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- 9 3. What is wrong with the statement: “If the market price of good Z rose to $100,000, then no one could afford to buy it”? Use a graph to answer. please explain your answer. Also, use economic terms and not mathematics. thank you.State whether the following statements are true or false a. In a pure ‘planned economy’ the market decides what should be produced. b. A macroeconomic issue tends to influence all the firms and households, rather than specific firms or households. c. A price elasticity of demand of 0.4 means that a 10% increase in price leads to a 4% reduction in the quantity of a good demanded.I need the answer as soon as possible
- Which one below is FALSE for economic theories or models. Select one: O a. They are generalizations used to give context to our observations. O b. They attempt to establish cause and effect between economic variables. O c. They are built with assumptions and then tested with facts. O d. They always reflect reality.SECTION A Answer All Questions 1. Which of the following questions is a type that tools of econometrics are meant to answer? A. If goods A and B are substitutes and the price of good A increases by KSH 10, by how much will the quantity demanded of good B change by? B. If goods A and B are substitutes and the price of good A increases, how will this affect the demand for good B? C. If an income increase causes the sales of good A to fall, everything else held constant, what type of good is good A? D. Everything else the same, would the price of good A be higher in a competitive industry or a monopolistic industry? 2. Consider the model Qª = ƒ (P, P³,Pº, INC) where Qªis quantity demanded of a bar soap per month, P is the price per bar of soap, Ps is the price of substitutes, P is the price of complements, and INC is monthly income. This equation represents A. a non-linear model B. an economic model C. an econometric model D. an interval forecast3. Study of one consumer’s behavior in the market is classified under _____________. a. Macroeconomics. b. Microeconomics. c. Negative economics. d. Positive economics.
- Please solve with in 5 minutes. Sure like giving.Announcements Assignments rades ople es dules Texts (Unizin ge) us es Question 3 All of the following are fundamental concepts of economics EXCEPT marginalism. O profit maximization. O the working of efficient markets. opportunity cost."The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type of statement is this? a. normative b. negative c. positive d. subjective e. biased <1
- Consumers prefer Cadillacs but buy Chevy’s. Analyze this statement briefly in the context of the variables from consumer behavior theory as presented in chapter 5 of your textbook Class:business economics The book we use is economic principles and policy 14th ed by William Baumol. Please focus only on chapter 5 terms and lessons.mod/quiz/attempt.phptattempt=1361376&cmid-7052138page-13 E-learning System (Academic) inciples of Macroeconomics || Fall20 uestion 14 Blu-ray disc players, iPhones, and hybrid cars are generally considered to be Not yet spoob inswered Select one: Marked out of O a. intermediate 1.00 O b. service Flag question O c durable O d. nondurable Previous page Time let uiz navigation 6 Type here to searchWhat is the importance of Managerial economics in the following? A. Business B. Government