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- Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?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…What aspects of the market for digital cameras are influencing it?
- Please do not give solution in image format thanku Which of the following would be considered a dependent demand item? a. Shoes b. Microchips used in automobiles c. Microwave Oven d. Paint. 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.Explain FATF
- 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 abovepleassssee help me thank youHow does a consumer decide what combination of products to buy using the marginal utility concept? Explain. Please don,t copy from anywhere. Please answer step by step. if posssible use graph.
- why dont you connect points on a demand when the price is fixed?25. What does a negative marginal utility means? Why does it happen? Explain.CNOLLS we r any CONE questions of the two in this sectlon in the answer book 21 211 Answer the following questions Name T WO types of imperfect markets Explain why demand curve has a negative slop 2.1.2 2.2 Study the Table below and answer questions below. 121 Number of Burgers 121 Total utillty Marginal utility 10 18 8. 23 25 26 1 6. 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) 2.3.2 How much was marginal utility in unit 3 (1) 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 above 0851 897 345O
