QUESTION 25 Suppose that demand changes, and the (inverse) demand curve moves P = 82 -0.5Q to P = 73.8 -0.5Q. This change could be explained by an increase in the incomes of consumers. an increase in the price of an input used to produce good X. a change in the tastes of consumers, reflecting that they now prefer good X less. the introduction of an indirect tax on good X, such as a sales tax. QUESTION 26 Suppose that the supply of good X changes, and the (inverse) supply curve moves from P = 17.5 + 0.25Q to P = 19.25 + 0.25Q. This change could be explained by the removal of an indirect tax on good X, such as a sales tax. a change in the tastes of consumers, reflecting that they now prefer good X less. an increase in the incomes of consumers. an increase in the price of an input used to produce good X. QUESTION 27 Suppose that the supply of good X changes, and the (inverse) supply curve moves from P = 82 + 0.25Q to P = 73.8 + 0.25Q. This change coul- be explained by a change in the tastes of consumers, reflecting that they now prefer good X less. a decrease in the price of an input used to produce good X. the introduction of an indirect tax on good X, such as a sales tax. an increase in the incomes of consumers.

QUESTION 25 Suppose that demand changes, and the (inverse) demand curve moves P = 82 -0.5Q to P = 73.8 -0.5Q. This change could be explained by an increase in the incomes of consumers. an increase in the price of an input used to produce good X. a change in the tastes of consumers, reflecting that they now prefer good X less. the introduction of an indirect tax on good X, such as a sales tax. QUESTION 26 Suppose that the supply of good X changes, and the (inverse) supply curve moves from P = 17.5 + 0.25Q to P = 19.25 + 0.25Q. This change could be explained by the removal of an indirect tax on good X, such as a sales tax. a change in the tastes of consumers, reflecting that they now prefer good X less. an increase in the incomes of consumers. an increase in the price of an input used to produce good X. QUESTION 27 Suppose that the supply of good X changes, and the (inverse) supply curve moves from P = 82 + 0.25Q to P = 73.8 + 0.25Q. This change coul- be explained by a change in the tastes of consumers, reflecting that they now prefer good X less. a decrease in the price of an input used to produce good X. the introduction of an indirect tax on good X, such as a sales tax. an increase in the incomes of consumers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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