Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base. Fruit Bananas (pound) Grapefruit (each) Apples (pound) Strawberries (basket) Oranges (bag) Price $0.25 0.29 0.34 1.00 0.90 Fruit Bananas Grapefruit Apples Strawberries Oranges 2010 Quantity 100 50 85 8 6 Price $0.35 0.46 0.69 2.60 1.11 2018 Quantity 123 59 85 11 7 Click here for the Excel Data File a. Determine the simple price indexes. (Round your answers to 2 decimal places.) Simple index

Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base. Fruit Bananas (pound) Grapefruit (each) Apples (pound) Strawberries (basket) Oranges (bag) Price $0.25 0.29 0.34 1.00 0.90 Fruit Bananas Grapefruit Apples Strawberries Oranges 2010 Quantity 100 50 85 8 6 Price $0.35 0.46 0.69 2.60 1.11 2018 Quantity 123 59 85 11 7 Click here for the Excel Data File a. Determine the simple price indexes. (Round your answers to 2 decimal places.) Simple index

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 table below shows the weekly demand for machine screws at the local hardware store. Demand for Machine Screws Price (dollars per pack) $5.00 Quantity (packs of 100 screws) 4.50 25 4.00 85 3.50 145 3.00 205 2.50 2.00 265 325 385 445 1.50 1.00 0.50 505 0.00 565 Instructions: Round your answers to 2 decimal places. If you are entering a negative number include a minus sign. a. Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws? b. Using the starting point method, what is the price elasticity of demand from a price of $2.50 to a price of $2.00 per pack of 100 screws? c. Using the starting point method, what is the price elasticity of demand from a price of $1.00 to a price of $0.50 per pack of 100 screws?
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The following table is a supply and demand schedule for the eggs market. PRICE (per dozen eggs) DEMAND (in million dozens) SUPPLY (in million dozens) AED 10 340 160 AED 11 320 200 AED 12 300 240 AED 13 280 280 AED 14 260 320 AED 15 240 360 AED 16 220 400 Based on the above data answer the following questions. Need to use correct units in the answer (AED, million dozens, etc) ( a) What is the equilibrium price? b) What is the equilibrium quantity ? c) Is there a surplus or shortage at AED 16? d) With respect to question c, how much is the surplus or shortage?
Use the diagrams below to answer the following questions: Price per gallon ($) Milk Demand in Gallons 4.00 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.001 A B D 0 1 2 3 4 5 6 7 8 9 10 Quantity (gallons per month) K7 Price per gallon ($) Milk Demand in Quarts 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.001 A B -D 0 4 8 12 16 20 24 28 32 36 40 Quantity (quarts per month) N The diagram on the left depicts Marley's demand for milk in gallons. If price falls from $2.25 per gallon to $1.75 per gallon, gallons purchased would increase from 3 to 7 gallons (4 gallons) per month. The slope of this demand curve is (Enter your response rounded to three decimal places.) The diagram on the right depicts Marley's demand for milk in quarts. If there is an identical price decline, quarts purchased would increase from 12 to 28 (16 quarts) per month purchased. The slope of this demand curve is (Enter your response rounded to three decimal places.)
The graph shows the demand curve for smartphones. The market price of a smartphone is $200. On the demand curve, draw a point to show the maximum price that someone is willing to pay for the 1 millionth smartphone. Label your point 1. Draw a point on the curve to show the value of the 2 millionth smartphone. Label your point 2. 500- 400- 300- 200- 100- Price (dollars per smartphone) Quantity (millions of smartphones per year)
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O 01 A headline reads "Perfect Weather Brings Record-High Coffee Harvest." This situation would lead to a(n) Increase in the price and a decrease in the quantity purchased of coffee. decrease in the price and an increase in quantity purchased of coffee. decrease in the price and in the quantity purchased of coffee increase in the price and in the quantity purchased of coffee
Suppose a country facing a shortage of prescription drugs eliminates price caps. Which of the following is most likely to occur? a. A decrease in demand for prescription drugs and an increase in the number of drugs supplied b. An increase in demand for prescription drugs and a decrease in the number of drugs supplied c. A decrease in prescription drugs and a decrease in the number of drugs supplied d. An increase in prescription drugs and an increase in the number of drugs supplied