UeSTION 2 wer any ONE queestions of the two in thin sectic nn the enswer book Answer the following questions. 2.1 2.1.1 Name TWO types of impertect markets 2.1.2 Explain why demand curve has a megative plnn 2.2 Study the Table below
Q: Plot the demand curve from the demand schedule information provided Price Quantity Demanded (Op) 1…
A: The plotted demand(dd) curve:
Q: A. A rise in the price of coffee from S 1.5 to $2.8 results in a rise in the quantity of tea…
A: Elasticity measures the responsiveness of quantity demanded to change in prices.
Q: A. Let us suppose we have table showing three individual demand for TWO different incomes. 1.…
A: The table is showing the demand for weekly gasoline of individual at different prices with two…
Q: 1 Calulate the numerical value of the coefficient of t w bee e elasticity of demand in each of the…
A: Below is the formula used for the price elasticity of demand is given by the formula: Ed = (-) %…
Q: 1. Let (inverse) demand be Pb 104-3 Qb and (inverse) supply be Pv 19+2Qv. Consider the PRICE FLOOR…
A: Answer: According to the given figure, the price floor or the P-high price is $80. Now, let us…
Q: At a price of $6: Market Demand Curve Quantty Demanded Fon Nam Maket Pice 10 6. Yng Som Gob Yam…
A: Demand schedule is a tabular representation that shows the amount of commodities demanded at…
Q: Demand er 1. A cons Casp price
A: a demand curve is a graph portraying the connection between the price of a specific ware and the…
Q: What happens to buying plans today if the price of orange juice rises and no other influences on…
A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…
Q: 1. Determine the demand equation vith complete solution then graph the demand curve. Ansume that you…
A: The demand schedule shows the combination of price and quantity demanded. Following is the demand…
Q: Price Abby’s Quantity Demanded Brandi’s Quantity Demanded Carrie’s Quantity Demanded DeeDee’s…
A: The Law of demand says that the quantity demanded will increase as the price decreases.
Q: The future super bowl winners, the LA Dodgers, will be selling a lot of apparel after the eventual,…
A: Note: There are multiple sub parts of the question. We shall answer only the first three sub parts…
Q: Seatwórk 1 Answer the following problems and show your complete solution. 1. Use the given demand…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: uestion en the following data, find the Demand uation where P is the y variable, and Q is iable [P =…
A: *Answer:
Q: Demand: Q = 150 – 3P and supply: Q = P + 50 . What is the equilibrium price(Pe) and quantity(Qe)?…
A: In equilibrium, the quantity demanded is equal to the quantity supplied. Given, Quantity demanded,…
Q: Read and graph the supply and demand schedules bebw to find the price where the market is at…
A: Price Qua100ntity Deman90ded Quantity Supplied 100 100 1100 90 200 1000 80 300 900 70…
Q: Home heating gas tends to have demand becaue O elastic; it has few close substitutes O elastic;…
A: Elasticity measures the responsiveness of quantity demanded with respect to change in price.
Q: How will each of he denand seepply affecti equilbriem and "eqpilibrium qpuantely Lompetitive masket,…
A: Demand and supply are two important market forces that operate in a market and regulate it. Demand…
Q: Consider the following events:a. The price of cell phones goes down by 25 percent during a sale.b.…
A: A shift in the demand curve is defined when there is a change in demand; when the price of quantity…
Q: Directions: Analyze and compute problems. Write your answer on the answer sheet provide 1. An…
A: Given information Demand function Qdeb=2-0.4Peb+0.0005I+0.15Phb Peb=10.68 I=2300 Phb=21.40
Q: Answer true or false, if the statement is false, change it to make it true. Illistrate your answers…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: uppose that there two types of consumers: students (S) and non-students (NS). The demand for a trip…
A: Individual demand refers to the quantity demanded by a single consumer where market demand refers to…
Q: Draw a demand curve for lattes. Label it. Next question Price (dollars per latte) Use any prices and…
A: The curve that depicts various quantities of goods being demanded by consumers at various levels of…
Q: •..l !ovie tickets and film streaming services aresubstitutes. If the Price of film streaminR…
A: If two things may be utilised for the same purpose by consumers, they are replacements. That is, a…
Q: uppose that Edison and Hilary are the only consumers of shoes in a particular market. The following…
A: As per the law of demand, the price has an inverse relationship with the quantity demanded.
