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If the demand for a good increased, the quantities of that good purchased at every price level would be ________.
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- Question 1 Think about the market for chocolate bars. Market research has revealed the demand and supply equations as follows: QD 1600- 200P Qs = 100+ 100P Where, P is the price in £ (UK pounds), QD and Qs are quantity demanded and supplied for the product, respectively. C) Compute the price elasticity of demand between the price of £3 and £4. Use the mid-point (arc) method (use 2 decimal places). D) If the market price is now at £3, should a chocolate bar firm increase its price to increase its total revenue? Explain why or why not. E) Give an example of an event that will shift the supply curve for the chocolate bars left. Explain the process of market adjustments after the shift in words and in a graph.If the percentage decline in quantity is greater than the percentage increase in price, what will be the effect on the expenditure on the good.Consider the supply and demand for electric cars. If the materials used to make specifically electric car batteries become significantly more expensive at the same time that consumer income drastically increases, what will happen to the price and quantity demanded of electric cars?
- Question 20 The following diagram illustrates the impact of an increase in demand. Which of the following statements is INCORRECT? R12 R11 R10 900 1000 1 100 1 200 1300 a) Before the increase in demand, the equilibrium price is R10 and the equilibrium quantity is 900. b) Owing to an increase in demand, the demand curve shifts from D to D1. At a price of R10, after the increase in demand, the quantity demanded is 1 200 and the quantity supplied is 1 100. c) At a price of R10, after the increase in demand, there is an excess demand. d) A new equilibrium position is formed after the increase in demand at an equilibrium price of R12 and an equilibrium quantity of 1 100.Beachfront resorts have an inelastic supply, and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products (that is, the quantity demanded at each price is twice what it was). What happens to the equilibrium price and quantity in each market? Which product experiences a larger change in price?Question 2 The equilibrium price of televisions fell significantly in the past month; however the equilibrium quantity remained unchanged. Three individuals provided an explanation for the situation. Which explanation(s) could be correct? Explain your logic. Mark: Demand increased, but supply was totally inelastic. Shawn: Supply increased, but so did demand. Annica: Supply decreased, but demand was totally inelastic
- Assume there is a positive relationship between aging and cholesterol levels. As the world population ages, will the demand for cholesterol drugs increase, decrease, or remain the same? Would this cause a change in demand or a change in quantity demanded?Indicate how each of the following will affect the current supply (Increase supply or Decrease Supply) for personal computers. a) A rise in wage ratesb) An increase in the number of sellers of computersc) A tax placed on the production of computersd) A subsidy placed on the production of computersAt a price of $60 there is demand for 504 items and a supply of 240 items. At a price of $110 there is demand for 154 items and a supply of 440 items. Assuming supply and demand are linear, find the equilibrium price and quantity. Equilibrium quantity: items Equilibrium price: $
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