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- . Suppose that AT&T and Verizon cell phone plans are considered substitutes. Ceteris paribus, if there is a decrease in price of AT&T without any change in price of Verizon how would economists show the effect on demand curves for both AT&T and Verizon? Show on the following graphsNo written by hand solution Suppose that Sam and Teresa are the only consumers of dance classes in a particular market. The following table shows their annual demand schedules: Price Sam's Quantity Demanded Teresa's Quantity Demanded (Dollars per class) (Classes) (Classes) 10 32 56 20 20 40 30 12 24 40 4 12 50 0 4 On the following graph, plot Sam's demand for dance classes using the green points (triangle symbol). Next, plot Teresa's demand for dance classes using the purple points (diamond symbol). Finally, plot the market demand forMario and Chris are the only two consumers in a particular market for train tickets. The following table displays the relationship between the price of bus tickets for each consumer and quantity of train tickets demanded per week when the price of train tickets is $4.00 each. $2.00 $3.00 $4.00 $5.00 Price of bus tickets Mario's demand for train tickets 8 6. 4 2 Chris' demand for train tickets 1 2 3 a) Suppose the price of bus tickets is $4. The market demand of train tickets per day is
- The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. PRICE (Dollars per unit) 20 18 16 14 12 10 8 6 4 2 0 0 2 Statement 4 M B 6 N * *0 , D E + + 10 A 8 12 QUANTITY (Units) 16 Between points A and D, curve NN is inelastic. M 18 20 Using the graph, complete the table that follows by indicating whether each statement is true or false. (?) Between points A and E, curve 00 is perfectly elastic. Curve NN is more elastic between points A and D than curve MM is between points A and C. True False O 4Consider the market for wine in the diagram below: 70 Price ($) 60 50 40 30 20 10 S D 100 200 300 400 500 600 700 800 Wine (millions of bottles) $45 and 550 million bottles of wine $45 and 500 million bottles of wine $50 and 600 million bottles of wine $50 and 500 million bottles of wine Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price and quantity of wine as a result of this increase in supply?Cost of first bottle: $1 Cost of second bottle: $3 Cost of third bottle: $5 Cost of fourth bottle: $7 From this information, complete the following table by deriving Gilberto's supply schedule. Price Quantity Supplied $1 or less $1 to $3 $3 to $5 $5 to $7 More than $7 Based on Gilberto's willingness to sell, plot his supply curve as a step function on the following graph using the orange points (square symbol). Be sure to plot your first point at (0, 0). Price of Water 10 9 8 7 2 1 0 0 2 Quantity of Water 3 Suppose the price of a bottle of water is $4. In this case, Gilberto receives $ Gilberto's Supply -+ If the price rises to $6, Gilberto now sells producer surplus to $ Price = $4 * Quantity Sold Use the black line (plus symbol) to draw a price line at $4. Next use the grey point (star symbol) to indicate how many bottles of water Gilberto will produce and sell at that price. Finally, use the purple point (diamond symbol) to shade the area that represents Gilberto's producer surplus.…
- This graph shows the quantity of t-shirts demanded at D and D1. The change in quantity demanded caused by a change in the price of t-shirts is shown as O a shift to the right of the demand curve. O a shift to the left of the demand curve. O movement along the demand curve.What is the current price of gasoline and how many gallons of gasoline do you currently buy per month? How many gallons would you buy next month and how would your behavior change if the price fell by $1.25 per gallon? Also, based on that information, what is your price elasticity of demand for gasoline? Be sure to show how you calculated your price elasticity of demand. current price of gas = $2.53 gallons of gas per month = 72 gallons no change for next month On the average I fill my tank up 3 times a month each time I go I spend $60-$65Imagine that the table shows the quantity demanded of UGG boots at five different prices in 2021 and in 2022. Which of the following variables could cause the demand for UGG boots to change as indicated from 2021 to 2022? (Check all that apply.) A. The expectation that UGG boots will rise in price. B. A decrease in buyer incomes. C. An increase in the price of UGG boots. D. An increase in the price of a complementary good. Price $160 170 180 190 200 Quantity Demanded 2021 8,000 7,500 7,000 6,500 6,000 Quantity Demanded 2022 7,000 6,500 6,000 5,500 5,000
- Problems 7-4 It is a hot day, and Larry is thirsty. Here is the value he places on a bottle of water: Value of first bottle: $7 Value of second bottle: $5 Value of third bottle: $3 Value of fourth bottle: $1 From this information, complete the following table by deriving Larry’s demand schedule. Price Quantity Demanded More than $7 $5.01 to $7 $3.01 to $5 $1.01 to $3 $1 or fewerWhich of the following could not shift the demand curve to the left in the market for Switch consoles? O A decrease in the price of the PS5 (al common substitute for the Switch) O A change in public perception such that Switches aren't considered as cool as they once were O An increase in the price of Switch consoles O An increase in the price of controllers (used along with Switch consoles for play)The price of cereal, a complement good, has decreased. At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the equilibrium price and quantity of milk? O Equilibrium quantity will increase; the effect on price is ambiguous. Equilibrium price will increase; the effect on quantity is ambiguous. O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium quantity will decrease, equilibrium price will increase.