Just solve questions 12-17, thanks.Economics can best be described as the study of how: to profitably invest one's income in stocks andbondsgovernment policies affect businesses andlabourto manage business enterprises for profitthe allocation of scarce resources meets needsand wants The notion of opportunity cost is best defined as: the monetary price of any productive resourcethe amount of labour that must be used toproduce one unit of any productthe monetary price of any productthe utility that could have been gained bychoosing an action's best alternative Utility refers to the: opportunity cost of a productrelative scarcity of a productvalue of a productsatisfaction that a consumer derives from agood or service Which of the following is a positive statement? The humidity is too high today.It is too hot to jog today.The temperature is 22oC.I enjoy summer evenings when it cools off. The basic purpose of the ceteris paribus assumption is to: isolate the relationship between two variablesby assuming all other factors remain constantallow one to focus upon micro variables byignoring macro variablesallow one to focus upon macro variables byignoring micro variablesdetermine whether x causes y or vice versa The law of demand states that: price and quantity demanded are inverselyrelatedthe larger the number of buyers in a market, thelower the price of the productprice and quantity demanded are directlyrelatedconsumers buy more of a given product at highprices than they buy at low prices Which of the following does not cause the demand for product K to change? a change in the price of substitute product Jan increase in consumer incomesa change in the price of Ka change in consumer preferences The law of supply indicates that: producers will offer more of a product at highprices than they will at low pricesthe supply curve is downward-slopingconsumers will purchase less of a product athigh prices than they will at low pricesproducers will offer more of a product at lowprices than they will at high prices The price elasticity of demand indicates: How much consumers respond to a change inpriceHow much a demand curve shifts as incomechangesHow much changes in a product's price affectconsumers' incomesHow much business executives can stretch theirfixed costs An elastic demand curve is one for which: the absolute change in price is smaller than theabsolute change in quantity demandeda given percentage change in price causes alarger percentage change in quantity demandedthe absolute change in price is bigger than theabsolute change in quantity demandeda given percentage change in price causes asmaller percentage change in quantitydemanded If a business can sell 3000 units of a product at $10 per unit and 5000 units at $8 per unit, its demand is: elasticperfectly elasticinelasticperfectly inelastic In which of the following instances does total revenue increase? price falls and demand is unit-elasticprice rises and demand is inelasticprice rises and demand is elasticprice falls and demand is perfectly inelastic313.The demand curve for chocolate shifts to the right if: the price of chocolate increasesmedical studies conclusively find that chocolate helpsfight migrainesconsumers expect the price of chocolate to fall in thefuturethe government imposes a new tax on milkthe price of chocolate decreases If we say that two variables are inversely related, this means that: there is no relationship between the two variablesan increase in one variable is associated with adecrease in the other variablean increase in one variable is associated with anincrease in the other variablean increase in one variable is associated with nochange in the other variable15 When the price of a good is below its equilibrium a shortage puts upward pressure on the pricea surplus puts downward pressure on the pricea shortage puts downward pressure on thepricea surplus puts upward pressure on the price16 Assuming intercity bus travel is an inferior good, a decrease in consumer income will cause which of these effects a movement up along the demand curve forbus travela movement down along the demand curve forbus travela rightward shift in the demand curve for bustravela leftward shift in the demand curve for bustravel17 A price floor means that: inflation is severe in this particular marketsome sellers are artificially restricting supply inorder to raise pricesthe government is imposing a legal price thatis below the equilibrium pricethe government is imposing a legal price that isabove the equilibrium price

"Since you have mentioned question 12-17, I am solving those specified questions." The Law of supply…

In which of the following instances does total revenue increase? price falls and demand is unit-elastic price rises and demand is inelastic price rises and demand is elastic price falls and demand is perfectly inelastic3 13.The demand curve for chocolate shifts to the right if: the price of chocolate increases medical studies conclusively find that chocolate helps fight migraines consumers expect the price of chocolate to fall in the future the government imposes a new tax on milk the price of chocolate decreases If we say that two variables are inversely related, this means that: there is no relationship between the two variables an increase in one variable is associated with a decrease in the other variable an increase in one variable is associated with an increase in the other variable an increase in one variable is associated with no change in the other variable 15 When the price of a good is below its equilibrium a shortage puts upward pressure on the price a surplus puts downward pressure on the price a shortage puts downward pressure on the price a surplus puts upward pressure on the price 16 Assuming intercity bus travel is an inferior good, a decrease in consumer income will cause which of these effects a movement up along the demand curve for bus travel a movement down along the demand curve for bus travel a rightward shift in the demand curve for bus travel a leftward shift in the demand curve for bus travel 17 A price floor means that: inflation is severe in this particular market some sellers are artificially restricting supply in order to raise prices the government is imposing a legal price that is below the equilibrium price the government is imposing a legal price that is above the equilibrium price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Just solve questions 12-17, thanks.

