Question 6 The market demand curve Group of answer choices represents the sum of the prices all the buyers are willing to pay for a given quantity of the good. represents the sum of the quantities demanded by all the buyers at each price of the good. slopes upward. is found by vertically adding the individual demand curves
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- IGCSE ECONOMICS As a person buys more of a good, the total utility they get from it rises. But it does not rise by the same amount each time. In fact, it rises by a smaller amount with each good consumed. The extra utility gained from consuming one more unit is called marginal utility. Question A demand schedule for the consumption of orange light bulbs is shown below: Price of orange light bulbs Market demand per month 50p 100 000 40p 150 000 200 000 30p 20p 260 000 10p 330 000 5p 400 000 1) Plot the demand curve on a piece of graph paper, labelling it correctly. Label the page demand curve 2 2) Use the graph to work out how many orange light bulbs would be demanded at a price of: Price Number of bulbs demanded 45p 50 35p 50 15p 3) Explain the difference between individual demand and market demand.If a demand curve for Pizzas would have the follow change in price and quantity: First price of $15 with a quantity of 20 pizzas, it then decreases to $10 and 40 pizzas would be purchased. Answer the following questions using this demand information. Provide the ordered pairs for point A & point B. Calculate slope from point A to point B Interpret your findings and give a statementPrice of pizza Question 17 ot yet answered Marked out of 1.00 Flag question Refer to the information provided in Figure below to answer the following question. C. Number of pizzas per month Refer to Figure Assume the market is initially at Point B and that pizza is a normal good. A decrease in income would cause the market to move from Point B on demand curve D2 to Select one: a. demand curve D1. b.Point C on demand curve D2. c. Point A on demand curve D2. d. demand curve D3. PreviouIs nage Next page
- If electric cars and solar panels are complementary goods, an increase in the price of solar panels will _____________ the demand for electric cars. Group of answer choices decrease increase not affect None of the other three answersACTIVITY I Problem Solving and Graphing. Refer to the schedule of the demand for tomatoes to answer the questions that follow. Use and attach a graphing paper for your answers, solutions, and graphs. Price per kilo Quantity Demanded 15 480 30 400 45 320 60 240 75 160 81. Based on the information given, derive the demand equation for tomatoes in the form Qa = a - bP. 82. Assume that consumers expect the price of tomatoes to be lower next month because of oversupply: hence, the demand for onions now falls. At each of the prices on the original demand schedule, the quantity demanded is now 80 kilos lower than it was previously. Create a new demand schedule representing the lower demand for tomatoes and derive a new demand equation from the new demand schedule. 83. Graph the original and new demand curve and explain the change in demand for tomatoes caused by price expectations. 84. Now assume that due to rising incomes, tomato buyers in Pangasinan have increased their purchases, thus…Owen saw that the price of peaches had gone down, and so he decided to buy more peaches. Based on this information only, what does Owen's reaction reflect? Choose 1 answer: A Owen's demand for peaches has increased. B Owen's quantity demanded for peaches has increased. Owen has experienced an increase in income. Owen observed that there has been an increase in the price of other fruit, a substitute for peaches. Owen expects future price changes.
- Marc-Antoine and Annabelle have demand curves for books which are descending lines. Annabelle's demand curve has the same slope as Marc-Antoine's. Annabelle's demand curve is to the right of Marc-Antoine's. An increase in the price of books will cause: (a) a shift to the right of the Annabelle and Marc-Antoine demand curves. (b) a left shift of the Annabelle and Marc-Antoine demand curves. (c) a greater reduction in excess consumer consumption for Annabelle than for Marc-Antoine. (d) a smaller reduction in excess consumer demand for Annabelle than for Marc-antoineQuestion 17 The 1974 federal legislation that exempted emplovers from certain state laws goverming health insrance to encourage self insurance was O SCHIP ERISA O CON O COBRA O HIPAA OMedicare Question 18 An inferior good is a low-quality good is one where the demand moves up along with the demand curves up O Its demand has an inverse relationship with income exists only in theoryWhen the price of sugar was "low," U.S. consumers spent a total of $3 billion annually on sugar consumption. When the price doubled, consumer expenditures remained at $3 billion annually. This data indicates that Multiple Choice the quantity demanded of sugar increased. the demand curve for sugar is upward sloping. the demand curve for sugar is perfectly inelastic. the demand for sugar is elastic.
- Which of the ff. is correct with regards to the demand curve? A. If the price of the good increases, the demand curve for the good will shift to the left B. If the price of the good increases, the consumers have the incentive to look for substitutes, thus, the quantity demanded and its price are inversely related C. Income of the consumers is written on the vertical axis D. Varying preferences of the consumers is reflected in the demand curve and is written on the horizontal axisAttempts Keep the Highest / 5 2. Movements along versus shifts of demand curves Consider the market demand for cereal. Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else constant. Event Movement Along Shift A change in tastes of consumers that makes them desire more cereal An increase in income of consumers An increase in the price of cerealAccording to economic theory, the demand x for a quantity in a free market decreases as the price p increases (see the figure). Suppose that the number x of DVD players people are willing dx (A) Find 9,000 to buy per week from a retail chain at a price of $p is given by x = 10 sp<70. 0.3p + 1' dx Answer parts (A), (B), and (C). dp 4500- (B) Find the demand and the instantaneous rate of change of demand with respect to price when the price is $30. Write a brief interpretation of these results. The demand is x = when the price is $30. 2250- 9,000 The instantaneous rate of change of demand with respect to price is when the price is X = 0.3p + 1 $30. Write a brief interpretation of these results. p. 0- 40 80 At a price level of $30, the demand is DVD players per week and demand is Price (dollars) V at the rate of (C) Use the results from part (B) to estimate the demand if the price is increased to $31. Demand .....