**Question:**Demand for a product is *most* likely to increase because:- **A.** the total number of consumers in a market declines.- **B.** the product becomes unfashionable for consumers.- **C.** consumers expect the future price to decline.- **D.** demand for complementary goods rises.

Demand for a particular product is directly associated with demand for complementary good. The…

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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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For each case below, state whether you think the correlation is positive or negative. Also state whether the correlation is due to a direct cause, common underlying cause or a coincidence. a. Correlation between demand for breakfast cereal and demand for bread. The correlation is likely? The correlation is likely due to O a direct cause because an increase in demand for breakfast cereal would likely cause an increase in demand for bread O a common underlying cause that would affect both demand for breakfast cereal and demand for bread O a direct cause because an increase in demand for breakfast cereal would likely cause a decrease in demand for bread O a coincidence because it is unlikely that an increase in demand for breakfast cereal would cause demand for bread to change
Assume the price of good Y increases by 2% and the cross price elasticity of demand with good X is 1. What economic classification describes good X in this situation? Select one: O a. An inferior good O b. A complement Oc. A substitute Od. A normal good
The law of demand states that: O A. higher prices will lead producers to offer less of their products for sale during a given period. B. higher prices will lead producers to offer more of their products for sale during a given period. O C. the lower a product's price, the more of that product consumers will purchase during a given period. D. the lower a product's price, the less of that product consumers will purchase during a given perjod,
2. Suppose the own price elasticity of demand elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will change if: a. The price of good X increases by 6 percent b. The price of good Y increases by 9 percent c. Advertising decreases by 5 percent d. Income falls by 4 percent
Which of the following would cause a decrease in current, overall demand for a product? Select an Answer O A. a decrease in price of a substitute good O B. an increase in the number of buyers in the market for the good O C. a government subsidy encouraging consumption of the good O D. an expectation that the price of the good will be higher next week
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Income falls from $80,000 to $76,000 and quantity demanded changes from 320 to 460. Calculate the elasticity and what type of good is this? OE 7, normal good OE 0.14, normal good OE=-7, inferior good OE -0.14, inferior good
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3. If X is a complementary good, which is the correct economic implication about changes in the demand for X? a. When income goes up, demand for X goes up. b. When income goes up, demand for X goes down. c. When the price of some other good goes up, demand for X goes up. d. When the price of some other good goes up, demand for X goes down. Topic covered in current section Report a problem 4. The elasticity of a demand between any two points on a demand curve is measured as a. % change in quantity demanded divided by % change in price b. the slope of the demand curve c. 1/slope of the demand curve d. change in price change in quantity demanded
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Price A) Price C) Do Quantity Quantity Di Price B) Price Panel D) shows which of the following? D) ✓ D₁ Quantity 0₁ Do Quantity O a decrease in demand and an decrease in quantity supplied O a decrease in demand an a decrease in supply O an increase in demand and a decrease in quantity supplied O an increase in quantity demanded and an increase in quantity supplied
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product is most likely to increase because: O A. the total number of consumers in a market declines. O B. the product becomes unfashionable for consumers. C. consumers expect the future price to decline. D. demand for complementary goods rises.