In the figure to the right, what are the effects of a price increase from $4 per wireless earbud to $7 per wireless earbud on the quantities demanded by Buyer 1 and by Buyer 2 individually and combined? 1.) Using the line drawing tool, draw the market demand curve for the two buyers. Label this line 'D.' 2.) Using the point drawing tool, indicate on Buyer 1's demand curve, D₁, the quantity demanded when the price is $4 per wireless earbud. Label this point 'A₁.' 3.) Using the point drawing tool, indicate on Buyer 2's demand curve, D2, the quantity demanded when the price is $4 per wireless earbud. Label this point 'A2' 4.) Using the point drawing tool, indicate on the market demand curve for the two buyers, D, the quantity demanded when the price is $4 per wireless earbud. Label this point 'A.' Carefully follow the instructions above, and only draw the required objects. --- Price per Wireless Earbud ($) 7- 1- D1 D2 4 8 12 16 20 24 28 32 36 40 Wireless Earbuds per Year

Please give a detailed solution with an explanation with a typed answer. For the graph make sure it is readable, visible, and label each of the x and y points/coordinates as well for both lines.

Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in black), the current price of a pound of shrimp is $10, and the current quantity demand of shrimp is 200K. Which of the following correctly describes an increase in the demand for shrimp, assuming the price of a pound of shrimp remains at $10?      A) The demand curve for shrimp shifts right from D to D' (blue), and the quantity demand for shrimp decreases from 200K pounds to 150K pounds.       B) The demand curve for shrimp shifts left from D to D'' (red), and the quantity demand for shrimp decreases from 200K pounds to 150K pounds.       C) The demand curve for shrimp shifts right from D to D' (blue), and the quantity demand for shrimp increases from 200K pounds to 270K pounds.       D) The demand curve for shrimp shifts left from D to D'' (red), and the quantity demand for shrimp increases from 200K pounds to 270K pounds.

Mr. Hildago will experience a substantial increase in income when he accepts a new position at work. Even though the responsibilities of his new job are more taxing, he is excited to spend some of his higher income Mr. Hildago knows that a good can be characterized as either a normal good or an inferior good and that whether he buys more or less of the good depends on whether or not the good is normal or inferior The demand curve in the diagram to the right represents a normal good. Using the line drawing tool, illustrate the correct direction of the shift of the demand curve due to Mr. Hildago's increase in income. Properly label this line Carefully follow the instructions above and only draw the required object Quantity

6) The quantity demanded of a certain brand of smart phone is 2000 per week when the unit price is $84. For each decrease in the unit price $5 below $84, the quantity demanded increases by 50 units. The supplier will not market any of the smartphones if the unit price is $60 or less, but the supplier will market 1800 per week if the unit price is $90. The supply and demand equations are known to be lineara) Find the demand and supply equationsb) Find the equilibrium quantity and price

Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in black), the current price of a pound of shrimp is $10, and the current quantity demand for shrimp is 200K. Which of the following correctly describes the effect of a decrease in the price of a pound of shrimp?     A) The price of a pound of shrimp falls to $3, the demand curve shifts left to D'' (red), and the quantity demand for shrimp remains at 200K pounds.       B) The price of a pound of shrimp falls to $3, the demand curve remains at D (black), and the quantity demand for shrimp decreases to 150K pounds.       C) The price of a pound of shrimp falls to $3, the demand curve shifts right to D' (blue), and the quantity demand for shrimp increases to 270K pounds.       D) The price of a pound of shrimp falls to $3, the demand curve remains at D (black), and the quantity demand for shrimp increases to 270K.

Suppose if the price of a good is $12, the quantity demanded is 50 units; when the price is $10, the quantity demanded is 100 units. Use the midpoint approach to compute the price elasticity of demand. Is demand at this point relatively responsive or relatively unresponsive to price changes?

25) Which statement is TRUE? Elasticity of demand attempts to measure how fast quantity demanded increases when price increases. The elasticity of demand is always the same as the elasticity of supply. If the elasticity of demand is –4, then economists know that the price is increasing at a faster rate than quantity demanded. The price elasticity of demand is always a negative number, but economists generally ignore the negative sign.   28) To draw a demand curve for commodity X, the only information needed is the total utility received from X. True False   31) Which statement is FALSE? The consumer is assumed to maximize marginal utility. Marginal utility is usually smaller than total utility. Marginal utility generally diminishes as more of a good is consumed. To calculate total utility, sum the marginal utilities of the individual units consumed.

if there is any diagram can you add it. Given the following demand and supply equations: QD = 10 - 0.8P + 5Y + A QS = -10 + P where Q = quantity (million units per month), P = price (€ per unit). Y = average monthly income (€000) and A monthly advertising expenditure (€000). Suppose average monthly income is €4,000 and monthly advertising expenditure is €50,000: (a) Find the market equilibrium price and quantity. (b) Find total welfare when the market is in equilibrium. (c) Find the price elasticity and income elasticities of demand and price elasticity of supply at equilibrium. Interpret your results. (d) What would be the effect of a price ceiling of €60? Explain. (e) Suppose a tax of €8 per unit is introduced: (i) What is the effect on market price and quantity? Explain. (ii) What is the impact of the tax on total welfare? Explain. (iii) How is the incidence of the tax shared between the consumer and the supplier? Explain

The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (D) Price (dollars per unit) 100- 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0- 39 :25 51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)