Consider the market for gas. Which of the following changes would most likely lead to a decrease in supply? An increase in the price of petrol cars. Price of gas (complement in supply with petrol) increases. The cost of ol refinery increases. Both a and b are correct. Both b and c are correct

Own price elasticity of demand for vibranium has been estimated at 0.8. As a result a mining accident, quantity decreases 3%. What is the predicted percent change in price? In calculating changes, you may be tempted to use midpoints. Don't. Trust me. Round the percent change to two decimal places and do not enter the % sign. If you predict a 10.125% decrease in price, enter -10.13.) Correct Answer 3.75

It is expected that the price of a bushel of wheat will increase in one month. This belief will result in A) an increase in the current supply of wheat. B) a decrease in the current supply of wheat. C) a decrease in the future supply of wheat. D) no change in the current or future supply of wheat. E) an increase in the current quantity supplied of wheat.

It has been mentioned that there should be a match of supply and demand in a company that produces spare parts.Department A can produce parts at a rate of 80/day.Department B uses those parts at the rate of 10/day.Each day unused parts are added to inventory.At what rate does inventory of unused parts buid up?

Average visits per week equal 640 when the copayment is $40 and 360 when the copayment rises to $60. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand.

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.…

Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if the price of a gallon of gasoline is $3.80?       A) 100K gallons       B) 140K gallons       C) 236K gallons       D) 308K gallons

Milk purchased by a tea stall is a intermediate good.  True/False

Hardwood and carpets are considered by consumers to be substitutes in flooring. What is the likely economic impact of an increase in the price of carpet? a rightward shift of the demand curve for hardwood O a movement down along the demand curve for hardwood a movement up along the demand curve for hardwood a decrease in the supply of carpet

Which of the following does NOT increase the supply of personal computers, that is, does NOT shift the supply curve of personal computers? A) a change in the expected future price of a personal computer B) an advance in the technology used to produce personal computers C) a fall in the cost of the components used to assemble personal computers D) an increase in the number of firms producing personal computer E) a rise the price of a personal computer