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9. When the demand curve shifts, the change in
elastic the supply curve.
(a) True
(b) False
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- (a) Define Price Elasticity of Demand. What are the 3 Types of Price Elasticity of Demand?(b) Calculate the Price Elasticity of Demand from the graph.(c) Depending on the elasticity, what kind of good does the given graph show? Explain(A) Define the price elasticity of demand (B) Calculate the price elasticity of demand given that price rise by 10% and demand falls by 4% Please be quick20. An increase or decrease in the price of wheat results in a shift of its demand curve.(a) True(b) False
- 11.) In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million.(a) Assuming supply and demand are linear, reconstruct and draw the supply and demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? What is the new equilibrium quantity? Illustrate them on the same graph.(c) How big is the change in consumer surplus, producer surplus, government revenue, anddeadweight loss?5. Suppose that food shortages are expected in the near future. What happens to themarket for farmland today?(A) Demand rises.(B) Demand declines.(C) Supply rises.(D) Supply declines.Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand.(b) There are no exceptions to the law of demand.(c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term(e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.
- 7. List five basic determinants of market demand that could cause demand to increase. (a) Consumers’ tastes become ( more, less ) favorable toward the item. (b) The number of buyers ( increases, decreases ). PA (c) Incomes (rise, fall ) and the item is a normal good. (d) Incomes ( rise, fall ) and the item is an inferior good. (e)A(n) ( increase, decrease ) in the price of a substitute good. (f) A(n) ( increase, decrease ) in the price of a complementary good. Indicated direction with an arrow head. (g) Consumers expect ( higher, lower ) prices in the future. For example, workers who becomes fearful of losing their jobs may (g. increase, reduce, not change ) their demand for, say, vacation travel.4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.(a) Define the price elasticity of demand and the income elasticity of demand. (b) Elaborate FOUR (4) determinants of the price elasticity of demand. "Tea and coffee are substitute goods, while cars and petrol are complementary goods." Discuss this statement based on the concept of cross elasticity of demand. (c)
- Suppose price elasticity of demand is greater than 1. Which of the following example is correct? (a) If I increase price of oranges by 1%, sales of oranges increase by more than 1%. (b) If I increase price of oranges by 1%, sales of oranges decline by less than 1%. (c) If I increase price of oranges by 1%, sales of oranges increase by less than 1%. (d) If I increase price of oranges by 1%, sales of oranges decline by more than 1%. Consider the following table: Table 2.7 Market Size and Average Winning Percentage in the National Basketball Association: 2004-05 to 2015-16 Variable Market size Coefficient -0.0021 t-Statistic -0.67 (a) Market size impacts average winning percentage negatively and it is statistically sig nificant. (b) Market size impacts average winning percentage negatively but it is statistically in- significant. (c) Average winning percentage is positively correlated with market size and statistically significant. (d) Market size impacts average winning percentage…1. Alex finds that the demand for their lemonade is given by x = 2/p4 where p is price per cup and x is cups sold. (a) Find the elasticity of demand. (b) What is the elasticity of demand when p = 1? (c) Give an interpretation of the elasticity when p = 1. In particular, if you increase the price by 1%, what happens to the demand?-x 230. If the demand Curve is the form of P= 10e ? where P is the price and x is the demand, what is the Price elasticity of Demand? (a) Kx (b) 는 (c) 5x (d) None