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- What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower quantities, what happens lo the measured elasticity? How would you explain that?Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elasticity of the other good you buy?Explain all the reasons why a decrease in a products price would lead to an increase in purchases.
- Economists define normal goods as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category. Can you come up with a name for each category?Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.Would you expect total utility to rise or fall with additional consumption of a good? Why?
- What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?Suppose the cross-price elasticity of apples with respect to the price of oranges is 0.4, and the price of oranges falls by 3. What will happen to the demand for apples?The avenge annual income rises from 25,000 to 33,000, and the quantity of bleed consumed in a year by the avenge person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Is bread a normal or an inferior good?
- If people do not have a complete mental picture of total utility for every level of consumption, how can they find their utility-maximizing consumption choice?Table 4 Income $30,000 $40,000 Quantity of Good X Purchased 2 6 Quantity of Good Y Purchased 20 10 Refer to Table 4. Using the midpoint method, the income elasticity of demand for good Y is Select one: O a. -2.33, and good Y is an inferior good. O b. 2.33, and good Y is a normal good. O c. -0.43, and good Y is a normal good. O d. -0.43, and good Y is an inferior good. E1-Suppose that individual’s income has increased from RO 800 to 1700 which causes an increase in the quantity demand from Rice that his family consumes from 7 kg to 18 kg.A. Calculate the income elasticity of demand.B. Show weather Rice inferior or normal good and why. 4 Suppose that Kaleed’s income 1800 RO. And he purchased 30 units of goods y that cost 30 RO per unit. Calculate how many units Kaleed can buy of product X when it costs 20 RO.
