2 E E 2 The economy goes into a recession causing incomes to decrease (Assume cereal is a normal good). P 1. Draw and Label Equilibrium: 2. The Change: Supply or Demand Increase or Decrease Shifter 3. After: Price 4. Why? Quantity
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- Figure 4-6Refer to Figure 4-6. The movement from D’ to D could be caused by a. an increase in the price of a complement. b. a decrease in income, assuming the good is inferior. c. a decrease in price. d. buyers expecting the price of the good to fall in the near future.What is the difference between the supply andthe quantity supplied of a product, say milk? Explainin words and show the difference on a graph with thesupply curve for milk.10. What factors can change demand? What factors can change quantity demanded? 11. When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for bread su other items. Therefore, supply and demand cannot be operative. Do you agree or disagree? Explain vour e, milk, 12. The price of a given-quality personal computer is lower today than it was five years ago. Is this necessarily the resuke of a lower demand for computers? Explain your answer. 13. What is the effect on equilibrium price and quantity of the following? a. A decrease in demand that is greater than the increase in supply b. An increase in supply c. A decrease in supply that is greater than the increase in demand d. A decrease in demand 14. At equilibrium quantity, what is the relationship between the maximum buying price and the minimum selling price? 15. If the price paid is Php40 and the consumers' surplus is Php4, then what is the maximum buying price? If the minimum selling price is…
- |Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. a change in quantity demanded for one product or service causes a change in simple demand for a related product or service. * In 2. O Elasticity of Demand O Cross Elasticity of Demand O Diminishing Marginal Utility O Cost-Benefit Analysis O All of These O None of These The rules of the price system operate in all markets of a capitalist/market economy. The market where consumers earn income Market. by selling resources to business resources is called O ConsumerIf price will change, holding other factors constant, the following will happen in the market for a consumerSingle choice. a. There will be a change in quantity demanded. b. There will be a change in quantity supplied. c. There will be a change in demand. d. There will be a change in supply.Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.
- True or False *if the answer is false, expalain it 1. In the market for gasoline, the reason that the equilibrium quantity increased was that the increase in demand was less than the decrease in supply. 2. A fall in the price of iPads would shift the demand curve for iPads to the right. 3. Percentage an increase in the price of good Y is 40% causes a decrease in the quantity demanded of the X by 20%, then good X and good Y are complements. 4. Increasing in the apple price by 40% led to an decrease in the quantity of apple demanded by 60%, then the elasticity of demand is an inelastic type. 5. A price floor set by government will increase the equilibrium price and quantity in a MarketThere are 3 questions, please help me understand.Economics