1. Using the data in the table below, plot the points to construct the demand curve for ice-cream. Quantity |(Qd) 10 Price 100 200 300 8 400 500 4 (a) Describe the shape of the curve giving reason for your answer. (b) Using a separate curve, illustrate and explain what happened to the demand for ice- cream when prices decrease from $300 to $100. (c) Using a separate curve, illustrate and explain what happened to the demand for ice- cream when price increased from $200 to $500.

1. Using the data in the table below, plot the points to construct the demand curve for ice-cream. Quantity |(Qd) 10 Price 100 200 300 8 400 500 4 (a) Describe the shape of the curve giving reason for your answer. (b) Using a separate curve, illustrate and explain what happened to the demand for ice- cream when prices decrease from $300 to $100. (c) Using a separate curve, illustrate and explain what happened to the demand for ice- cream when price increased from $200 to $500.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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