a. What are the determinants of demand? Instructions: Click the box with a check mark for correct or click a second Income Price of related goods ? A good's own price ?Technology Tastes and preferences ? Resource prices Number of consumers

a. What are the determinants of demand? Instructions: Click the box with a check mark for correct or click a second Income Price of related goods ? A good's own price ?Technology Tastes and preferences ? Resource prices Number of consumers

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

a. What are the determinants of demand?
Instructions: Click the box with a check mark for correct or click a second
Income
Price of related goods
? A good's own price
?Technology
Tastes and preferences
? Resource prices
Number of consumers

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Please no written by hand Budget Selections to Build Demand As a commuter you have a budget of $250 to spend on gasoline each month. You drive a car that gets 20 miles per gallon (MPG). You can purchase 100 gallons of gasoline per month at the current price of $2.50 per gallon. Demand Schedule Price Quantity Commuting Errands Mp Social Activities Vacations $2.50 97.5 Drive Alone (700 miles) Small Trips as Needed (550 miles) Trips to City (350 miles) Out-of-State (350 miles) $3.00 Current price: $3.00/gallon Car Pool (425 miles) 2x per week (300 miles) Trips to Local Park (120 miles) In-State (200 miles) Add to schedule Previous $3.50 Public Transportation (60 miles) Next 1 Trip per Week (150 miles) Stay in Neighborhood (40 miles) > Stay-cation (50 miles) $4.00 QUANTITY 35 27.5 17.5 17.5 97.5 gallons Keynote $4.50 COST $105.00 $82.50 $52.50 $52.50 $292.50 of $250