7. Dependent & independent variables; positive & inverse relationships: Ypsilanti MarketResearch conducted a survey to find out whether people who earn more moneypurchase more expensive goods. The following table indicates the relationship betweenincome the survey subjects earned and the price of the car that they purchased.PriceIncome(Thousands ofdollars per car)(Thousands ofdollars per year)0.102015402060258030100In the diagram below, draw the graph corresponding to the above table.

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Answered: 7. Dependent & independent variables;…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The demand for goods and services is essentially influenced by several things, state and explain and make the relationship between variables statistically between independent variables and dependent variables!
A basket of goods for a given consumer includes two goods, X and Z. Consumer income is equal to $1,500 and the prices of these two goods are as follows: Px = $25 Pz = $25 This consumer is consuming10 units of good X. Suppose that over the course of a year, the price of good X changes by 10% and the price of good Z changes by −10%. How much income would be required for the consumer to afford the same quantity of goods X and Z with the new prices? $______
use the price–demand equation to find the values of p for which demand is elastic and the values for which de-mand is inelastic. Assume that price and demand are both positive. x = f(p) = 210 - 30p
Elena consumes bundles of food and transportation. In order to understand her behavior, we use a graph of her consumption space in which we draw two axes. We measure food in the horizontal axis and transportation in the vertical axis. Which of the following bundles has the largest amount of food (if the bundles are written consistently with the way we graph consumption)? (80, 100) (99,150) (100,80) (95,95) (98,98)
3. Suppose that people consume only three goods, as shown in this table: 2014 price 2014 quantity 2015 price 2015 quantity Tennis Balls Golf Balls $4 100 $6 100 $2 100 $2 100 Bottles of Gatorade $1 200 $2 200 a. What is the percentage change in the price of each of the three goods? b. Using a method similar to the consumer price index, compute the percentage change in the overall price level. c. If you were to learn that a bottle of Gatorade increased in size from 2014 to 2015, should that information affect your calculation of the inflation rate? If so, how? d. If you were to learn that Gatorade introduced new flavors in 2015, should that information affect your calculation of the inflation rate? If so, how?
Consumers eating higher food costs The price of milk rose about 21% from July 2006 to July 2007, while the price of frozen orange juice increased 31%. At the same time, with higher gasoline prices, the demand for ethanol increased. Because ethanol is made from corn, the price of corn rose, which in turn increased the price of bread, chicken, cheese, and the fast-foods that use cheese. As people in China and India become richer, they are eating more beef and chicken and less rice and tofu-another source of higher food prices in the United States. Source: USA TODAY, September 6, 2007 Draw a curve to show the effect of the higher price of corn on the market for milk. Label it. Draw a point at the new equilibrium price and equilibrium quantity. 4.00 3.50 3.00- 2.50 2.00 1.50 Price (dollars per gallon) 2.50 S D 140 1.00- 100 110 120 130 140 150 160 170 180 Milk (thousands of gallons per day) >>> Draw only the objects specified in the question.
S2 Price of S3 S1 coconuts A E Quantity of coconuts (Figure: Supply of Coconuts) Look at the figure Supply of Coconuts. If the prices of inputs (e.g. labor, fertilizer, and fuel) used to produce and transport coconuts increased, it would be represented in the figure as a movement from: O Move from C to A (Shift from S2 to S1). O Move from E to B (Shift from S3 to S1). O Move from B to A O Move from A to B.
I need help with my economics homework.
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Assume the demand curve for Pepsi passes through the following two points. Price per bottle of Pepsi $2.25 $1.75 Number of bottles of Pepsi sold 100,000 275,000 When plotting the demand curve (with price in dollars on the y-axis and quantity in bottles on the x-axis), when the y-value is $2.25, the x-value is the y-value is $1.75, the x-value is bottles. (Enter your responses as whole numbers.) bottles, and when
For a subsistence agricultural household, which of the following happen when the price of the staple they are producing increases? [SelectMultiple] Group of answer choices Due to profit effect, their utility as producers increases. The impact on overall welfare of the household is ambiguous since it depends on the relative forces of profit effect and price effect. Their is no effect since subsistence households never sell or buy their staple production. Due to price effect, their utility as consumers decreases.
NOTE: THIS IS FOR A NON-GRADED QUIZ. Louis has stable preferences and consumes two goods, wine and cheese. In 1994, the price of wine was $4/glass and the price of cheese was $2/ounce. Louis's income was $60 and he bought 12 glasses of wine and 6 ounces of cheese. In 1995, wine costs $2/glass and cheese costs $4/ounce. Louis's income is still $60. a. Draw both years' budget lines. Where do they cross? b. What is Louis's marginal rate of substitution of wine for cheese in 1994? [hint: you can't use calculus]

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