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- Use the demand curve below to answer questions 1 through 6. price 12- 10- 8 6- 4- 2- 0 0 50 100 150 200 250 quantity What is the percent change in price when the price drops from $6 to $5? Assume your answer is a percent and enter a numeric value only.Think of ticket scalpers at a rock concert, a baseball game, oran opera. Might they exist because the tickets to these eventswere originally sold for less than the equilibrium price? Whyor why not? In what way is a ticket scalper like and unlikeyour retail grocer, who buys food from a wholesaler and thensells it to you?Briefly outline and explain some of factors that depend on line amount of a commodity a consumer os prepared to buy
- When does a consumer buy more quantity of a commodity at a given price? give three points.Consider the following events: Scientists reveal thateating oranges decreases the risk of diabetes, andat the same time, farmers use a new fertilizer thatmakes orange trees produce more oranges. Illustrateand explain what effect these changes have on theequilibrium price and quantity of oranges.The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $. (Enter your response as an integer.) Show Transcribed Text Price (dollars per unit) 3 100 C 90- 80- 70- 60-57 50- 40- 30- 21 20- 10- 0+ 33 69 0 10 20 30 40 50 60 70 80 90100 Quantity (1,000s of units per unit of time)
- _______ Refers To an upper limit on the amount of a commodity that can be purchased by an individual unit?The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). AAPS you 100- The area of the triangle shown on the diagram is $ an integer.) 90- (Enter your response as 80- 70- 65 60- 50- 40- 30- 20- 15 10- D 25 0- 0. 75 70 10 20 30 40 50 60 80 90 100 Quantity (1,000s of units per unit of time) Price (dollars per unit)Ginny and Lucia are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Ginny takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza. Lucia takes 8 hours to brew a gallon of root beer and 4 hours to make a pizza. 1. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is (1/2 gallon, 2 gallons,3/5 gallon or 1 2/3 gallons)of root beer, and the lowest price that makes both roommates better off is (1/2 gallon, 2 gallon, 3/5 gallons, or 1 2/3 gallons)of root beer per pizza.
- 5. Vera is an impoverished graduate student who has only $100 a month to spend on food. She has read in a government publication that she can assure an adequate diet by eating only peanut butter and carrots in the Öxed ratio of 2 pounds of peanut butter to 1 pound of carrots, so she decides to limit her diet to that regime. a) If peanut butter costs $4 per pound and carrots cost $2 per pound, how much can she eat during the month? b) Suppose peanut butter costs rise to $5 because of peanut subsidied introduced by a politically sensitive government. By how much will Vera have to reduce her food purchases? c) How much in food stamp aid would the government have to give Vera to compensate for the e§ects of peanut subsidy? d) Explain why Veraís preferences are of a very special type here. How would you graph them?3. Determinants of demand The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a gallon of gas is $4.00 per gallon. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a sedan 15 (Thousand of dollars) Quantity Demanded 563 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand 10 Price of Gas 4 (Dollars per gallon) 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) PRICE (Thousands of dollars per…If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
