Assume there is a market for good X. If the price of a complementary good rises, the equilibrium price of good X will __________ and equilibrium quantity of good X will ___________ .decrease, increasedecrease, decreaseincrease, increaseincrease, decreaseA demand function is given by, Q = 100 – P. What is the point elasticity when P = $50?-0.5-1.5-1-2Assume the government imposes an effective minimum wage (i.e., one above the equilibrium wage rate that would otherwise prevail in that market). Our supply and demand analysis implies?A employment will decreasean excess demand for workers existsa surplus of wages will exist employment will increase

Equilibrium is achieved where Qs=Qd

Answered: the price of a complementary good…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume there is a market for good X. If the price of a complementary good rises, the equilibrium price of good X will __________ and equilibrium quantity of good X will ___________ .

decrease, increase
decrease, decrease
increase, increase
increase, decrease

A demand function is given by, Q = 100 – P. What is the point elasticity when P = $50?

-0.5
-1.5
-1
-2

Assume the government imposes an effective minimum wage (i.e., one above the equilibrium wage rate that would otherwise prevail in that market). Our supply and demand analysis implies?

A employment will decrease

an excess demand for workers exists
a surplus of wages will exist
employment will increase

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