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- how to work out demand curve?If Park's Place Pizza increase the price of pizza by 25% and total revenues remained the same, it can be concluded that the product had * an elastic demand. an inelastic demand. no substitutes. an elasticity of demand value of 0. a unitary elastic demand. A change in which of the following causes a movement along a given demand curve for a normal good? * Consumer income The demand for the good The price of the good The price of a substitute good The number of buyersDemand refers to O how much of a good people are willing and able to buy at a particular price. O the different quantities of a good people are willing and able to buy at different prices. O the different quantities of a good people are willing and able to buy at a particular price. Ohow much of a good people are willing to buy at different prices. Onone of the above
- ON & 1UCSTION 2 Wr any C NE questions of the t wo in this section in the answer book 2.1 Answer the following questions. 2.1.1 Name T wo types of imperfect markets 2.1.2 Explain why demand curve has a negative slop. 2.2 Study the Table below and ansvwer questions below 121 12) Number of Burgers Total utility Marginal uility 10 18 3 23 25 26 24 A [Adapted from Focus Economics grade 10 page 97 figure 5.2] 2.3.1 What is the source of the table above? (1) (1) 2.3.2 How much was marginal utility in unit 3 (2) 2.3.3 Briefly describe the term utility (2) 2.3.4 Calculate A in the above table (4) 2.3.5 Draw a marginal utility graph using the information aboveQUESTION 3 A buyer's willingness to pay for a good is the O maximum demand for, is willing to pay for that good. It measures how much the buyer the good. Oprice of, values Omaximum amount the buyer is willing to pay for, values minimum amount the buyer is willing to pay for, needs actual amount the buyer pays for, valuesWe can have control over: O a. consequences O b. alternative O c. demand d. state of nature O e. supply
- If a price taker attempts to raise its price by a small amount, the quantity that its customers will buy will remain the same. O decrease by a small amount. O decrcase to zero. O None of these choices.If the price of Will Smith's Big Willie Style CD increases, what happens its demand? * WILL SMITH BIG WILLIE STYLE It increases. O It stays the same. O It decreases. O It is indeterminate. O It is unknown.What are a demand schedule and a demand curve? A. A demand schedule is a table showing how the quantity demanded of some product during a specified period of time changes as the price of that product changes, holding all other determinants of quantity demanded constant. When the points of quantity demanded and prices are plotted on a graph, it is called a demand curve. B. C. D. A demand schedule is a table showing how the quantity demanded of some product during a specified period of time changes as the price of that product changes. When the data is plotted it on a graph is called a demand curve. A demand schedule is a table showing how the quantity demanded of some product as the price of that product changes. When the data is plotted on a graph it is called a demand curve. A demand schedule is a table showing the quantity demanded of good or service by rational individuals with steady income. When the data is plotted on a graph it is called a demand curve.
- An expensive electronics store decides to raise the prices on all of its laptop computers. According to the law of demand, what outcome can the electronics store expect? A. Fewer customers will be interested in buying its laptops. B. The cost of buying laptops from its suppliers will go down. C. The cost of buying laptops from its suppliers will go up. O D. More customers will be interested in buying its laptops.Explain what dependent demand is and give examples ofhow you can use dependent demand in your personal lifeWhich of the following would cause a decrease in current, overall demand for a product? Select an Answer O A. a decrease in price of a substitute good O B. an increase in the number of buyers in the market for the good O C. a government subsidy encouraging consumption of the good O D. an expectation that the price of the good will be higher next week