Emphasize I. the answers with a double rule. Philippines is one of countries which is considered as large consumer of rice in Southeast Asia. Rice, being a staple food for Filipinos, is a good subject to a careful analysis by economists. Consider the data below and answer the questions. SUPPLY FOR RICE Price per sack of rice P2550 P2000 Quantity Supplied (Qs) 100 200 d. Solve for the price consumers are willing and able to purchase at 1,000 units? e. What is the law of demand? f. Discuss the relations and differences of demand schedule, demand curve and demand function.

Emphasize I. the answers with a double rule. Philippines is one of countries which is considered as large consumer of rice in Southeast Asia. Rice, being a staple food for Filipinos, is a good subject to a careful analysis by economists. Consider the data below and answer the questions. SUPPLY FOR RICE Price per sack of rice P2550 P2000 Quantity Supplied (Qs) 100 200 d. Solve for the price consumers are willing and able to purchase at 1,000 units? e. What is the law of demand? f. Discuss the relations and differences of demand schedule, demand curve and demand function.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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According to the law of demand :Select one a. None of the answers are correct b. there is NO relationship between quantity demanded and price c. there is a positive relationship between quantity demanded and price d. there is a negative relationship between quantity demanded and price
Which one of the following statements is incorrect?A. A movement along a demand curve relates to the slope of the curve.B. A movement along a demand curve is called a change in the quantity demanded.C. A shift of a demand curve relates to the position of the curve.D. A shift of a demand curve relates to the intercept of the curve.E. There is no real difference between a shift of a demand curve and a change in the quantity demanded.
Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price. Step 5: Calculate the price elasticity of demand by dividing the percentage change in quantity demanded by the percentage change in price, ignoring the negative sign. Using the midpoint method, the elasticity of demand for headsets is about (.44/1.14/2.28/4.56)
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