Q: 12. Margarette Tire shop simulated the following data below. How much is his expected daily demand?…
A: Expected daily demand refers to the amount that demand is expected to take, based on certain…
Q: use the graph input tooi to heja you anawer the folowing questions. You wil not be graded on any…
A:
Q: Give your graph a heading. Using the data given in the demand schedule, draw a graph for market…
A: Given: Price Quantity demanded 350 100 300 150 250 200 100 250 50 300
Q: 72. Price elasti city of demand meane: A. The respensivemess of quantity demande d to changes in…
A: In economics, elasticity refers to the general measurement that is used to show the connection…
Q: Figure 4-5 Pice Prce Quantiy Quentity Price Price Quant Quanety 7. Refer to the Figure 4-5. Which of…
A: In a market, if there is a change in any demand-side or supply-side determinant, it will affect the…
Q: Susan and Katy share an apartment, which they have decided to decorate for the holidays. The figure…
A: In a market, people have differences in their demand decision according to the which they have…
Q: Explain the law of demand. What doea the slope of demand schedule tell us
A: Microeconomics deals with the behavior of individuals and firms and studies the changes in the…
Q: xplain the diffrence between the law of demand and law of supply?
A: Economics studies how economies make decisions of production, distribution, and consumption of goods…
Q: Wat happens to a given demand curve if one of the determinants of demand change ? Provide an example…
A: Meaning of Demand and Demand Curve: Demand refers to different possible quantities of a commodity…
Q: Demand Equation is Qxd = 500 - 1/2Px - 2Py + 0.0005M + 0.001A. Py = $8 M = $50,000 A = 10,000…
A: The demand function shows the determinants which affect the demand curve in the market. The demand…
Q: Define the elasticity in economics. Relate it with elasticity of demand and supply. Pls give…
A: A variable's sensitivity to a change in the value of another variable may be measured using the…
Q: Suppose you know that the price of Gasoline has recently increased. Explain whether you can…
A: 5) The price of gasoline would be increased due to two reasons An increase in demand. This is…
Q: Plot the demand curve from the demand schedule information provided. Price Quantity Demanded ( Qp )…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub- parts…
Q: 1. Čonsider the market for Widgets. Suppose that the equation for the supply curve is: Qs = 1,000P –…
A: Elasticity of demand/supply refers to the responsiveness of demand /supply with the proportionate…
Q: lain the horizontal and vertical interpretation of the demand cur
A: The demand curve is the graphical representation of the inverse relationship between the price and…
Q: 4) The demand for X-box games if the price of the x-box console decreased P Population changes I…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: is d right?
A: Supply curve is horizontal implies supply is perfectly elastic. For any values of quantity demanded,…
Q: Cayden receives a large raise at work and as a result, begins to buy fewer top ramen dinners. We can…
A: The equilibrium price and quantity of a good sold in the market are determined by the forces of…
Q: A Let us suppose we have table showing three individual demand for TWO different incomes. 1.…
A:
Q: Demand
A:
Q: draw a general demand curve and label it D. The the curve to the left or the right depending on w…
A: Demand curve shows the relationship between the price and quantity demanded. Changes in the…
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- Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.The rules of politics are not always the same as the rules of economics. In discussions of setting budgets for government agencies, there is a strategy called closing the Washington Monument. When an agency faces the unwelcome prospect of a budget cut, it may decide to close a high-visibility attraction enjoyed by many people (like the Washington Monument). Explain in terms of diminishing marginal utility why the Washington Monument strategy is So misleading. Hint: If you are really trying to make the best of a budget cut, should you cut the items in your budget with tile highest marginal utility or line lowest marginal utility? Does the Washington Monument strategy cut the items with the highest marginal utility or line lowest marginal utility?Mylie’s total utility from singing the same song over andover is 50 utils after one repetition, 90 utils after tworepetitions, 70 utils after three repetitions, 20 utils afterfour repetitions, 250 utils after five repetitions, and 2200utils after six repetitions. Write down her marginal utilityfor each repetition. Once Mylie’s total utility beginsto decrease, does each additional singing of the songhurt more than the previous one or less than the previousone?
