Suppose that supply and demand curves are given by: Qs = -20 + 10p, and Qd = 400 - 20p. If p = 10, which of the following is true? A. There is excess Supply of 120. В. There is excess Demand of 120.
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- If the quantity demanded of widgets drops by 10% in response to a 20% decrease in the price of gadgets: a. Widgets and gadgets are complements, with a cross-price elasticity of demand of -2. b. Widgets and gadgets are substitutes, with a cross-price elasticity of demand of 10. c. Widgets and gadgets are substitutes, with a cross-price elasticity of demand of 2. d. Widgets and gadgets are substitutes, with a cross-price elasticity of demand of 0.5. e. Widgets and gadgets are complements, with a cross-price elasticity of demand of -0.5.How can the impact of an increase in the price of petrol on the demand curve for petrol be illustrated?A. The demand curve for petrol will shift to the left.B. The demand curve for petrol will shift to the right.C. The demand curve for petrol will remain unchanged.D. The demand curve will become more elastic.E. The demand curve will become more inelastic.Demand for Martha’s Mums will be 650 small mum plants if they are priced at $4.25 each but only 150 if they are priced at $10.75 each. a. Find the linear demand equation for Martha’s small mums (let x = number of small mum plants supplied, y = price). b. At what price will the demand for Martha’s mums drop to zero? c. What will be the demand for Martha’s mums if they are free? (Round to the nearest whole number).
- If milk is a normal good, then a decrease in consumers’ income will definitely cause A a decrease in the demand for milk.B an increase in the demand for milk.C an increase in the supply of milk.D a decrease in the supply of milk.E an increase in the demand and supply of milk.Which of the following statements is not true? a. When price elasticity of demand is very high, we say there is brand loyalty. b. Price elasticity of demand for basic foods is low. c. When goods have very low prices, the elasticity of demand is usually quite low. d. The availability and price of substitutes affect the elasticity of demand for a good or serviceAssume that imitation gemstones (an inferior good) are a low-cost alternative to diamonds (a normal good). What happens when average incomes increase? A. The demand for diamonds increases, and the demand for imitation gemstones decreases. B. The demand for diamonds decreases, and the demand for imitation gemstones increases. C. The demand for both diamonds and imitation gemstones increases. D. The demand for both diamonds and imitation gemstones decreases.
- If the price of a product decreases by 10 percent and the quantity demanded increases by 5 percent, then the producer should raise the price higher than where it was to experience higher total revenue. the producer should change the price back to where it was before the change. the producer should lower the price further to sell more and further increase total revenue. O the producer should raise the price, but not as high as it was, to increase total revenue.Which one of the following statements is incorrect?A. A movement along a demand curve relates to the slope of the curve.B. A movement along a demand curve is called a change in the quantity demanded.C. A shift of a demand curve relates to the position of the curve.D. A shift of a demand curve relates to the intercept of the curve.E. There is no real difference between a shift of a demand curve and a change in the quantity demanded.Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.
- If an increase in the supply of good A increases the demand for good B, then A. A and B are substitutes. B. the elasticity of supply for good A is greater than 1. C. A and B are complements. D. the demand for A is price elastic. E. the cross elasticity of supply for good B with respect to the price of good A is positive.Consumers regard Dell computers and Apple computers as substitutes. If the price of a Dell computer decreases, the Group of answer choices A.demand for Apple computers increases. B.demand for Dell computers decreases. C. demand for Apple computers decreases. D. supply of Dell computers increases. E. demand for Dell computers increases.a. The supply curve for televisions is given by QS=−20+4P where QS represents the quantity of televisions supplied and P is the price of televisions. The market demand for televisions is given by QD=400−10P where QD is the demand for televisions. Find the equilibrium price and quantity of televisions. b. Using the equations in part (a), calculate the price elasticity of demand for televisions when price changes to $25. c. Describe what will occur if price falls fellow equilibrium price calculated in part (a). How will this situation will be corrected?