Indicate the answer choice that best completes the statement or answers the question.1. (Figure: Demand for jazz shows) The graph shows Jayden's monthly demand curve for live music at a small,local venue.Price pershow ($)$20$18$16$14$12$10$8$6$4$2$0Demand0 1 2 3 4 5 6 7 8 9 10 11 12 13 14Quantity of showsIf Jayden currently attends six shows per month, what is probably TRUE?a. The price of a concert ticket is between $9 and $12.b. Jayden does not have enough income to go to more than six shows per month.c. Each concert provides Jayden with the same marginal benefit.d. If the price rose to $18, Jayden would not attend any concerts.Page 1

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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8) Price (€ per liter) 15 10 5 A) 0 B) 400 C) 1,000 D) 1,600 Don 1000 2000 3000 4000 5000 6000 Quantity (liters) Refer to the figure above. The total demand curve has the vertical intercept at and the horizontal intercept at Dom , and its slope A) 15.00 euros; 7,000 liters; changes at 10.00 euros B) 15.00 euros; 7,000 liters; changes at 8.12 euros C) 18.00 euros; 7,000 liters; is twice as steep as Sue's demand curve D) 10.00 euros; 7,000 liters; is half as steep as Carlos's demand curve 9) Refer to the figure above. If the price of gasoline is 12.00 euros per liter, the total quantity of gasoline demanded is liters.
(Figure: The Demand for Winter Gloves) Use Figure: The Demand for Winter Gloves. Total revenue is maximized if the price is: Price of gloves $60 50 40 30 20 10 100 200 300 400 500 600 Quantity (per day) $30. $40. $50. $60. O O
The graph shows the demand curve for streaming subscriptions. The price of a subscription is $15 a month. Price (dollars per month) 30- 25- 20- 15- 10- 5- 5 10 15 20 25 30 35 40 Quantity (millions of streaming subscriptions) What is the value of the 10 millionth subscription? What is the maximum amount someone is willing to pay for the 30 millionth subscription? The value of the 10 millionth subscription is a month, and the maximum amount someone is willing to pay for the 30 millionth subscription is a month.
img' (a If po increases, what happens to the demand and supply of public transportation (shifts left/shifts right/doesn’t change) What happens to the equilibrium quantity and price for public transportation? (increase/decrease) (b)At a given price p, as oil becomes more expensive (po increases), does the (own) price elasticity of demand for public transportation increase / decrease / stay the same? (c) Calculate the cross-price elasticity of public transportation demand with respect to the oil price po, at the point p = 1 and po = 2. Are the two goods (public transportation and oil) substitutes or complements, or unrelated?
Question 4 (Elasticity)" 200 180 160 140 120 100 80 60 40 Demand 20 20 40 60 80 100 120 140 160 Quantity Demanded (per period) Figure 20.1 According to Figure above. If the price is reduced from $100 to $80 in Figure above. Calculate a. Percentage change in quantity demanded b. Percentage change in price Price elasticity of demand? What is this type of price elasticity of demand? C. d. What is an impact toward total revenue? Explain and show your calculation Price (per unit)
1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢30.00 A GH¢25.00| C D1 D2 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, D1, from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)=pg where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GH¢30.00 per gallon and the price is cut to GH¢25.00 per gallon. calculate the | change in total expenditure if the demand curve of the individual is D1? What will be the change in total expenditure if demand is D2? 2. Discuss any four factors that would cause an increase in demand of petroleum engineering program in Ghanaian universities.
Price (P) B $50 $30 Demand 800 1,200 Quantity (Q) In the figure above, when the price increases from point A to point B, the quantity effect on Total Revenue (the revenue loss from losing buyers who had been buying a lower price) is: Select one: а. — $16,000 b. - $4,000 c. - $12,000 d. - $10,000 Next page
(Figure: The Demand for Online Movies) Use Figure: The Demand for Online Movies. If the price of online movies decreases from $6 to $4, total revenue which means that demand is Price $10 8 6 4 30 60 90 Quantity Ochanges from $60 to $90; elastic o remains constant; unit-elastic changes from $240 to $360; elastic Ochanges from $40 to $50; inelastic
2. Thrift store clothing is considered an inferior good. The demand for thrift store clothing decreases as the consumer's income decreases decreases as the price of a substitute increases increases as the consumer's income decreases increases as the consumer's income increases
4-5 Draw the price effect and the quantity effect for a price change from $60 to $70. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary.
19)Which of the following best illustrates the ceteris paribus assumption? * a)If the law requires people to wear seatbelts in order to reduce fatality rates, it may also cause people to drive faster. b)Chris notices that when economists discuss policy, they use the word "should" quite a lot, and they tend to disagree c)Felicia argues that since her company makes less profit when it limits its toxic pollution emissions, it must be true that pollution regulations are bad for everyone d)Caitlin notices that all other things being equal, her grades are higher the more time she spends studying
hapter 3 i 13 The table below shows the weekly demand for hamburgers in a market where there are just three buyers. Price $ 6 5 4 3 Buyer 1 Qd 1 Buyer 2 Qd 2 Buyer 3 Qd 3 7 4 6 9 7 8 10 12 15 16 15 21 Multiple Choice If the price of hamburger falls from $5 to $3, then the weekly market quantity demanded will increase from 24 to 52. decrease from 52 to 24. increase from 120 to 156. increase from 29 to 55. 11,044 AUG 28 Saved ... .

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