Question 23                  In the graph above, if D2 is the original demand curve and the price of a substitute in consumption rises, which price and quantity may result?   Question 23 options:   a)  Point c, with price P3 and quantity Q3   b)  Point d, with price P1 and quantity Q3   c)  Point a, with price P2 and quantity Q2   d)  Point b, with price P1 and quantity Q1   Question 25                  In the graph above, if D2 is the original demand curve and the population falls, which price and quantity may result?   Question 25 options:   a)  Point d, with price P1 and quantity Q3   b)  Point c, with price P3 and quantity Q3   c)  Point b, with price P1 and quantity Q1   d)  Point a, with price P2 and quantity Q2

Q: 4) Explain the impact of prices of a substitute good decreasing in 2+ sentences. Explain the impact…

A: Substitute goods: Two goods are called to be substitutes of each other they can be used for the same…

Q: You can shade in areas related to curves that you draw or that are provided to you in a question. To…

A:

Q: Choose a good or service you are familiar with.  It should be something that is currently available…

A: The good or service I will use for this example is organic lettuce. The most likely demand shifter…

Q: Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if…

A: Supply of the firm is upward sloping because when the price increase the producer is willing to…

Q: Answer question 3 please

A: 3)Substitute good is a good which can be used in place of another good. For example tea and coffee.

Q: Suppose X and Y are substitutes. If the price of Y increases, the demand for X will most likely…

A: Suppose X and Y are substitutes. If the price of Y increases, the demand for X will most likely…

Q: Price of a Burrito Quantity of Burritos Demanded $1 $2 $3 $4 $5 $6 A restaurant used a focus group…

A: The demanded quantity of any commodity reflects the amount of that commodity an individual is…

Q: The price of a widget decreases from $1 to $0.60, and in response to the price change the quantity…

A: The demand for the goods comes from the consumers, individuals, households, and other entities in…

Q: If the price of hot dogs were to decrease, which of the following changes would we expect to occur…

A: Complement goods: The complement goods are those goods that are consumed together and a single…

Q: 9. Which of the following statements is False?     a) Supply is a relationship between price and…

A: The supply depends on multiple factors such as prices, price of substitute goods, availability of…

Q: Suppose that supply and demand for a certain commodity are described by the supply curve, p =…

A: Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. Equilibrium is…

Q: Which of the following statement best describes the law of demand? There is no relationship between…

A: The law of demand shows the negative relationship between the price of a good/service and its price.…

Q: Demonstrate your comprehension of differences in changes in supply versus changes in quantity…

A: When there is a change in price, there is going to be a change in quantity supplied and a movement…

Q: Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if…

A: Quantity supplied has a direct relationship between price and quantity supplied.

Q: 1.5 Your firm, Content Friend, is similar to Happy Labourer, a Ghanaian firm that designs and…

A: Demand function shows inverse relationship between price and quantity demanded.

Q: Which of the following will cause the demand curve for a good to shift to the right?   Question 50…

A: When factors impacting demand, other than the price of the commodity, shifts the demand curve. The…

Q: If a price decrease leads to a decrease in consumer expenditure on the good, then demand must be…

A: The price elasticity is calculated as the percentage change in quantity demanded divided by the…

Q: The following are market demand and supply equations for a perfume product: QD = 70 – 4P Qs = 10 +…

A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only…

Q: the question(s) that follow. SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: If two goods are substitutes, what happens if there is a decrease in the price of one good?…

A: Substitute goods are known or considered to be as those goods which are alternative and which can be…

Q: Consider the market for petrol. Which of the following changes would most likely lead to an increase…

A: The demand for a good or service reflects how much of it gets demanded at different prices. The…

Q: The demand curve for pistachios is: P = 53-0.50. Suppose that a new study shows that eating…

A: A basic idea in economics, demand is the amount of an item or service that buyers are willing and…

Q: What are the various effects of high inflation

A: Inflation is the general rise in the price level of a country over a period of time. It is broad…

Q: Assume the following demand and supply equations: Qd-900-20P, and Qs=150+10P. a) Calculate the…

A: The dynamics of markets involve fluid influences on supply, demand, and pricing, fostering a…

Q: Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if…

A: Quantity supplied has a direct relationship between price and quantity supplied.

Q: Plastic and steel are substitutes in the production of body panels for certain automobiles. If the…

A: Step 1: Step 2: Step 3: Step 4:

Q: 6) Explain the impact of consumers' taste in a product increasing in 2+ sentences. Explain the…

A: Market equilibrium occurs when the market price of a commodity has reached that level when the…

Q: Which of the following will not cause the demand for Apple computers to change?

A: Demand for apple computers will change Or shift left Or rightwards due to other factors determining…

Q: Which factor that influences change in buying plan, other than price of good? Find [05] out market…

A: There are many reasons due to which the demand or the buying plan of the consumers change other than…

Q: Demand and supply often shift in the retail market for gasoline. Here are two demand curves and two…

A: We are required to answer the first three subparts as per company's guidelines. Please find parts…

Q: The diagram below shows the market for Good X. Which of the following could cause the shift in the…

A: Demand curve shows the relationship between price and quantity demanded. And as this relationship is…

Q: Price (dollars per unit) 120 100 80 60 40 80 20 0 20 40 60 Quantity efer to the figure above. Which…

A: The law of demamd expresses that at greater costs, purchasers will demand less of a economic…

Q: 2) Define complementary good. Provide an example. Explain the impact of prices of a complementary…

A: 7) The impact of increasing the number of consumers in the market would have a direct impact on the…

Q: When the price of a good increased by 2%, the quantity demanded of it decrease 10% does this have…

A: A substitute good in economics is a thing or service that can be used in lieu of another good or…

Q: Consider the following two equations for the demand and supply: Supply curve: Qs = 10 + 2P Demand…

A: Disclaimer: - Since you asked multipart question, we are solving only the first one as per…

Q: 5) Explain the impact of consumers expecting the price of a good increasing in 2+ sentences. Provide…

A: The expectations of price in the market can lead to shifting both the demand as well as supply. If…

Q: ) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find…

A: Slope of the demand curve can be calculated by using the following formula.

Q: If the number of buyers in a market increases from 25 to 75, you would expect the equilibrium price…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium…

A: The price elasticity of supply refers to a metric that is used to evaluate the responsiveness of the…

Q: An increase in the level of nominal aggregate output (Y) and the purchase of government securities…

A: An increase in the level of nominal aggregate output (Y) and the purchase of government securities…