5) which of the following is not a determinant of a consumer's demand for a commodity?a) Priceb) Incomec) Taste and Preferenced) Technology1)If a price of the bun is $2 identity the corresponding quantity demanded6) Assume that fims in an industry observe a15% increase in the productivity of labor, but toget there they had to increase the cost of labor by 10%. What should be expected to happen in thea) 5b) 10c) 15d) 0output market as aresult of this development?a) The Supply should incresse.b) The Demand should decressed.C) The Supply should decrease.d) The supply should remain unchanged.2) Suppose that a decresse in the price of X results in less of good Y sold. This would mean thatXand Y area) Normal Goods.b) Unrelated Goods.c) Substitute Goods.7)By definition, an inferior good is aa) Good for which demand decreases when income increase.Want that is not expressed by demand.c) Normal substitute good.d) Good for which demand decresses when its price rises.d) Complementary Goods.3)If a rise in supply exceeds a rise in demand, then we should expecta) the equilibrium price and quantity levels will decline.b) the equilibrium price will fall while the equilibrium quantity willrise.c) the equilibrium price will rise while the equilibrium quantity will decline.d) the aquilibrium price and quantity levels will rise.8) The study of the decisions of individual units in the economy is known asa) Microsconomicsb) Macroeconomicac) The Study ofincentivesd) Ceteris Paribus Study..........9) If a good has a price, then it is considered4) From the given curve above, find the equilibrium quantity and pricea) P=1.6, Q=130b) P=1, Q=200C) P=0.5, Q=290d) P=0.5, Q=130e) P=1.6, Q=290 10) Refer to the figure below and identify if the unattainable point on the PPF|* 15410PPF24Pizzos (millions)a) Any point inside the PPFb) Cannot be judged with the given datac) Any point beyond the PPFd) Any point on the PPF(uoo jo suogu op

From demand curve, when price is $2, quantity demanded is 10 units. Correct option is (b).

1)If a price of the bun is $2 identity the corresponding quantity demanded a) 5 b) 10 C) 15 d)0 2) Suppose that a decrease in the price of X results in less of good Y sold. This would mean that Xand Y are a) Normal Gooda. b) Unrelated Gooda. ) Subatitute Goods. d) Complementary Goods. 3)Ifa rise in supply exceeds a rise in demand, than we should expect a) the equilibrium price and quantity levels will decline. b) the equilibrium price will fall while the equilibrium quantity willrise. c) the equilibrium price will rise while the equilibrium quantity will decline. d) the equilibrium price and quantity levels will rise.

1)If a price of the bun is $2 identity the corresponding quantity demanded a) 5 b) 10 C) 15 d)0 2) Suppose that a decrease in the price of X results in less of good Y sold. This would mean that Xand Y are a) Normal Gooda. b) Unrelated Gooda. ) Subatitute Goods. d) Complementary Goods. 3)Ifa rise in supply exceeds a rise in demand, than we should expect a) the equilibrium price and quantity levels will decline. b) the equilibrium price will fall while the equilibrium quantity willrise. c) the equilibrium price will rise while the equilibrium quantity will decline. d) the equilibrium price and quantity levels will rise.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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