In constructing the demand graph to show how the price of a good price affects how much of it the buyers will buy, the convention that economists follow is to measure price on the b. C. d. horizontal axis even though it is the dependent variable. horizontal axis because it is the independent variable. vertical axis even though it is the independent variable. vertical axis because it is the dependent variable.
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- Which of the following statements is false? To an economist, demand is different from quantity demanded. O A demand schedule is the numerical tabulation of the law of demand. A demand curve is the graphical representation of the direct relationship between price and quantity demanded.3 4 The demand x is the number of items that can be sold at a price of $p. For x= p* - 3p° + 1500, find the rate of change of p with respect to x by differentiating implicitly. ..... The rate of change of the price p with respect to the demand x isAccording to economic theory, the demand x for a quantity in a free market decreases as the price p increases (see the figure). Suppose that the number x of DVD players people are willing dx (A) Find 9,000 to buy per week from a retail chain at a price of $p is given by x = 10 sp<70. 0.3p + 1' dx Answer parts (A), (B), and (C). dp 4500- (B) Find the demand and the instantaneous rate of change of demand with respect to price when the price is $30. Write a brief interpretation of these results. The demand is x = when the price is $30. 2250- 9,000 The instantaneous rate of change of demand with respect to price is when the price is X = 0.3p + 1 $30. Write a brief interpretation of these results. p. 0- 40 80 At a price level of $30, the demand is DVD players per week and demand is Price (dollars) V at the rate of (C) Use the results from part (B) to estimate the demand if the price is increased to $31. Demand .....
- calculate the cross price elastocoty of demand, if there is 5% change in the demand of a good when price of another good is change by 10%.As an Economics student you have been analysing the price movements of differentproducts. You note the following two price relationships:a. When there is a drought the price of maize rises.b. When the price of potatoes increases, the price of bread also increases (bread is asubstitute for potatoes).Use demand and supply diagrams to explain these two relationships. Please note: Twodiagrams are required, one for maize and one for bread.A product with an inelastic demand means that consumers are relatively insensitive to a change in the quantity demanded. O consumers are relativcly insensitive to a change in the price of the product. రేడకలు consumers are relatively sensitive to a change in the price of the product. O producers are relatively insensitive to a change in the price of the product.
- Please create the demand table of some product. Let's assume that you surveyed 5 prices and corresponding quantities. Please using your Demand Schedule draw the Demand Curve on the paper and attach here a photo of you drawing How your demand curve is showing the Law of Demand, try to illustrate with your data. What happens with Q when P is increasing? How do you understand the substitution effect? What could be the substitutes to your purchased product? What would happen to the demand of your product if the price of the substitute would increase? If few of you friends would be buying the same product, each of you would have a bit different Demand Schedule. What does it say market demand as a sum of individual demand schedules? How do you understand moving along the curve and curve shifting? What is the difference? Please use your drawn demand curve and shift it to practice the understanding. Attach the photo here. What are the factors (see the theory) making the demand curve shift?Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Yis -4. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (-) sign. a. The price of good X decreases by 5 percent. percent b. The price of good Yincreases by 10 percent. percent c. Advertising decreases by 3 percent. percent d. Income increases by 4 percent. 4 percentA change from Point B to Point C represents a movement along the demand curve showing fewer quantities and a decrease in price. Quantiry O True O False
- Suppose the own price elasticity of demand for good X is -2, its income elasticity is -1, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Yis -3. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. Include a minus (-) sign for all negative answers. a. The price of good X decreases by 4 percent. percent b. The price of good Yincreases by 10 percent. percent c. Advertising decreases by 3 percent. percent d. Income increases by 2 percent. percentAssume that supply for cars increases for any given price and, at the same time, the demand for cars reduces for any given price. You can predict: a. That the price of cars will unambiguously increase, while the car sales may increase or decrease. b. That car sales will unambiguously decrease, while the car price may increase or decrease. c. That the price of cars will unambiguously decrease, while the car sales may increase or decrease. d. That car sales will unambiguously increase, while the car price may increase or decrease.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…