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- Perfect knowledge means that both buyers and sellers are aware of the current market price at any point in time. True FalseDemand for Corn Flakes is: P = 10 - Q. Supply of Kellogg's Corn Flakes is: P = 2 + Q. Now a %3D generic company enters the market, selling generic Corn Flakes for $3. Assume consumers are indifferent between generic and Kellogg's Corn Flakes. When the generic corn flakes enter the market, Kellogg's will sell how many less boxes of their own cereal? Enter as an absolute value (NOT a negative number).Consider the market for a bond which has a face value of $2,000, pays a coupon of $100, and matures in 1 year (that is, you will get the face value and one coupon payment next year). Suppose the demand for such bonds is given by P=4,000-2Q, and that the supply of such bonds is given by P=1,000+Q. What is the equilibrium price and quantity of bonds sold? P*=$1,000, Q*=2,000 P*=$1,000, Q*=1,000 P*=$2,000, Q*=1,000 P*=$2,000, Q*=2,000
- When prices for durable goods increase, firms can rapidly increase production to match demand. True or falseTrue/False Market price is an macroeconomic concept.Which of the following is not held constant when considering the demand for popcorn? Multiple Choice expectations of higher prices for popcorn the price of nachos (a substitute) the price of popcorn consumer incomes 4
- You sell bracelets online. The demand for these bracelets is: P = 84 - 2Q The bracelets cost $6 each to produce. If you choose to sell a bracelet, you cannot sell a necklace, which has averaged $18 in profit. At what price should you sell the bracelets? Enter as a value. ROUND TO TWO DECIMAL PLACES.Discuss price continuity as a characteristic of well-functioning market?A change in consumer’s expectations causes a movement along the demand curve or a shift in the demand curve? Explain. A change in price of the goods results in a movement along the demand curve or a shift in the demand curve? Explain (Word count: 250 words max.) Buyers' expectations about future prices can affect the demand curve. If consumers expect prices to increase, they buy more of a product now, and the demand curve moves to the right. A demand schedule for a normal good is as follows: Price Quantity demanded Rs.230 70 210 90 190 110 170 130 Do you think that the increase in quantity demanded (say, from 90 to 110 in the table) when price decreases (from Rs.210 toRs.190) is due to a rise in consumers’ income? Explain clearly (and briefly) why or why not. Now suppose that the good is an inferior good. Would the demand schedule still be valid for…
- Which is the correct formula for calculating the percent change in price from a shift in demand? %AD ED + Es %AP = %AP= %ΔΡ - %ΔΡ - %AD Es + ED (%AS) Ep + Es %AD Ep + EsGlobalization’s fast pace around the world has helped people to adopt new trends and fashion at a higher rate as compared to the era with low level of FDI and trade. In Pakistan the growing concentration for Coffee cafes has opened new horizons for the investors to endow. If TYJ using the annual sales data of Gloria Jeans’ estimated the demand function for their upcoming venture in coffee market, answer the following:QC=10,000-20PCa) Derive the demand curve and explain the relationship between demand and price.b) If TYJ wishes to sell 5,000 cups of coffee a day, find the price for selling the same.c) Suppose if the price is determined at 350 identify the quantity TYJ would be able to sell.d) Suppose Espresso increases its price for per cup of coffee, illustrate and explain the impact it might create on the demand of coffee provided by TYJ. e) Calculating the risk, help TYJ identify at what price the demand for coffee would fall to zero. Also, explain in your opinion the demand of…Agis Homes is one of the largest builders of new homes in the U.S. As the economist for Agis Homes, you have forecast the following for the year 2022: The price of lumber used to construct homes will increase by 25% The economy will come roaring back and personal income will increase by close to 10% Assume that the prices of new homes are determined by supply and demand. Assuming everything else is held constant: If both of these impacts occur at the same time, what do you expect to happen to the equilibrium price and quantity of new homes? Use demand and supply analysis to help explain your answer.