According to the law of demand, a decrease in the price of train travel willO cause people to think that train travel is not desirableO result in a higher quantity of trips on trains.increase the demand for air travel.O encourage other businesses in the travel industry, such as hotels and cruise lines, to lower their prices as well.

The markets are the place where the buyers, or the consumers of goods, and services tend to interact…

According to the law of demand, a decrease in the price of train travel will O cause people to think that train travel is not desirable. O result in a higher quantity of trips on trains. O increase the demand for air travel. encourage other businesses in the travel industry, such as hotels and cruise lines, to lower their prices as well.

According to the law of demand, a decrease in the price of train travel will O cause people to think that train travel is not desirable. O result in a higher quantity of trips on trains. O increase the demand for air travel. encourage other businesses in the travel industry, such as hotels and cruise lines, to lower their prices as well.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

please help w these 2
Quiz: Demand i 47 2 S W H X There is a decrease in the number of buyers wishing to purchase cheddar snack crackers. How will this impact the market for cheddar snack crackers? Multiple Choice O #3 Demand for cheddar snack crackers will increase. The quantity demanded of cheddar snack crackers will decrease. Demand for cheddar snack crackers will decrease. The quantity demanded of cheddar snack crackers will increase. a E D C $ 4 R F V SPLO 5 T G * 8 00 1 M ( 9 J. K < O < I 32 -0 L command A P - ; Help Save & Exit I 24 1 { [ option + 11 = ? B ". Submit } 1
f the price of a haircut is $10, the number of haircuts provided is 200. If the price rises to $15 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 250. Instructions: Round your answer to two decimal places. The price elasticity of supply for haircuts between $10 and $15 using the mid-point method is.
Use the following graph to answer the question below. Price a.. PA P₂ P₁ A 0 B C D m O F O Multiple Choice H G 1 Q₂ Q3 Quantity Demanded If the price increases from P, to P2, then the total revenue will gain areas J Demand B+E, but it will lose areas H+1+J. C+F+H, but it will lose area J. E+F+G, but it will lose area J A+B+C, but it will lose areas G+1+J.
Of the following, which good has the most elastic demand? A) a specific brand of cereal O B) cereal O C) breakfast food O D) food
Two drivers—Kenji and Lucia—each drive up to a gas station. Before looking at the price, each places an order. Kenji says, “I'd like 10 gallons of gas.” Lucia says, “I'd like $10 worth of gas.” Why does Lucia's demand has an unit elasticity instead of an elasticity equal to infinity?
Which of the following goods likely has the most elastic demand? O Cigarettes Coffee Medicine Gasoline Orange juice
A taco shop observes that when it increases the price of a taco, total revenue from taco sales decreases, and when they lower the price of a taco, total revenue from taco sales increases. This suggests: O the demand for tacos is inelastic. O the demand for tacos is unit elastic. there are many good substitutes for tacos. O the law of demand is being violated.
There are several close substitutes for Bayer aspirin but fewer substitutes for a complete medical examination. Therefore, all other things equal, you would expect the demand for: O Bayer aspirin to be more perfectly price-inelastic. the two to be equally price-elastic. Bayer aspirin to be more price-elastic than is the demand for medical examinations. O medical examinations to be more price-elastic than is the demand for Bayer aspirin.
What factors determine the elasticity of demand for a product, and how does elasticity affect pricing decisions by firms? Don't use Ai
Price of tin and silicone decrease affecting the market for iPhones A)Decrease in supply B)Decrease in demand C)Increase in supply D)Increase in demand
The diagram illustrates the demand for MQ2020, a luxury car manufactured by MQ Motors Which statement correctly describes the demand for MQ2020? 8,000 Price, P: WTP (5) 6,000 4,800 4,000 3,200 2,000 0 0 40 60 80 100 Quantity, Q: number of consumers per day 120 Select one O a. There are 99 consumers per day who are willing to pay money for MQ2020. O b. If MQ Motors sets the price at $4,800, there will be 60 consumers who are willing to buy MC22020 Oc MQ Motors will need to raise the price up to $8,000 in order to maximise its profit Od. There are 59 consumers who are willing to pay more than $4,800 for MQ2020. Oe. The demand curve shows that points A and C are feasible options for MQ Motors.