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Business

Economics

the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

As more people buy televisions, the demand for Cable services increases and
the price of Cable services decreases. The fall in the price of Cable service
decreases the supply of Cable service.” Explain what is wrong with this
statement.

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You are given the demand schedule for Netflix Subscription in the UAE as below Price (in AED) Quantity (in thousands) 20 1000 50 750 100 550 130 500 150 450 180 300 Draw a curve representing the demand for watching Netflix in the UAE State the law of demand and show on the graph what will happen if Netflix reduces its subscription from AED 80 to AED 60. Will it be a movement or a shift? Why?
5
Quiz: Demand i 47 2 S W H X There is a decrease in the number of buyers wishing to purchase cheddar snack crackers. How will this impact the market for cheddar snack crackers? Multiple Choice O #3 Demand for cheddar snack crackers will increase. The quantity demanded of cheddar snack crackers will decrease. Demand for cheddar snack crackers will decrease. The quantity demanded of cheddar snack crackers will increase. a E D C $ 4 R F V SPLO 5 T G * 8 00 1 M ( 9 J. K < O < I 32 -0 L command A P - ; Help Save & Exit I 24 1 { [ option + 11 = ? B ". Submit } 1
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The shorter the period of time consumers have to adjust to price changes, the O lower; income O lower price O higher; income higher; price the elasticity of demand.
Briefly explain the concept of price elasticity of demand and income elasticity of demand. Discuss how the knowledge of price elasticity and income elasticity might be a practical use to a firm that sells smart phones and also to the consumer as user. You may use any diagram to support your explanation.
Alex's income has increased from 3000Php. to 5000Php. Alex increased his consumption of CD from 4 to 8 a month and decreased his consumption of cakes from 12 to 6 a month. Calculate his income elasticity of demand for CD using point method. * Your answer
What happens to the demand curve ( shift left , shift right , stay the same ) when a. Gasoline prices increase by an extra 50¢ per gallon and the demand for Quarter Pounders with Cheese decline. B) McDonald’s lowers the price of a Big Mac by 50¢. C) McDonald’s raises the price of fries and Coke by 25%. D)
Q18
The owner of a local bakery shop observes that when he increases the price of Italian bread, his total revenue decreases, and when he lowers the price of Italian bread, his total revenue increases. This suggests that: Italian bread buyers act irrationally. the demand for Italian bread is elastic with respect to price. there are few good substitutes for Italian bread. O the demand for Italian bread is inelastic with respect to price.
Use the following demand curve for hamburgers: QD = 1,650 – 50PHB +100PHD + 6INC where QD is quantity demanded for hamburgers, PHB is price of a hamburger, PHD is price of a hot dog, and INC is consumer income. Let PHB = 5, PHD = 10, and INC=100. What is income elasticity of demand for of hamburgers? Note:- Don't use pen or paper and chatgpt
Carla consumes 10 juices per week when the price is $1.50 per unit. A reduction in this year's orange crop lead to 50% an increase in the price of juice. At the new price level Carla's weekly juice consumption cell to 6 units. calculate Carla's own-price elasticity of demand for juice.