Q1On the graph below, draw the direction of change for the demand curve for concerttickets when consumers' incomes rise, ceteris paribus. Assume that concert tickets are anormal good.PD1QQ2.Which of the following best describes the law of supply?An increase in price causes an increase in the quantity supplied, and a decrease ina.price cause decrease in the quantity supplied, all else held equal.b.A change in price causes a shift of the supply curve, all else held equal.Supply shifts are caused not by a single variable but most likely by a number ofdifferent variablesd.All of the above.Q3.Use the following equations for the supply and demand of hockey sticks to find theequilibrium quantity Q*.P=50-4QDP=10+4QSQ4.What is achieved when a good or service is produced up to the point where themarginal benefit to consumers is equal to the marginal cost of producing it?Q5.Refer to the graph below. The dot represents a point on the individual's yearlydemand curve for rock concerts. Which of the following interpretations of the dot on thisgraph is correct?

As you have not mentioned the exact question to answer I am answering first question.

Q1. On the graph below, draw the direction of change for the demand curve for concert tickets when consumers' incomes rise, ceteris paribus. Assume that concert tickets are a normal good. P D1 Q2. Which of the following best describes the law of supply? An increase in price causes an increase in the quantity supplied, and a decrease in a. price cause decrease in the quantity supplied, all else held equal. b. A change in price causes a shift of the supply curve, all else held equal. Supply shifts are caused not by a single variable but most likely by a number of с. different variables. d. All of the above. Q3 Use the following equations for the supply and demand of hockey sticks to find the equilibrium quantity Q*. P=50-4QD P=10+4QS Q4. What is achieved when a good or service is produced up to the point where the marginal benefit to consumers is equal to the marginal cost of producing it? Q5. Refer to the graph below. The dot represents a point on the individual's yearly demand curve for rock concerts. Which of the following interpretations of the dot on this graph is correct?

Q1. On the graph below, draw the direction of change for the demand curve for concert tickets when consumers' incomes rise, ceteris paribus. Assume that concert tickets are a normal good. P D1 Q2. Which of the following best describes the law of supply? An increase in price causes an increase in the quantity supplied, and a decrease in a. price cause decrease in the quantity supplied, all else held equal. b. A change in price causes a shift of the supply curve, all else held equal. Supply shifts are caused not by a single variable but most likely by a number of с. different variables. d. All of the above. Q3 Use the following equations for the supply and demand of hockey sticks to find the equilibrium quantity Q*. P=50-4QD P=10+4QS Q4. What is achieved when a good or service is produced up to the point where the marginal benefit to consumers is equal to the marginal cost of producing it? Q5. Refer to the graph below. The dot represents a point on the individual's yearly demand curve for rock concerts. Which of the following interpretations of the dot on this graph is correct?

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

Q1
On the graph below, draw the direction of change for the demand curve for concert
tickets when consumers' incomes rise, ceteris paribus. Assume that concert tickets are a
normal good.
P
D1
Q
Q2.
Which of the following best describes the law of supply?
An increase in price causes an increase in the quantity supplied, and a decrease in
a.
price cause decrease in the quantity supplied, all else held equal.
b.
A change in price causes a shift of the supply curve, all else held equal.
Supply shifts are caused not by a single variable but most likely by a number of
different variables
d.
All of the above.
Q3.
Use the following equations for the supply and demand of hockey sticks to find the
equilibrium quantity Q*.
P=50-4QD
P=10+4QS
Q4.
What is achieved when a good or service is produced up to the point where the
marginal benefit to consumers is equal to the marginal cost of producing it?
Q5.
Refer to the graph below. The dot represents a point on the individual's yearly
demand curve for rock concerts. Which of the following interpretations of the dot on this
graph is correct?

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