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- explain in detail with the help of graph ? Does the sales tax affect the consumers with price increase ?2- There is negative relationship between income of the consumers and demand for ______. a. Complementary goods b. Substitute goods c. Normal goods d. Inferior goods1.Which inputs are used in production and which type of income does each of them receive? 2. Discuss and explain the effect of an increase in the taste for shoes on the demand for shoes
- 6. Suppose the following information regarding Joe's consumption habits. Quantity of Wine Quantity of Вooks Price of Wine Price of Books Income $10 $12 $15 $20 $10 $10 $10 $10 $150 $150 $150 $150 7 5 9 4 9 2 11 Graph Joe's demand curve for wine and price-consumption curve for when the price of wine changes.Biff spends his entire weekly income on gallons of drinking water and bags of cat food. The diagrams below show Biff's actual quantity- demanded of water and quantity-demanded of cat food last week: Pwater (gallon) Pcatfood (bags) 7 6 6 5 4 3 3 1 123.45 67 89 10 11 12 13 14 15 1 2 3 5 6 7 8 9 4 10 Qwater (gallons) Qcatfood (bags) Use the information in the diagrams to draw Biff's budget line and indifference curve diagram representing how Biff chose his optimal bundle last week. Be sure to label all curves and important points in your diagram, and also the axes. Be sure to a) explain what each curve and important point represents about Biff. At the optimal bundle you show in the diagram you drew for part a), what is the ratio between Biff's MU of a gallon of water and his MU of a bag of cat food? In other words, what is the value of the following fraction, and how do you know this? b) MUwater MUcat food7.If pizza is a normal good, then which of the following could be the value of incomeelasticity of demand?
- 5. There are some products that have fall in demand due to a rise in the income of consumers. Such goods are called______. a. Complementary goods b. Inferior goods c. Normal goods d. Substitute goodsNile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million A. Using the midpoint method, calculate the price elasticities of demand for group A and group B. B. Explain how the discount will affect total revenue from each group. C. Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?Question#5Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million Using the midpoint method, calculate the price elasticities of demand for group A and group B.Explain how the discount will affect total revenue from each group.Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?
- 10. Suppose tangerines are an inferior good. This means that if your income tangerines. decreases, you will buy (more/fewer)↑ Use the information in the table below to compute Susan's income elasticity of demand for business magazines. Business Magazines Demanded per Month OA 0.113 OB. 1.216 OC. 7.250 OD. 0.138 COE. 8813 Month 1 2 6 Income per Month $3525 $372522- There is positive relationship between income of the consumers and demand for ______. a. Inferior goods b. Substitute goods c. Complementary goods d. Normal goods