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- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?How would an increase in income for a normal good affect demand for the good? How would an increase in income for a normal good affect The demand curve for that good? Show graphically, i cantt figure out how to graph itThe 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 0
- 1A.3 The following table shows the relationship between the price of organic turkeys and the number of turkeys sold by God- frey's Free-Range Gobblers. a. Is the relationship between the price of turkeys and the number of turkeys sold by Godfrey's Free-Range Gob- blers a positive relationship or a negative relationship? Explain. b. Plot the data from the table on a graph, draw a line through the points, and calculate the slope of the line. Price per Turkey $16 20 52 36 8 Quantity of Turkeys 70 80 160 120 50 Month September October November December JanuaryThe graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos). Tools 7. D2 6. 4. 3. 2. 840 1080 960 120 360 600 240 480 720 Quantity per month PriceMonica likes to spend 30 dollars weekly on movies and burgers movie ticket costs 6 dollar each and burger cost 3 dollar each? 1. What is the maximum number of burgers she can have in a week given her budget of 30 dollar? 2. Draw monica s budget constraint line using the horizontal axis to represent the quantity of movie tickets and the vertical axis to represent the quantity of burgers. Be sure to compute and show the x and y intercepts. What is the slope of the budget constraint line you have drawn?
- 5.1 Explain, with the aid of a graph, the effect of an increase in income on theequilibrium price and quantity of wine if wine is an inferior good.Price (Dollars per bottle) 2 PRICE (Dollars per bottle) On the following graph, plot Gilberto's demand for laundry detergent using the green points (triangle symbol). Next, plot Juanita's demand for laundry detergent using the purple points (diamond symbol). Finally, plot the market demand for laundry detergent using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. D 4 6 8 10 10 Gilberto's Quantity Demanded Juanita's Quantity Demanded (Bottles) (Bottles) 15 32 12 24 8 16 4 12 0 8 16 24 32 QUANTITY (Bottles) 40 Gilberto's Demand Juanita's Demand -O- Market DemandAttempts 3. Determinants of demand The following graph shows the demand curve for sedans in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a gallon of regular unleaded gas is $4 per gallon, and the price of a subway ride is $3.00. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Thousands of dollars per sedan) 40 curve. 30 20 10 Average / 8 0 0 Demand for Sedans. Demand 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Graph Input Tool Demand for Sedans A decrease in average income causes a leftward Price of a sedan (Thousand of dollars) Quantity Demanded (Sedans per month)…
- Which of the following equations correctly represents solving Q = 140 - 4P for P? O P 35-4Q O P = 140 - Q OP 140 - 4Q OP=35-1Q O P = 140+ Q Plot the relationship between P and Q on the following graph. Note: Price (P) is on the vertical axis and quantity (Q) is on the horizontal axis. PRICE 40 35 30 25 20 15 л 10 ?PROBLEM You are choosing between two goods, X and Y, and your MU from each is shown in the table below. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities of X, derive a demand curve for X. 7. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. How much will be the total utility for product X only to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement. 8. Assume that, other things remaining unchanged, your income is $9 and the prices of Y is $1, and the price of product X falls to $1. What maximum total utility for products X and Y that will you realize? Use a number, no decimal value, no commas, no space, no unit of measurement. please answer all questions. ThanksPROBLEM You are choosing between two goods, X and Y, and your MU from each is shown in the table below. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? Using the two prices and quantities of X, derive a demand curve for X. 1. If your income is $9 and the prices of X and Y are $2 and $1, respectively, how many units of product X will you purchase to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement. 2. If your income is $9 and the prices of X and Y are $2 and $1, respectively, how much will be the total utility for product X only to maximize utility? Use a number, no decimal value, no commas, no space, no unit of measurement. please answer all questions. Thanks