federal Reserve announces that the economy is booming and unemployment is at an all timelow, the (demand/quantity demand) for cars will (increase / decrease).7. If the price of Chinese food decreases, there will be an (increase/decrease) in the (demand/quantitydemand) for Lu's Lucky Chinese Food.8. If the price of waffles increases, there will be an (inerease/decrease) in the (demand/quantitydemand) for waffles.73°F

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following scenarios would definitely cause the price of good or service to decrease? (Check all that apply.) decrease in demand; increase in supply increase in demand; decrease in supply increase in demand; increase in supply increase in demand; no change in supply decrease in demand; no change in supply no change in demand; decrease in supply no change in demand; increase in supply decrease in demand; decrease in supply
If income is doubled and all prices are doubled, then the demand for luxury goods will more than double? True or false
Suppose there is an increase in consumers' incomes. In the market for automobiles(a normal good), does this event cause an increase in demand or an increase in quantitydemanded? Does this cause an increase in supply or an increase in quantity supplied?
Q6. Q7.
Describe how each of the following will affect the demand for hybrid cars: A. A rise in income (assuming that hybrid cars are a normal good) B. Consumers prices of hybrid cars to fall in the future. C. The price of gasoline rises. D. Increased number of campaigns in favor of protecting the environment.
The market for cruises is at its market equilibrium when two events occur: cruise companies increase the number of cruise ships, and at the same time, cruising becomes less popular. How does the market for cruises change? The equilibrium price of a cruise ________ and the equilibrium quantity of cruises _______. A. falls; might increase, decrease, or not change B. falls; increases C. rises; decreases D. might rise, fall, or not change; decreases
In 2019, 360,000 electric vehicles (EVs) were sold in the United States. Show your formula and calculation steps. a. Suppose the average price of these cars was $40,000. Calculate price elasticity of demand if a $2,000 tax credit caused an increase in sales by 20,000 EVs. b. Calculate cross-price elasticity if a 20 percent increase in the price of gasoline caused an increase in sales of EVs by 30,000.
Suppose there is an increase in consumers' incomes. In the market for automobiles(a normal good), does this event cause an increase in demand or an increase in quantitydemanded? Does this cause an increase in supply or an increase in quantity supplied?
Demand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.
Solve question no -4 please accurate and fast
Suppose an 18 percent drop in the price of strawberries leads to a 24 percent increase in the quantity demanded of strawberries and a 12 percent decrease in the quantity demanded of plums. a. What is the price elasticity of demand for strawberries? Instructions: Enter your response rounded to two decimal places. b. At the current price level, the demand for strawberries is (Click to select) because the price elasticity of demand for strawberries is (Click to select) c. What is the cross-price elasticity of demand between strawberries and plums? Instructions: Enter your response rounded to two decimal places. d. Strawberries and plums are (Click to select) because the cross-price elasticity of demand is (Click to select)
*8. Studies have fixed the short-run price elasticity of demand for gasoline at the pump at -0.20. Suppose that international hos- tilities lead to a sudden cutoff of crude oil supplies. As a result, U.S. supplies of refined gasoline drop 10 percent. a. If gasoline were selling for $2.60 per gallon before the cutoff, how much of a price increase would you expect to see in the coming months? b. Suppose that the government imposes a price ceiling on gas at $2.60 per gallon. How would the relationship between consumers and gas station owners change? 14

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