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Income, taste, or population
changes do what to the demand
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- what are an appropriate measure of how sensitive the quantity demanded is to changes in price, income and price of goods? what affects those sensitivities?“A household’s decision about what quantity of a particular output, or product to demand depends on a number of factors.” Discuss the major factors affecting the demand. write in your own word as much as you canIdentify two causes, apart from an increase in income, of an increase in demand for a product.
- Whatisthedifferencebetweenthedemandandthe quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.Plot the supply curve and the demand curve for bicycles What is the equilibrium price of bicycles? What is the equilibrium quantity of bicycles? If the price of bicycles were €100, is there a surplus or a shortage? How many units of surplus or shortage are there? Will this cause the price to rise or fall ?How would an increase in income for a normal good affect demand for the good? How would an increase in income for a normal good affect The demand curve for that good? Show graphically, i cantt figure out how to graph it
- Discuss the effect of each of the following to a couple’s demand for children and other goods: a. Increase in a couple’s income b. Increase in the net price of childrenWhich service will NOT likely have an increased demand as the population ages? O Elementary Education O Pharmaceuticals O Health care O BioengineeringSuppose there is a product whose price is increasing but it has no impact on quantity demand (increase ordecrease). Draw the graph of this quantity demand.
- In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.fl you know that Linda's consumption of potatoes fell from 200 pounds a year to 150 pounds a year when her income went up from $50,000 to $60,000 a year, you are able to calculate Linda's incomeelasticity of demand for potatoes. What is it? What do economists call this kind of a good?If a 10% decrease in the price of one product thatyou buy causes an 8% increase in quantity demandedof that product, will another 10% decrease in the pricecause another 8% increase (no more and no less) inquantity demanded?