The table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in the market. Price Abby's quantity Barry's quantity (dollars per slice) demanded demanded (slices per month) (slices per month) 2.50 25 50 3.00 20 40 3.50 15 30 4.00 10 20 4.50 10 5 00 Based on the table, what is the marginal social benefit from the 45th slice of pizza? Select one: O a. $3.50 b. $3.25 Oc. $0.50 d. $9
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- Only typed answer and don't use chat gpt Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be A. $3. B. $6. C. $9. D. $12.Safari File Edit View History Bookmarks Window Help ] CENGAGE MINDTAP Aplia Homework: Chapter 7 4. Consumer surplus for an individual and a market PRICE (Dollars per slice) 7.50 6.75 6.00 The following graph shows Amy's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line. 5.25 4.50 3.75 3.00 2.25 1.50 Cengage Learning Demand Price BO Amy's Weekly Demand 27 A · 280 C NOV 8 Ang.cengage.com O Mind Tap - Cengage Learning ? tv ♫ Ć NA Q Search this course W (1) WhatsApp 00 G Wed Nov 8 4:30 DOCK + Amandeep X !How the demand factors is impacting the consumer market. Illustrate and give 3 examples of each demand with product Pictures
- There are three consumers in the market for potato chips; Don, Peggy, and Pete. The following table displays each consumers' demand schedule for potato chips. For each blank space, type in the correct answer (write your answer as a number). Price per bag ($) .25 .50 .75 1.00 1.25 1.50 Don's demand 7 6 5 4 3 2 Peggy's demand 10 8 6 4 2 0 Pete's demand 6 5 4 3 2 1 a) At a price of $0.75 per bag, the quantity demanded by the market is [Select] units of potato chips. b) Suppose that the price of potato chips is initially $0.75 and increases to $1.25. There is [Select] by the market that is equal to [Select] units of potato chips. c) Suppose that Pete decides to go on a diet and will no longer purchases potato chips at any price. In addition, after Pete has left the market, suppose that we observe that the quantity of potato chips demanded by the market is equal to 14 units. We can therefore infer that the market price is [Select]4 A marketing executive once said, “If the priceelasticity of demand for your product is inelastic,then your price is probably too low.” What is thisexecutive saying in terms of the economic principles discussed in this chapter?In 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to rise.a. Demonstrate the impact on the quantity of oil bought and sold. Instructions: Draw a parallel shift in the demand or supply curve(s) by grabbing, dragging, and then dropping the curve(s) to the new position(s). In the market for oil, compared to the initial equilibrium (E0), the impact of these events on price is (Click to select) (to increase price, to decrease price or uncertain) and the impact on quantity is (Click to select) (to decrease quantity, to increase quantity, or uncertain)b. Oil production in Libya returned to its original levels by the end of 2012. What was the likely effect on equilibrium oil price and quantity?Compared to the equilibrium identified in part a, price will (Click to select) ( remain unchanged, decrease, increase) and quantity will (Click to select) (increase, decrease, or remain unchanged )
- 1. This pandemic, the prices for vegetables in a certain place has went down. Many people went to the market to buy vegetables but they ended up failed because they werent able to buy their needs. The prices of the vegetables are 40,50,60,80,90 and the amount of vegetables at the market ranges from 100,120,140,160,180. Explain how the changes occur using a grahical illustration or interaction of demand curve and supply curve. 2. Is the quantity demanded risen and the quantity supply decrease?Consider a local fast food restaurant. The following table shows the maximum price that Alex and Anna will pay for two products: chicken nuggets and fries. Alex Anna Are Alex and Anna's demands negatively or positively correlated? Explain. Table 2: Maximum Price Chicken Nuggets O Positively correlated as Alex wants to pay lower prices for both Chicken nuggets and fries. O Positively correlated as Anna wants to pay higher prices for both Chicken nuggets and fries. O Negatively correlated as Alex wants to pay lower prices for both Chicken nuggets and fries. O Negatively correlated as Anna wants to pay lower prices for both Chicken nuggets and fries. $1.50 $2.55 Fries $0.5 $1.0The following graph shows Raphael's weekly demand for apple pie, represented by the blue line. Point A represents a point along his weekly demand curve. The market price of apple pie is $3.00 per slice, as shown by the horizontal black line. Raphael's Weekly Demand 7.50 6.75 6.00 5.25 Demand 4.50 3.75 Price 3.00 2.25 1.50 0.75 4 10 12 14 16 18 20 QUANTITY (Slices of apple pie) From the previous graph, you can tell that Raphael is willing to pay s for his 8th slice of apple pie each week. Because he has to pay only $3.00 per slice, the consumer surplus he gains from the 8th slice of apple pie is S Suppose the price of apple pie were to fall to $2.25 per slice. At this lower price, Raphael would receive a consumer surplus of 5 from the 8th slice of apple pie he buys. The following graph shows the weekly market demand for apple pie in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of apple pie is $3.00 per slice.…
- Explain the difference of individual demand curve and Market demand curve? Explain it with the help of diagram?ECONOMICS LECTURE NOTE 5.1.3 Example Use the table below to answer the questions that follows Commodity x Quantity Commodity y Quantity Marginal utility 60 Average utility 1 30 2 50 2 27 3 35 3. 22 4 15 4. 18 5 5 15 6. 6. 12 iii. Which of the commodities would he pay higher price when 4 units are consumed? Suppose the price of X is 5 and that of Y is 4. How many of the quantity of X and Y should be consumed in order for the consumer to be in iv. equilibrium. If price of X increase to 10 whiles that of Y remains the same, explain how the equilibrium conditions will behave.The Utility theory used in economics holds the belief that an item or service's utility is a measure of the satisfaction that the consumer will derive from the consumption of that particular good or service. Explain in a graph and short paragraph what it wold look like in today's Beef industry if the price of beef goes up Marginal Utility for beef consumption goes down..