Explain that the given statement violates the law of demand .

Question

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Answer 1

Question

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

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Show it.... The State government is considering building a new highway. Linda lives near the proposed highway. Her demand for trips per month is given by Q = 60 - 0.5P, where Q is the number of trips and P is the average cost per trip in cents. The current average cost per trip is 60 cents, and the new highway is expected to reduce it to 40 cents. A legislator asks Linda how much she is willing to pay per month for the construction of the new highway. Linda: I am making 30 trips now when it costs me $0.60 per trip. With the new highway, the cost will be reduced to $0.40, so I am willing to pay up to 30 (0.6 - 0.4) = $6 per month. Do you agree with her reasoning?

If the price of X decreases and this decreases the demand for Y, then

Answer 2

Question

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

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Answer 3

Question

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

Answer 6

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

Answer 7

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Answer 8

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.