Tick the correct cause of the shift in demand, then draw either an inward shift or an outward shift 6) The demand for petrol if tax increases on petrol the following week were predicted torisePPopulation changesnct .. - ---DR Relatelodi rolreandIIncomeRelated goodsAdvertising and publicityTastesDA Avering and pyOT TemDr totimftan ehegnDs Seona tatonAEExpectations of future pricechangesSeasonal factorsO BRO O7) The demand for sun loungers after the summerPPopulation changesIncomeoneOR MdedgodeedtteDA MetglpyOt tuteOt tenteion engOs Seun utuRelated goodsAdvertising and publicityTastesAEExpectations of future pricechangesSSeasonal factorsA OINae IN 4) The demand for X-box games if the price of the x-box console decreasedPopulation changesIncomeDR Belated podorplinetsandsubtteDA Atverising and pablctyDI TertesDI fpetaianof fni cherpeOs rd tatenRelated goodsAdvertising and publicityTastesATEExpectations of future pricechangesSSeasonal factorsEA O BN de I5) The demand for ice-creams if the weather suddenly went coldPopulation changesla --DI oneDR elated god enolinetandIIncomeAAdvetiingand pblety01 TetDi tetiae of edngeDs Sesonal fastonRelated goodsAdvertising and publicityATTastesEExpectations of future pricechangesSSeasonal factors

Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

4) The demand for X-box games if the price of the x-box console decreased P Population changes I Income OR ted pa rit subtt DA Averingndcty Related goods Advertising and publicity Tastes DI lotaiaof fianiadurg Os Sewond tten A T E Expectations of future price changes S Seasonal factors 5) The demand for ice-creams if the weather suddenly went cold Population changes DI ane DR d nlend I Income Related goods Advertising and publicity DA Meingand Ds Seoralton A Tastes Expectations of future price changes S Seasonal factors LIEF

4) The demand for X-box games if the price of the x-box console decreased P Population changes I Income OR ted pa rit subtt DA Averingndcty Related goods Advertising and publicity Tastes DI lotaiaof fianiadurg Os Sewond tten A T E Expectations of future price changes S Seasonal factors 5) The demand for ice-creams if the weather suddenly went cold Population changes DI ane DR d nlend I Income Related goods Advertising and publicity DA Meingand Ds Seoralton A Tastes Expectations of future price changes S Seasonal factors LIEF

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Tick the correct cause of the shift in demand, then draw either an inward shift or an outward shift

6) The demand for petrol if tax increases on petrol the following week were predicted to
rise
P
Population changes
nct .. - ---
DR Relatelodi rolreand
I
Income
Related goods
Advertising and publicity
Tastes
DA Avering and py
OT Tem
Dr totimftan ehegn
Ds Seona taton
A
E
Expectations of future price
changes
Seasonal factors
O BRO O
7) The demand for sun loungers after the summer
P
Population changes
Income
one
OR Mdedgodeed
tte
DA Metglpy
Ot tute
Ot tenteion eng
Os Seun utu
Related goods
Advertising and publicity
Tastes
A
E
Expectations of future price
changes
S
Seasonal factors
A OINae IN

4) The demand for X-box games if the price of the x-box console decreased
Population changes
Income
DR Belated podorplinetsand
subtte
DA Atverising and pablcty
DI Tertes
DI fpetaianof fni cherpe
Os rd taten
Related goods
Advertising and publicity
Tastes
A
T
E
Expectations of future price
changes
S
Seasonal factors
EA O BN de I
5) The demand for ice-creams if the weather suddenly went cold
Population changes
la --
DI one
DR elated god enolinetand
I
Income
AAdvetiingand pblety
01 Tet
Di tetiae of ednge
Ds Sesonal faston
Related goods
Advertising and publicity
A
T
Tastes
E
Expectations of future price
changes
S
Seasonal factors

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The table below shows part of the aggregate demand schedule for smart phones in the country of Afluentia: Quantity demanded Price P QD $900 10,000 $700 14,000 i. Plot the demand curve for smart phones in Afluentia. Assume demand is linear. Calculate the price elasticity of demand when the price increases from $700 to $900 using the midpoint method. Make your calculations explicit. ii. All else being the same, what is Afluentia's total expenditure on smart phones when the price is $700? And when the price is $900? All else being the same, should Afluentia's suppliers charge $700 or $900 for a smart phone? Why? Explain briefly; show graphically and make your calculations explicit. iii. Now suppose younger people start also buying smart phones in Afluentia. This means 1,000 more smart phones are bought at any given price. As price increases from $700 to $900, is the price elasticity of aggregate demand now greater than, less than, or the same as it was in part (i)? Why? Explain briefly.…
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