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- TRUE or FALSE. If the statement is correct, write TRUE on your answer sheet. If thestatement is incorrect, write FALSE. Explain why you answered TRUE or FALSE. 1. To some extent economics is about trade-offs. 2. If there is evidence that consumer income and the price of smartphones have influence onthe demand for tablet computers, the leftward shift in the demand curve of tabletcomputers is caused by a decrease in the price of tablet computers. 3. If fish and chicken are substitute goods, when the price of fish decreases with bountifulharvest, there will be a decrease in the quantity demand for chicken. 4. If organic virgin coconut oil (VCO) has been proven to enhance your immune systemagainst corona virus, the price VCO will increase because of a shift in supply and anunchanging demand curve.Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?SECTION A Answer All Questions 1. Which of the following questions is a type that tools of econometrics are meant to answer? A. If goods A and B are substitutes and the price of good A increases by KSH 10, by how much will the quantity demanded of good B change by? B. If goods A and B are substitutes and the price of good A increases, how will this affect the demand for good B? C. If an income increase causes the sales of good A to fall, everything else held constant, what type of good is good A? D. Everything else the same, would the price of good A be higher in a competitive industry or a monopolistic industry? 2. Consider the model Qª = ƒ (P, P³,Pº, INC) where Qªis quantity demanded of a bar soap per month, P is the price per bar of soap, Ps is the price of substitutes, P is the price of complements, and INC is monthly income. This equation represents A. a non-linear model B. an economic model C. an econometric model D. an interval forecast
- e.com/courses/8344/discussion_topics/203862 国 >> O My ICEV | My Cours. Student Response |. SIS Powerschool d Desmos Classroom. omics a. due Oct This is a graded discussion: 5 points possible 39 Module 3 Discussion Economics & Personal Finance Module 3 Discussion Discussion Prompt Give an example of the price of a good changing. Explain what determinant of supply or demand you think led to this change. (For example, the price of laptop computers has decreased in recent years due to technological change.) Post a brief paragraph responding to the discussion prompt above. Your post should use concepts presented in this module. Your post must be completed before you can see posts from your classmates. Discussion Response Reply to one classmate's post. Positive comments regarding the quality of the post are fine, but do not earn points (e.g., "that's a great point" or "I like your post"). To earn credit, a response should contain 1-3 sentences extending the point made in the classmate's…1. An increase in the expected price of oil would likely A. increase both the current demand and the current supply of oil. B. decrease both the current demand and current supply of oil. C. increase the current demand but decrease the current supply of oil. D. increase the current supply but decrease the current demand of oil. E. not affect the current demand nor current supply of oil. 2. Which of the following will not shift a supply curve of a good? A. A change in the price of relevant resources used to produce the good. B. A change in the good's price. C. A change in the technology used in producing the good. D. A change in the number of sellers of the good. E. A change in taxes affect this good's industry.1. Your econ professor would like to buy a Tesla X, but he cannot afford one. He __________ have a demand for a Tesla X. A. does B. does not 2. Which of the following would not change the supply of a good? A. A change in the price of the good. B. A change in the technology for producing the good. C. A change in the price of a resource required to produce the good. D. A change in the number of firms producing the good. E. A change in the government regulation of firms producing the good.
- Select the number of the question and the letter to indicate the answer you consider correctfor each question. 1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the good demanded willdecrease. 3. Which of the following most appropriately illustrates the law demand?a. Sellers increase the amount they sell because the price of the…Question 3 On the Forbes 2021 list of the World’s Billionaires, Jeff Bezos ranks at the top with a net worth of US$177 billion. Does he face scarcity, or does scarcity only affect those with more limited incomes and lower net worth? Question 4 Explain whether each of the following statements describes a change in demand or a change in quantity demanded. Illustrate the appropriate change and specify whether each change represents an increase or a decrease. Payless Shoe Source sees a 35 per cent increase in sales of its athletic shoes during a 1 week, half-price sale. Aisha receives a demotion which results in a cut in her salary and she is no longer able purchase her usual fruit for the week.9 3. What is wrong with the statement: “If the market price of good Z rose to $100,000, then no one could afford to buy it”? Use a graph to answer. please explain your answer. Also, use economic terms and not mathematics. thank you.
- 1) You are the admissions director at the University of Georgia. You know there is high demand for you product. However, you only have to space for a certain number of students. USE Microeconomics KEY TERMS like (economics, exports, command, fiscal policy, macroeconomics, scarcity, traditional economy, etc) to explain why you would (or would not) increase the price of attendance. 2) You are the admission director at Georgia State College. How do you convince graduating high school seniors to attend your college, instead of the University of Georgia. USE the KEY TERMS in the economics.B. Identify which of the following is a Change in Demand and Change in Qty Demanded. _1. The price of gasoline goes down and more motor oil is bought. _2. Price of fish falls, consumers are buying more fish. _3. Price of cellphones falls and more cellphones are bought. _4. Population changes its habit of drinking and they prefer cold drinks than hot drinks. 5. Face shields are required to avoid COVID-19 and more face shields are purchased _6. Consumers are buying goods online and few goes to the malls _7. People stay safe at home and consumes more electricityWhen you go to the store to buy some M&Ms candy, you find they are LESS expensive than they were last month. Which of the following could explain why M&Ms are LESS expensive? Select one: a. Consumers have switched to buying other types of chocolate. b. A new study finds that the benefits of eating chocolate are enormous. c. The supply of cacao beans, used to produce chocolate, has decreased around the world. d. A new robot has been installed at the Mars chocolate company which actually increases the time needed to produce M&Ms.