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1.Which of the following is held constant along a demand curve?
A) Tastes and preferences. B) Household income
C) The price of substitute goods D) All of the above
2.Reasons for supply curves being positively sloped include:
A) typically, as output rises, unit costs rise, so price must also rise.
B) firms always want to raise prices to boost profits.
C) the higher the demand for a good the more firms can charge.
D) all of the above.
3.Inferior goods are best defined as
A) goods that only those who are relatively poor purchase.
B) goods that have higher-quality alternatives.
C) goods whose demand falls as people's income rises.
D) goods whose supply falls as people's income rises
4.An increase in supply, not caused by a change in market price, is represented by
A) a move down the given supply curve. B) a move up the given supply curve.
C) a rightward shift of the supply curve. D) A and C
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- What does the concept of 'price elasticity of demand' in microeconomics measure? A) The responsiveness of the quantity demanded of a good to a change in the income of consumers. B) The change in demand when a good’s price remains constant. C) The responsiveness of the quantity demanded of a good to a change in its price. D) The responsiveness of a good’s supply to a change in its priceChoose a good or service you are familiar with. It should be something that is currently available for purchase. If your classmates would be unfamiliar with this good or service, provide a brief description. Initial Response: Complete all items below: 1) Choose the most likely demand shifter (the things that shift demand) for your product and explain why and how the demand curve is most likely to shift if there is a change in that demand shifter. If the demand curve shifts in the way you are suggesting, what will happen to equilibrium price and quantity? 2) Choose the most likely supply shifter (the things that shift supply) for your product and explain why and how the supply curve is most likely to shift if there is a change in that supply shifter. If the supply curve shifts in the way you are suggesting what will happen to equilibrium price and quantity? 3) If both the supply and demand curves shift in the way you suggested in #1 & #2 above, what will happen to equilibrium…Marc-Antoine and Annabelle have demand curves for books which are descending lines. Annabelle's demand curve has the same slope as Marc-Antoine's. Annabelle's demand curve is to the right of Marc-Antoine's. An increase in the price of books will cause: (a) a shift to the right of the Annabelle and Marc-Antoine demand curves. (b) a left shift of the Annabelle and Marc-Antoine demand curves. (c) a greater reduction in excess consumer consumption for Annabelle than for Marc-Antoine. (d) a smaller reduction in excess consumer demand for Annabelle than for Marc-antoine
- Prices are given according to the supply and demand quantities of a good. a) Graph the change in supply-demand quantities according to the price.b) Find the equilibrium price and the equilibrium amount.c) What is the demand price elasticity when the price increases from 6 TL to 8 TL? Evaluate the result.d) What would the income price elasticity be if the consumer income increased from 2500 TL to 3000 TL for the same range? What kind of goods is this good?e) What should the selling price be for the total revenue to be maximum? What will be the amount and maximum revenue at this selling price? Cost (TL/adet) Amount of demand (piece) Amount of supply (piece) 2 125 30 4 115 38 6 105 46 8 95 54 10 85 62 12 75 70 14 65 78 16 55 86 18 45 94 20 35 102Which one of the following statements is incorrect?A. Market demand consists of the combined demand of all the participants in the market.B. The quantity demanded of a good, say a loaf of bread, depends heavily on the availability of the good.C. The quantity demanded of a good depends on the income of consumers.D. The quantity demanded of a good also depends on the prices of related goods (complements and substitutes).E. Demand decisions have to be analysed independently of the supply situation.1) Draw a typical demand curve or schedule for Baseball and then show your answers the following: a) Suppose the ticket price for an amusement park (substitute) falls, what will happen to the demand for Baseball tickets? b) Suppose the economy continues to rebound and real incomes increase, if Baseball is an inferior good, what will happen to the demand for Baseball tickets? c) Cannot have Baseball without hot dogs (compliment). So, if the price of hotdogs decreases. what will happen to the demand for Baseball tickets? d) Suppose a greedy owner, to satisfy greedy players, increases the price of tickets for a baseball game, what will happen to the demand for Baseball tickets?
- Which of the following would cause a shift in the demand curve from point A to point B? OA. An increase in the price of a substitute good. B. A decrease in income (inferior good). C. An increase in income (normal good). D. All of the above.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).What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…
- What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…Imagine 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 5,000For a particular good, 10% increase in price causes a 5% decrease in quantity demanded. Which of the following statements is most likely applicable to this good? a. The good is a luxury b. The market for the good is broadly defined c. there are many close substitutes for this good d. The relevant time horizon is long
