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- The figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. Move the supply and/or demand curves to reflect the primary effect this would have on the market for online music. You can assume that online music is a normal good. Also select the end result of equilibrium price and quantity. Equilibrium price increases. O remains constant. Equilibrium quantity increases. remains constant. decreases. O change is ambigous. decreases. change is ambiguous. Price (5 per track) Quantity (number of tracks) Supply Demand(9) What determines the utility an individual receives from consuming a good? Select one: a. The individual’s own preferences. b. The demand and supply curves for that good. c. The producers conducting customer feedback surveys of that good and the feedback provided. (10) Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price? Select one: a. 23% b. 30% c. 21%4 Assume we live in an economy with only two available goods, X and Y. Suppose that we experience an increase in consumer income. If Y is an inferior good, then what cannot happen from the choices below? decrease the demand for Y. decrease the demand for X. increase the demand for X. make the consumer better off.
- Exercise 2 Sketch the demand and supply curve to show the change in equilibrium price & quantitywhen: a) The income of an individual increases. (Draw for both normal & inferior goods)b) Assume that both the supply of bottled water and the demand for bottled water rise during the summer but that supply increases more rapidly than demand. c) If a popular celebrity involved in marketing a product.6. Why do we need a units-free measure of the responsiveness of the quantity demanded of a good or service to a change in its price?1) Starting from point E, which point is the most likely outcome of an increase in the price of soda pop? $₂ Oood a) A b) B c) C d) D Submit Price ($) B Quantity A So
- Q.1.14 Utility from consuming a good is understood by economists to mean; (a) how often we consume the good.(b) how much satisfaction or benefit we get from consuming the good.(c) how much it costs to buy the good.(d) how we best use the good. Q.1.15 The marginal utility of a good or service declines as one more unit is consumed because:(a) supply slopes upwards.(b) consumers are constrained by income. (c) of the law of diminishing marginal utility. (d) prices move with demand.1. Explain what is meant by an Inferior Good. What information is required to establish whether a particular good is inferior?Give typing answer with explanation and conclusion Suppose the cost of petrol is Rs. 100 per litre. There are two consumers who wish to purchase petrol for their cars: A and B. Consumer A goes to the petrol pump and asks for 10 litres of petrol. Consumer B goes to the petrol pump and asks for petrol worth Rs. 1000. (i) Find the equilibrium quantity demanded by each consumer. (ii) Draw the demand curves for each consumer. Are the two consumers identical? What is the price elasticity of demand for each consumer?
- 5. Leila currently buys 6 trips using public transportation with a marginal utility of 2, and 4 trips using ride-share with a marginal utility of 8. Suppose that the price of a trip through public transport is 12 and the price of a trip through ride share is 56. Is Leila currently maximizing her utility? Explain why or why not. If not, what is the optimal action to improve her utility?7. Phillip sold 1200 tickets for the holiday concert at Earl Haig for $20 per ticket. His committee is planning to increase the prices this year. Their research has shown that for each $2 increase in the price of the tickets, 60 fewer tickets will be sold. a) What should Phillip's committee sell each ticket for, to maximize their revenue? b) How many tickets will be sold at the maximum revenue? c) What is the maximum revenue?14. Determinants of Supply and Demand Consider the market for electric cars. Assume electric cars are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because it creates only a supply change, select the "None" option under the "Demand Determinant column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the "None" option under the "Supply Determinant" column. Event Demand Determinant Supply Determinant Engineers develop new automated machinery for the production of electric cars. People increase their concern for the environment. An economic boom raises people's wealth. A strike by aluminum workers raises the price of aluminum. The price of gas-powered cars falls. Show the effect of the following event on the market for electric cars: Engineers develop new automated machinery for the production of electric cars. Supply Demand Supply…