21. What happens to the demand fo gond it Leplel iE a The deanand decieasca and ths demand su sihite ngld wad b. The demand incicases and the demant e aatn ight t c There as un mpat on demant f the ged and te de ud ve does 6ot One ide imand decteases and dic demand alaifta lad
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- Quaiton 1 The pleaing dala relede h the rconomy Xiz lacetnet Gecesmet Spodins 4000 Nut experts The noginal of the seihny Roquired Bo00 3i608 the taneny proupicty to Ye. Cenumphon Gmpule the oqulibrum lerel * the leenon of Quetin2 ) Suppose the diegyegde demand and suply echelde to shoun Kelor ecenemy s Aresd a rel demee ulput duranel, bilhon 300 800 400 ar0 g00 ROD Loo o 150 200 M sdt e dile to goph the gyegak demant and aas e en the grh ecorany d dun the ul lyet hal Splain tRge Inle ke the piloim e lerel? Nate न Cse SubeHow will each of tbe pollowing demand Supplyaffecti eqpilbrius and "equilibium queatity Lompetitive narketi Supply and demand diagsams and feice in Also se to ansuer. ) Demand inereaser and Suply is ConstantQue stLon a Suppose thot ot Roma Masheta piice q PiodoGA tell from mso to Mus, whle quantity demonded (ose trom H to S-Lihewise, the pice of product Bfell tsom Maa to Mis, while the quontitsp demend rose trom 14 to 16. ) Colculate he price elasticity a demord q pioduct A a ènterpret it. b) You ore a chairperson of a govern ment tax Commission responsible tor establikhong a program to raive new rouonue through Consumer ta Xes. Based On the respoo se in al above, would you recomment that product A be Considered in the Comsumer tax porkage EXPlain. 9 Calculote cross elasticaty of demond, Eob. OAre Pioduct A and product B Complements or Substitutes? Exploir
- EtIce QulzO Seve&te The four demand curves shown below ACand D oern ems of ther price ttity of demnd Instructor Notes Be sure to soel down and answer all questions DemandA Demand Demnd Demnd Quantty AAl ele the same, which demand curveeltively more elstc Demand A Demendlani Answer with solution! Using this FormulaE%o AQd tity %% DP Suppose that business travelers and vacationers have the pollowing demand York to boston. che for airline tickets prom New price | Quantity demandeA Quantity demanded (ousiness travelers (vacationers) $150 100 tick ts 1,000 tickets 2, 20D 3000 1900 1800 200 600 250 400 300 +he ticket rices rom $200 a) As the price to $250, what is the price elasticity oF demand for ( 1) Business Travelers oF (a) Yacationers 6. Explain why might vacationers have a difFre nt elasticity From the buriness travelers?Use the midpoint fomula to calculate the price elasticity of supply between pont A and poiet for te diagram to the night The calulated price elasticty of supply is A 0556 OR 1000 OC 134 O0. 000 OE inty 24
- How will each of the hollowing demand and Sepply affecti equiloriceom and eguilibrium spueitly price in Compettive supply and demand diagrans market Aldo Ude to answer. inereases and demand FS Constant.Question H a Siven the table below, Calculote the average physicol product and morginol physicol produCf Heput lotal physicol Prodoct Aueroge Physicol Pineluct Marginal Physzcol Procuct 4. 24 6)Assume that demand for a commodity Maize is repiesented by the equetion R Ps10-0.2QP ond supply bythe equotion P=a+Du2@s, where Qd and @s are quantity demonded (ng) and Sopploed by Chg),respectiwoly, ond Pis price (us Dolbras) 1 Using the equilibicum Condition Os= Ad, solue the equotions to determine equilibrium price and eqailibium quantity. iJNow,assume that the gover ament intervenes by imposong a morket puce of 18 tor maize. What will be-che market Sutuotion Creadedl la tit this now morhet 19) How can you aduise the with the market situction created in f) ebove?Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.
- Suppose both of these events took place at the same time. Combine your analyses of the impacts of the iPod and the tariff Induction to determine the likely impact on the equilibrium price and quantity of Sony Walkman-type products. Shaw your answer graphically.Why is the demand curve with constant unitary elasticity concave?See Pigure entitled "Conumer move from A to B or C. Aume that this figure shows Gustavo's demand for a product called Daton. If Gustavo ia originally at point A, which ot the following can cause him to move to point C. For each of the options gives ume that all other determinants of demand (other than the change specified) remain unchanged. Connet move bom A to B or C 40 20 10 60 Quaitity ) Decrease in price of Daton's substirute Caton. 2) Deerease in price of Daton 3) Increase in price of Daton 4)Inerease in Gustavo's income