he following statements contain common errors. Identify and explain each error using the demand-supply graph The demand for warm clothes is observed to increase during the month of December in Karachi. This means the price for warm clothes would fal

According to the U.S. Department of Energy, the average price of gasoline in the U.S. fell by 14% in 2015. The number of hybrid electric vehicles (HEV) sold in the U.S. fell by 36% in the same year. Calculate the cross-price elasticity of demand for HEVs and gasoline. Round answer to one place after the decimal.

In the United States, 2018 was a bad year for growing wheat. And as wheat supply decreased, the price of wheat rose dramatically, leading to a lower quantity demanded (a movement along the demand curve). The accompanying table describes what happened to prices and the quantity of wheat demanded.   2017 2018 Quantity demanded (bushels) 2.3 billion 1.7 billion Average price (per bushel) $4.02 $4.98   Using the midpoint method, calculate the price elasticity of demand for winter wheat.       What is the total revenue for U.S. wheat farmers in 2017 and 2018?       Did the bad harvest increase or decrease the total revenue of U.S. wheat farmers? How could you have predicted this from your answer to part a?

The demand and supply curves for a product are given by: Qd = 600 - 2P Qs = 300 + 4P Find the equilibrium price and the equilibrium quantity. Carefully draw a graph to illustrate your answer. Make sure to write out the intercepts. Show the equilibrium price and the equilibrium quantity on your graph.