- The following table shows Madison's utility from consuming popcom and Coke Suppose that Madison han income of $21.00, the price of popcom is 6.00 and the price of Coke in $4 50 FMadson wants to maiire her y how much popcom and Coke should she buy? ITT Popcorn Marginal Unity 192 144 Coke Marginal Uity 144 100 72 36 18 Quantity 48 24 12 Madison should buy boxes of popcom and cans of Coke Enter your reponses as negers)1s it pessible fes matginal utility tolal to be negative and uwility to be possitive) why orwhy nah 8. noFive consumers have the following marginal utility ofapples and pears:Marginal Utilityof ApplesMarginal Utilityof PearsClaire 6 12Phil 6 6Haley 6 3Alex 3 6Luke 3 12The price of an apple is $1, and the price of a pear is$2. Which, if any, of these consumers are optimizingtheir choices of fruit? For those who are not, howshould they change their spending?
- goods, XandY per of good X is N$4 and the price of good Vis No10 Harrys unlity funchon is UCX,)==XY. Harry consumes 2 and he spend's Npbo month The price Find The values of gocal X and Y maximizes Harcys unly illustruate Hary's utlty maximizing.combinason clearly labelled on a graph. Suppose llustrate Harrys price & spod X increased to Ngb effects income and substitution ef the anel laballed graph.ceriuppose that Isaiah has a weekly fixed budget and spends it all on haircuts and ice cream. At his current combination arof consumption, the marginal utility of the last dollar spent on haircuts is greater than the marginal utility of the last dollar spent on ice cream. Has Isaiah maximized his utility? A C E Yes, because changing his current consumption combination will reduce his total utility B No, because he can increase his total utility by purchasing more haircuts and D fewer ice creams Yes, because he has purchased 2 goods in proportion so that he can get- the maximum utility from each Yes, because he purchased the maximum possible with a limited budget No, because he can increase his total utility by purchasing fewer haircuts and more ice creams9/15/22, 9:52 AM Print Assessment The marginal utility per dollar spent on the last banana consumed is 75. If the price of an apple is $.50, how many apples would Kevin have to consume before he considers purchasing another banana? 7100 2000 199 A C E Number of Apples 2 3 4 5 6 7 6 3 4 QUESTION 3 Total Utility A320 130 180 220 qurum ont 250 270 280 B D 2 5 ob The villu lanipismodi 02.2ai elggs ne to song Cr 081 129T1inU 0136101 023 OTS aslgqA to 19dmul
- Suppose an indinidual has the following utility finction Urey)-2+2" writh a strictly ineveaseng morrginal rate of substitntion. and income of 3 The price of y is $4 CPpi ) The intial price of x is $lcre=) and then increases to 3 px=3). Find the chonge in the quantidy consumed of X.IHow much of the chonge is the income effect? How much by the Substitution effect? Evplan in Econ terms erplainedl byilable Paragraph H AaBbCсD AabbCcDc AaBbC, AaBbCcE Normal 1 No Spac... Heading 1 Heading 2 Consider a consumer with the following utility function: U(x1, x2)=(x1+4) (x2 + 6) for x1, x2 20 with the accompanying budget constraint: p1x1 +p2x2=Y where p1, p2, Y>0 Styles b) c) For Replace Select- Editing a) Show that the utility function is strictly increasing in x1 and x2. For a given level of utility U, derive the marginal rate of substitution between good 1 and good 2. Find the optimal choice of x1 and x2 when the consumer maximizes his/her utility. Create and Share Request Adobe PDF Signatures Adobe Acrobat A ENG Add-ins Add-i 9:56 PM 12/15/2023 100939. The following chart shows thec total utility-that Ammar receives from çonşuming various amounts-of chocolate.candy bars each day: Number candy, bars consumed për đay Total'utility 1' 40- 2 70 90 100 4. 80 Which of the following statements about Ammar's marginal utility is correct? Hiş marginal utility from the first candy bar is greater-than his marginalutility from the second candy' bar