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- Since the 1970s, the percent of income spent on apparel in the U.S. has O increased O not changed O decreasedBB Hypermarket reduces the price of salt by 10% which results in zero (0) change in demand, the demand of salt is: O a. Unitary elastic demand O b. Perfectly elastic demand O c. Elastic demand O d. Perfectly inelastic demand Why principles of microeconomics are called as Price theory? O a. Microeconomic principles are required for determining output prices O b. Microeconomic principles are required for determining input prices O c. Microeconomic principles are required for determining the prices of inputs and output O d. Microeconomic principles are required for understanding the types of market structureQUESTION 10 If the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to S1.80 will: O A. increase the quantity demanded by about 2.5% O B. decrease the quantity demanded by about 2.5% O C.increase the quantity demanded by about 25% O D. increase the quantity demanded by about 250%
- 5 IX 3 330 Price 8 7 6 2 1 0 110 220 440 550 660 Quantity per month 770 DS 880 (935, 0.5 990 Tools 1 22 O 52 e Suppose that in December the demand of mandarin oranges increases by 275 while the supply increases by 110. a) Draw the new curves D2 and S2 in graph above. Plot only the endpoints of the curve above and position those points on the edges of the graphing area.P2- P1- X Y Z O a $1223.75 Ob $1980.25 Oc. $1246.00 Od $734.25 O e. $489.50 Of $756.50 Time left 05525 Q1 quantity If in the figure above price P1 equals $3.00, price P2 equals $14.00, price P3 equals $30.50, and quantity Q1 equals 89 units, then what is the value of consumer surplus the market equilibrium?he quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $136. The quantity demanded ach month is 1000 when the unit price is $106. The suppliers will market 750 espresso makers when the unit price is $80 er higher. At a unit price of $100, they are willing to market 2250 units. Both the supply and demand equations are known o be linear. (a) Find the demand equation. -1 -x + 146 25 p = (b) Find the supply equation. 1 x+ 70 p = 75* (c) Find the equilibrium quantity and the equilibrium price. |× units
- a. Select the price at which a shortage would occur in this market 200 T Price $ 1504 100 50+ 0 0 20 D Supply 40 60 Quantity in Units Demand 80 100Assume that demand for a service depends upon price and income, where the price elasticity of demand is Ep o=-0.6 and the income elasticity of demand is E1, q=1.2. If price falls by 49 and income rises by 296, the quantity demanded of the service will O A. increase by 69 O B. increase by 4.896 O C. decrease by 9.6% O D. decrease by 2.49Clear my choice When producers are willing and able to sell only less quantity of a good at the same price, the result is a in supply. O a. Increase O b. Contraction O c. Decrease O d. Extension
- According to the graph, if price increases from $10 to $15, total revenue will Price $20 15 10 O 1 2 3 4 5 7 8 9 10 Quantit Select one: a. decrease by $10, so demand must be elastic. O b. increase by $20, so demand must be inelastic. c. increase by $5, so demand must be inelastic. d. decrease by $20, so demand must be elastic.Priçe 4 A D2 2 B 1 D1 1 2 3 4 5 6 7 7 Quantity In this graph, a move from point A to point B represents which of the following? O a decrease in demand O a decrease in quantity demanded an increase in demand O an increase in quantity demandedP№ P 12- 10+ 8 9 4 2 Supply Demand 10 20 30 40 50 60 70 O Using the graph above, what is the total value consumers are willing and able to pay? Round to 2 decimal points. Do not include $ %