Que 1. In December, the price of Christmas trees rises and the quantity of trees sold also rises. Is this a violation of the law of demand? Que 2. Giving reason, state the impact of each of following on demand curve of a normal good 'x' if.. ) Price of its complementary good falls. iNews reports claims that consumption of product X has harmful effect on human health. ii) Income of consumer increases. Que 3. Vinod belong to a middle income family who lives in a small city. The price of salt is Rs.10 per Kg. and his family price to Rs.15 per Kg. consumes 5 Kg of salt per annum. Now all the sellers of salt have raised their a) Would the Vinod's purchases of salt to be affected by the price increase? Why or Why not? b) In view of your answer what can you say about the price elasticity of demand for salt? c) Suppose the Vinod's income doubles, how would this affect the quantity of salt consumed by his family?

Que 1. In December, the price of Christmas trees rises and the quantity of trees sold also rises. Is this a violation of the law of demand? Que 2. Giving reason, state the impact of each of following on demand curve of a normal good 'x' if.. ) Price of its complementary good falls. iNews reports claims that consumption of product X has harmful effect on human health. ii) Income of consumer increases. Que 3. Vinod belong to a middle income family who lives in a small city. The price of salt is Rs.10 per Kg. and his family price to Rs.15 per Kg. consumes 5 Kg of salt per annum. Now all the sellers of salt have raised their a) Would the Vinod's purchases of salt to be affected by the price increase? Why or Why not? b) In view of your answer what can you say about the price elasticity of demand for salt? c) Suppose the Vinod's income doubles, how would this affect the quantity of salt consumed by his family?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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