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.

The table below shows part of the aggregate demand schedule for smart phones in the country of Afluentia: Quantity demanded Price P QD $900 10,000 $700 14,000 i. Plot the demand curve for smart phones in Afluentia. Assume demand is linear. Calculate the price elasticity of demand when the price increases from $700 to $900 using the midpoint method. Make your calculations explicit. ii. All else being the same, what is Afluentia's total expenditure on smart phones when the price is $700? And when the price is $900? All else being the same, should Afluentia's suppliers charge $700 or $900 for a smart phone? Why? Explain briefly; show graphically and make your calculations explicit. iii. Now suppose younger people start also buying smart phones in Afluentia. This means 1,000 more smart phones are bought at any given price. As price increases from $700 to $900, is the price elasticity of aggregate demand now greater than, less than, or the same as it was in part (i)? Why? Explain briefly.…

when comparing supply and demand how do you find equilibrium price?

when the price of a good decreases, what happens to the market?  D & Q demanded both increase  D    Decreases  D    Increase  D & Q demanded both decrease  Q Demanded increases

how does a decrease in price affect the supply and demand curve?

Explain how the market demand curve for a ‘normal’ good will shift (i.e. left, right or noshift) in each of the following cases? What then will happen to the equilibrium price andquantity?(a) The price of a substitute good risesClick or tap here to enter text.(b) The price of a complementary good fallsClick or tap here to enter text.(c) The price of the good increasesClick or tap here to enter text.(d) Tastes shift away from the goodClick or tap here to enter text.(e) Personal income increases   with diagrams please

What are the main distinctions between a change in demand and a change in quantity demanded.

If two goods are substitutes, a decline in the price of one will cause an increase in the demand for the other.  A.True B.False