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A: a) At equilibrium, Demand = Supply -8p+1000=4p-2001200=12pp=100Q=4(100)-200Q=200
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- Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the goods you buy has a negative income elasticity, that is, it is an inferior good, what must be true of the income elasticity of the other good you buy?Suppose you observed that the consumption of organges increased sharply last year, however thet total consumer expenditure on oranges did not change. Did a supply shift, demand shift or both cause this? explain using graphsWhatisthedifferencebetweenthedemandandthe quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.
- The Law of Demand states that as the price of a good increases, ceteris penbus, the The relationship that exists between these two variables can be described as decreases. This can be shown graphically with demand curve or numericaly in a table using a 0Which of the following combinations best describes the effects.of a consumer income increase on the market demand for a f1ormal and aninferior good? Demand increases for the normal good, and denand decreases for the nfenor good. b. Demand increases for the normal good, and demand does not change for the inferior good. c. Demand decreases for the normal good, and demand decreases for the inferior good.Cocept of equilibrium What do you understand by equilibrium
- The mathematical equation that presents the inverse relationship of price and quantity that a consumer is willing and able to buy at a given time, ceteris paribusSingle choice. a. Budget function b. Demand function c. Supply functionThe Globe and Mail (December 16, 1997) reported that milk consumption declined following price increases: “Since the early 1980s, the price of milk in Canada has increased 22 per cent. As prices rose, the demand for milk fell off. Total [consumption] of milk on a per capita basis dropped . . . to 2.62 hectolitres in 1995 from 2.92 hectolitres in 1986.” 1.Use these data to estimate the price elasticity of demand for milk. 2.According to your estimate, what happens to milk producers’ revenue when the price of milk rises? 3.Based on the information provided, why might your calculation of the elasticity be unreliableWhen and economist says the demand, for a product has increases, he or she mean that a) consumers are willing and able to purchase more at any given price. b) the demand curve has shifted to the left c) The product has become more scarce and consumers therefore want it more d)Consumers would be willing and able to pay less to recieve the same quantity. e)The price has decreased and consumers will therefore purhcase more of the product
- If we have money, we buy goods and services to satisfy our needs. In economics, thesatisfaction that we get from the consumption of goods and services is called utility. Usea utility graph to explain what happen to the utility when you keep on increasing thenumber of units consumed. Also explain what happens to the utility when you keep onincreasing the number of units consumed. Also explain what happens to the additionalutility (i.e. additional satisfaction) when you increase your consumption by one unitSuppose that your demand schedule for pizza is asfollows:PriceQuantity Demanded(income 5 $20,000)Quantity Demanded(income 5 $24,000)$8 40 pizzas 50 pizzas10 32 4512 24 3014 16 2016 8 12a. Use the midpoint method to calculate your priceelasticity of demand as the price of pizza increasesfrom $8 to $10 if (i) your income is $20,000 and(ii) your income is $24,000.b. Calculate your income elasticity of demand asyour income increases from $20,000 to $24,000 if(i) the price is $12 and (ii) the price is $16.This week Sara’s income falls from $12 to $9 a week, while the price of popcorn isunchanged at $3 a bag and the price of a smoothie is unchanged at $3.g. What is the effect of the fall in Sara’s income on her real income in terms ofsmoothies and in terms of popcorn?h. What is the effect of the fall in Sara’s income on the relative price of a smoothiein terms of popcorn? What is the slope of Sara’s new budget line if it is drawnwith smoothies on the x-axis?
