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- 4. Which of the following will NOT affect the price elasticity of demand for frozen peas? A The availability of substitutes. B The price in relationship to consumer incomes. C The perishability of frozen peas. D The availability of raw vegetables. 5. Macroeconomics is the study of: A Economy-wide phenomena. B Choices individual consumers make. C Consumption and production decisions consumers and firms take. D How firms maximise profit.(ii) Demonstrate and discuss each of the following would have on demand or supply ofcoffee. Additionally, show how equilibrium price and quantity have changed.a. A better method of harvesting coffee beans is introduced.b. Medical researchers found that intake of more than two cups of coffee per daydrastically decreases risk of liver cancer.c. Currently, the price of coffee is ₹15 per cup above equilibrium.d. Consumer income falls because of a recession and coffee is considered anormal good.e. . Protesting liberal milk powder import policy, farmers dump millions of litresof milk, causing milk prices to rise.1. Does a change in consumers' tastes lead to a movement along the demand curve or a shift in the demand curve? Does a change in price lead to a movement along the demand curve or a shift in the demand curve? Explain your answers. 2. Does a change in producers' technology lead to a movement along the supply curve or a shift in the supply curve? Does a change in price lead to a movement along the supply curve or a shift in the supply curve? 3. The market for pizza has the following demand and supply schedules: Price $ Demand Supply 135 26 5 104 53 81 81 7 68 98 8 53 110 39 121 a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?
- 4: What are five fundamental questions (and answers) in economics? Five fundamental questions How do market system answer the question? 1. 2. 3. 4. 5. Chapter 3 starts here. Define "demand" and State the law of demand. Demand is a (s (w_ specified period of (t d ) or a curve which shows the various amounts of a product buyers are ) to purchase at each price in a series of possible prices during a ) and (a ). Demand portrays relationship between ), they are (positively, negatively) related either in the table or in the ( graph ). The law of demand states that, other things being equal, as price increases, the corresponding quantity demanded (rises, falls). Restated, there is a (an) ( direct, inverse ) relationship between price and ) and ( q. quantity demanded with everything else held constant.1. Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. 2. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. 3. If the United States can increase its production of automobiles without decreasing its production of any other good, the United States must have been producing at a point on its PPF. within its PPF. beyond its PPF. None of the above is correct because increasing the production of one good without decreasing the production of another good is impossible. 4. Which of the following is true? productive or technical efficiency occurs anywhere on the production possibilities curve opportunity cost can be measured by the slope of the PPC curve (frontier) allocative efficiency occurs at a…1. This pandemic, the prices for vegetables in a certain place has went down. Many people went to the market to buy vegetables but they ended up failed because they werent able to buy their needs. The prices of the vegetables are 40,50,60,80,90 and the amount of vegetables at the market ranges from 100,120,140,160,180. Explain how the changes occur using a grahical illustration or interaction of demand curve and supply curve. 2. Is the quantity demanded risen and the quantity supply decrease?
- 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…Table 3 This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke. Buyer Willingness To Pay David $8.50 Laura $7.00 Megan $5.50 Mallory $4.00 Audrey $3.50 Refer to Table 3. If the price of Vanilla Coke is $6.90, who will purchase the good? Select one: a. all five individuals b. Megan, Mallory and Audrey c. David, Laura and Megan d. David and Laura(9) What determines the utility an individual receives from consuming a good? Select one: a. The individual’s own preferences. b. The demand and supply curves for that good. c. The producers conducting customer feedback surveys of that good and the feedback provided. (10) Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price? Select one: a. 23% b. 30% c. 21%
- 1. List 10 new market demand that people need in their lifestyle.Demand, Supply, Market Equilibrium a.Demand: i. Please Thoroughly and completely define demand. ii. Please state the law of demand. iii. List and thoroughly explain the 3 factors that support the law of demand. Be sure you explain how each actually supports the law of demand. iv. List and explain the determinants of demand and how each can cause an increase in demand and a decrease in demand. List and explain each of the 5 determinants and how they impact demand. v. Thoroughly and completely explain the differences between a change in demand and a change in quantity demanded along with the causes of those changes, and how each change is graphically represented. b. Supply. i.Define supply. ii. State the law of supply. iii. List and explain the determinants of supply and how each can cause an increase in supply and a decrease in supply. iv. Thoroughly and completely explain the differences between a change in supply and a change in quantity supplied,…1. Select the three statements that relate to the concept of supply. i. Supply is influenced by changes in demand ii. Supply refers to quantities of goods or services that can be sold at various prices during a certain period. iii. An increase in supply will result in a fall in the price of the product and an increase in the quantity exchanged iv. Supply influences consumer behaviour and buying patterns. A. i, ii, iii B. i, ii, iv C. i, iii, iv D. ii, iii, iv