Economics can best be described as the study

of how:

to profitably invest one's income in stocks and

bonds

government policies affect businesses and

labour

to manage business enterprises for profit
the allocation of scarce resources meets needs

and wants

The notion of opportunity cost is best defined

as:

the monetary price of any productive resource
the amount of labour that must be used to

produce one unit of any product

the monetary price of any product
the utility that could have been gained by

choosing an action's best alternative

Utility refers to the:
opportunity cost of a product
relative scarcity of a product
value of a product
satisfaction that a consumer derives from a

good or service

Which of the following is a positive statement?
The humidity is too high today.
It is too hot to jog today.
The temperature is 22oC.
I enjoy summer evenings when it cools off.
The basic purpose of the ceteris paribus

assumption is to:

isolate the relationship between two variables

by assuming all other factors remain constant

allow one to focus upon micro variables by

ignoring macro variables

allow one to focus upon macro variables by

ignoring micro variables

determine whether x causes y or vice versa
The law of demand states that:
price and quantity demanded are inversely

the larger the number of buyers in a market, the

lower the price of the product

price and quantity demanded are directly

consumers buy more of a given product at high

prices than they buy at low prices

Which of the following does not cause the

demand for product K to change?

a change in the price of substitute product J
an increase in consumer incomes
a change in the price of K
a change in consumer preferences
The law of supply indicates that:
producers will offer more of a product at high

prices than they will at low prices

the supply curve is downward-sloping
consumers will purchase less of a product at

high prices than they will at low prices

producers will offer more of a product at low

prices than they will at high prices

The price elasticity of demand indicates:
How much consumers respond to a change in

price

How much a demand curve shifts as income

changes

How much changes in a product's price affect

consumers' incomes

How much business executives can stretch their

fixed costs

An elastic demand curve is one for which:
the absolute change in price is smaller than the

absolute change in quantity demanded

a given percentage change in price causes a

larger percentage change in quantity demanded

the absolute change in price is bigger than the

absolute change in quantity demanded

a given percentage change in price causes a

smaller percentage change in quantity

demanded

If a business can sell 3000 units of a product at

$10 per unit and 5000 units at $8 per unit, its

demand is:

elastic
perfectly elastic
inelastic
perfectly inelastic
In which of the following instances does total

revenue increase?

price falls and demand is unit-elastic
price rises and demand is inelastic
price rises and demand is elastic
price falls and demand is perfectly inelastic3

13.The demand curve for chocolate shifts to the right if:

the price of chocolate increases
medical studies conclusively find that chocolate helps

fight migraines

consumers expect the price of chocolate to fall in the

future

the government imposes a new tax on milk
the price of chocolate decreases
If we say that two variables are inversely related,

this means that:

there is no relationship between the two variables
an increase in one variable is associated with a

decrease in the other variable

an increase in one variable is associated with an

increase in the other variable

an increase in one variable is associated with no

change in the other variable

15 When the price of a good is below its

equilibrium

a shortage puts upward pressure on the price
a surplus puts downward pressure on the price
a shortage puts downward pressure on the

price

a surplus puts upward pressure on the price

16 Assuming intercity bus travel is an inferior

good, a decrease in consumer income will cause

which of these effects

a movement up along the demand curve for

bus travel

a movement down along the demand curve for

bus travel

a rightward shift in the demand curve for bus

travel

a leftward shift in the demand curve for bus

travel

17 A price floor means that:

inflation is severe in this particular market
some sellers are artificially restricting supply in

order to raise prices

the government is imposing a legal price that

is below the equilibrium price

the government is imposing a legal price that is

above the equilibrium price

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