Question 4: Use the above figure to answer below questions. a) Which figure corresponds to the effects of higher price of oil? b) Which figure corresponds to the effects of a war in a country? c) Which figure corresponds to the effects of higher nominal wages? d) Which figure corresponds to the effects of advancements in computer technologies and internet?

Question 4: Use the above figure to answer below questions. a) Which figure corresponds to the effects of higher price of oil? b) Which figure corresponds to the effects of a war in a country? c) Which figure corresponds to the effects of higher nominal wages? d) Which figure corresponds to the effects of advancements in computer technologies and internet?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 3SCQ: Explain all the reasons why a decrease in a products price would lead to an increase in purchases.

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Explain all the reasons why a decrease in a products price would lead to an increase in purchases.
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
Prepare a graph of the monthly forecasts and average forecast demand for Garden Room Furniture Ltd., a manufac-turer of outdoor furniture. MONTH PRODUCTION DAYS DEMAND FORECASTJanuary 16 300February 16 300March 23 500April 21 500May 22 800June 22 1000July 21 1200August 20 1500September 20 900October 20 500November 16 300December 16 300
The graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos). Tools 7. D2 6. 4. 3. 2. 840 1080 960 120 360 600 240 480 720 Quantity per month Price
ven the following linear functions describing the supply and demand for widgets: na, using the algebraic methods explained in the lesson, the equilibrium price ) Cony substituting the equilibrium price into the original functions, calculate the equilibrium quantity rconirm your results by completing a supply and demand schedule and by graphing the supply and demand curves, being sure to mark in the equilibrium price and quantity on the axes. Qs = -4 + 2P Qd = 24 - 2P a) Equiibrium price : as- Qd Qs =-4+2x7=10 Qd - 24-14= 10 %3D -4+ap= 24-2P -4P=-28 P=7 Qs = -4 + 2P lo Price ($) Qd 24 - 2P 8. 10 10 2. Equaibrium at (7,10) 123456189 10 Price
Question 2. Consider follwoing quantity and price at current time(t) and base time(b). Quantity(base) Price(base) Quantity(current) Price(current) 10 2 12 2.5 12 3 15 3 Calculate Laspeyres and Passche price and quantity index. Intepret results.
use tne grapn input tooi to neip you answer tne roilowing questions. You will not be gradea 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 Market for Florida Oranges 50 46 Supply IPrice (Dollars per box) Quantity 20 40 35 Quantity Supplied (Millions of Бохes) 30 480 320 Demanded (Millions of boxes) 25 20 15 Demand 10 O 80 160 240 320 400 480 GEO 640 720 B00 QUANTITY (Millions of baxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is million boxes. For each price listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price (Dollars per box) Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) Shortage or Surplus Pressure on Prices 35 15 True…
5. a) The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of frult with the quantities shown in column 2? 2003 Items Qty. 2001 2002 2004 Amount Amount Amoun Price Amount Price Price Price t Spent Spent Spent Spent $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 $0.88 $0.29 $0.95 Apples 10 $0.50 $0.20 $0.5 $2.00 12 2. Grapes Raspberries 1 Total Price Index Inflation 2.05 2.13 Rate b) Construct the price index for a "fruit basket" in each year using 2003 as the base year. c) Compute the inflation rate for fruit prices from 2001 to 2004.
The table below lists the prices and quantities consumed of three different goods from 2018-2020. 2018 2019 2020 Good Price ($) Quantity Price ($) Quantity Price ($) Quantity A 12 10 16 18 5 B 5 18 3 30 4 25 1 10 2 10 a. For 2018, 2019, and 2020, determine the amount that a typical consumer pays each year to purchase the quantities listed in the table above. Instructions: Round your answers to the nearest whole number. 2018 2019 2020 Consumer expenditure $ $ $ Instructions: Round your answers to one decimal place. b. The percentage change in the amount the consumer paid is % from 2018 to 2019, and % from 2019 to 2020. c. It is problematic to use your answers to part b as a measure inflation because (Click to select) v Instructions: Round your answers to one decimal place. d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018 consumption levels, the rate of inflation was| % from 2018 to 2019, and % from 2019 to 2020.…
If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
Piper Gene Munster, the person responsible for a survey dedicated to Apple in which he " found" out an estimated number of IPhones that were sold, has come up with yet another interesting theroy. According to Munsterand the past-week Apple announcement about 1 million IPhones sold, the calculations take to the conclusion that after the price cut,the sales increased up to 200%... By Munster's reckoning, Apple and AT&T were selling an averageof 9,000 IPhones a day before the price reduction, which would have put their quarterly sales at 594,00 as of September 5. By the end of the quarter, he believes Apple will have sold a total of 1.28 million Iphones. What was the price elasticity of demand for IPhones in 2007 prior to the price reduction if the percentage change in price was 40%?
20 Suppese and supple schedken the byathetial Amount autpit demandel. bilions S200 demund as shaun: for a economy are red denet Prce lerd Garze Indo) seplial CEiled $ 800 300 400 250 800 GOO 200 600 800 ISO f00 1000 100 200 D Use Phese eb and suply dola fo grph the of the below graph carve on ) What will be Hhe equilbnon pice an, adpat leyd n hy atput legel I6 7 'also the' pul - empaymet lerd q aft Why won't Why won't the gquilibrum bd be he the Iso Index be pice. he R50 hdex $ 400 bilion at each price leve apelibium prie and adad lard? Suppose demand nctave by what cwill be the neco