Twinkies 5 Hostess Twinkies individually 10 wrapped cakes NET WT. 13.58 02 (385) PRODUCT FALAD BEST BU BRAND TWINK THE K GOLDEN SPONGE CAKE WITH CREAMY FILLING Consider the above market for Twinkies. What happens to the equilibrium price and equilibrium quantity in the market for Twinkies when the consumers experience an increase in income? (NOTE: This question considers Twinkies an inferior good) Equilibrium Price Decreases and Equilibrium Quantity Decreases Equilibrium Price Decreases and Equilibrium Quantity Increases Equilibrium Price Increases and Equilibrium Quantity Decreases Equilibrium Price Increases and Equilibrium Quantity Increases

Twinkies 5 Hostess Twinkies individually 10 wrapped cakes NET WT. 13.58 02 (385) PRODUCT FALAD BEST BU BRAND TWINK THE K GOLDEN SPONGE CAKE WITH CREAMY FILLING Consider the above market for Twinkies. What happens to the equilibrium price and equilibrium quantity in the market for Twinkies when the consumers experience an increase in income? (NOTE: This question considers Twinkies an inferior good) Equilibrium Price Decreases and Equilibrium Quantity Decreases Equilibrium Price Decreases and Equilibrium Quantity Increases Equilibrium Price Increases and Equilibrium Quantity Decreases Equilibrium Price Increases and Equilibrium Quantity Increases

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.
I. II. 6) The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of Pokhara, Nepal according to the average income of the tourists visiting. Price Quantity Demanded when Quantity Demanded when Income=20,000 Income 30,000 4 5 6 7 3000 2400 1600 800 5000 4200 3000 1800 Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is 4 Nepalese Rupees and the average tourist income increases from 20,000 to 30,000 rupees. Also calculate it when the price is 7 rupees. Also answer the following questions for each cases ● The demand for this product is income elastic / income inelastic. ● Based on this information, T-shirts would be considered as (luxuries / necessities) Using the midpoint method, calculate the price elasticity of demand when the price of a T-shirt rises from 5 to 6 rupees and the average tourist income is 20,000. Also calculate it when the average tourist income is 30,000.
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The diagram illustrates the demand for MQ2020, a luxury car manufactured by MQ Motors Which statement correctly describes the demand for MQ2020? 8,000 Price, P: WTP (5) 6,000 4,800 4,000 3,200 2,000 0 0 40 60 80 100 Quantity, Q: number of consumers per day 120 Select one O a. There are 99 consumers per day who are willing to pay money for MQ2020. O b. If MQ Motors sets the price at $4,800, there will be 60 consumers who are willing to buy MC22020 Oc MQ Motors will need to raise the price up to $8,000 in order to maximise its profit Od. There are 59 consumers who are willing to pay more than $4,800 for MQ2020. Oe. The demand curve shows that points A and C are feasible options for MQ Motors.
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fer to the accompanying figure Assume the market is originally at point W. Movement to point X is the result of Price W N Quantity Multiple Choice 4 O an increase in demand and a decrease in supply. an increase in demand and no change in supply. no change in demand and an increase in supply. a decrease in demand and an increase in supply
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