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- what happens to the demand for a normal good when the price rise. Also explain this if we have the case of inferior goods.Give one reason for decrease in supply of a goodWhen economists say the quantity demanded of a product has increased, they mean the demand curve has shifted to the left. demand curve has shifted to the right. O price of the product has fallen, and consequently, consumers are buying more of it. price of the product has risen, and consequently, consumers are buying less of it.
- 10. What factors can change demand? What factors can change quantity demanded? 11. When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for bread su other items. Therefore, supply and demand cannot be operative. Do you agree or disagree? Explain vour e, milk, 12. The price of a given-quality personal computer is lower today than it was five years ago. Is this necessarily the resuke of a lower demand for computers? Explain your answer. 13. What is the effect on equilibrium price and quantity of the following? a. A decrease in demand that is greater than the increase in supply b. An increase in supply c. A decrease in supply that is greater than the increase in demand d. A decrease in demand 14. At equilibrium quantity, what is the relationship between the maximum buying price and the minimum selling price? 15. If the price paid is Php40 and the consumers' surplus is Php4, then what is the maximum buying price? If the minimum selling price is…When the price of beef is $ 4 per kg, quantity demanded is 500 grams. but when the price changes to $3.92 then quantity demanded is 530 grams. calculate the price elassticity demand?As the price of a pound of peanuts falls, would the the demand increase or decrease?
- Don't use Ai True or False: The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded for that good or service will decrease.When the price of goods X increases by 20% and the quantity of demand decreases by 30%, the demand for the goods is inelasticTrue or false?1 i .The price for iPhones in Barbados has increased significantly. Demand for thecellular device has also increased. This is contrary to the law of demand. Doyou agree or disagree? Explain your answer ii.
- There are no calcul? How do you find the new equilibrium price?Quiz: Demand i 47 2 S W H X There is a decrease in the number of buyers wishing to purchase cheddar snack crackers. How will this impact the market for cheddar snack crackers? Multiple Choice O #3 Demand for cheddar snack crackers will increase. The quantity demanded of cheddar snack crackers will decrease. Demand for cheddar snack crackers will decrease. The quantity demanded of cheddar snack crackers will increase. a E D C $ 4 R F V SPLO 5 T G * 8 00 1 M ( 9 J. K < O < I 32 -0 L command A P - ; Help Save & Exit I 24 1 { [ option + 11 = ? B ". Submit } 1Which of the following would cause a shift in the demand curve from point A to point B? OA. An increase in the price of a substitute good. B. A decrease in income (inferior good). C. An increase in income (normal good). D. All of the above.
