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.
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- . It is a hot day, and Bert is thirsty. Here is the value heplaces on each bottle of water:Value of first bottle $7Value of second bottle $5Value of third bottle $3Value of fourth bottle $1a. From this information, derive Bert’s demandschedule. Graph his demand curve for bottledwater.b. If the price of a bottle of water is $4, how manybottles does Bert buy? How much consumersurplus does Bert get from his purchases? ShowBert’s consumer surplus in your graph.c. If the price falls to $2, how does quantitydemanded change? How does Bert’s consumersurplus change? Show these changes in yourgraph.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 buyersAn increase in the price of Wood will shift thesupply of furniture to the left or inwards.Select one:Oa. FalseO b. True
- c.Define a budget line d.Given that Tebogo's income is P1800 price of food is P30 and price of entertainment is P40, Draw tebogos budget line. e.Using a diagram, show waht would happen to Tebogo,s budget line if income increases from P1800 to P2100 while prices remain P330 for food and P40 for entrtainment. f.Using a diagram, show what would happen to Tebogo's budget line if income increases from P1800 to P2100 while prices remain P30 for food and P40 for entertainment.The law of demand states that if other factorsremain constant there isSelect one:a. An exponential relationship between priceof a good and the quantity demanded.O b. A negative relationship between the priceof a good and the quantity demanded.oc. A linear relationship between price of agood and the quantity demanded.O d. A positive relationshipbetween the price ofa good and the quantity demanded.If the price of a magazine is 4 each, what is the maximum number of magazines she could buy in a week?
- In the market for coffee, consumers expect the price of coffee beans to rise next week. This would make the demand for coffee this week O stay the same, since demand is not affected by price changes. O shift left. O stay the same, since the effects of this week and next week will cancel each other out. O shift right.Course dash The substitution effect of a decrease in the wage will Lutfen birini seçin O a mcrease leisure only if leisure is a normal good Ob decreaseleisure only if leisure is a normal good. 0o increaceleisure, regardless of whetherleisure is a nomal orinfernor good. Od.decrease lasure regardless of whether lesureis anormnal ormferior good. AYFA SONRAKITime left 0:56:44 All of the following except one would increase the amount of a particular model of a Ford automobile that buyers would like to buy. Which is the exception? Select one: O a. an increase in buyers' incomes O b. increased prices of other Ford models an expected future increase in the price Ос. O d. a decrease in the price of steel an increase in the population O e. Next ge eg IMG_7969.jpeg JPEG
- What price ÅSsuming do you line and budget that understand by line? Consumer has income of $180, which monthly he Spends Good' X on two commodities and Grood Y. The price l07 Good $13 and price of the is $24. What would ' be Combinations of Crood X is Various Good Y this combinations line regard? and in and write draw various budget according ly?QUESTION 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, valuessuppose the price of an item icreases by 10% that the quanity supplied of that same item decreases by 2%. what does the value tell you about the good in question?