In the market for bottled water if the price of soda, which is a substitute in consumption to bottled water, decreases and the government decreases taxes for bottled water, then the equilibrium price [Select] and the quantity ✓ [Select] decreases increases

Step 1: Fill in the appropriate values for original quantity, new quantity, original price, and new price. Step 2: Calculate the average quantity by adding the original quantity and the new quantity, and then dividing by two. Do the same for the average price. Step 3: Calculate the change in quantity by subtracting the original quantity from the new quantity. Do the same for the change in price. Step 4: Calculate the percentage change in quantity demanded by dividing the change in quantity by the average quantity. Do the same to calculate the percentage change in price. Step 5: Calculate the price elasticity of demand by dividing the percentage change in quantity demanded by the percentage change in price, ignoring the negative sign.   Using the midpoint method, the elasticity of demand for headsets is about (.44/1.14/2.28/4.56)

The law of demand is an inverse relationship between the price and quantity demanded. Explain how the law of demand related to a recent two purchases that you had to make.

Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 31.0. When the price is $8.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.

didi's demand for goods X is 7, Dewi's demand for goods X is 6, Dono's demand for goods Y is 6, then the total market demand for goods X is 19True or false

Which of the following increases the demand for a good or service? A) a rise in the price of a complement B) a rise in the price of the good or service C) a rise in the price of a substitute good or service D) a fall in the price of the good or service

The following table gives data on the price of rye and the number of bushels of rye sold in 2019 and 2020. Price Quantity (Bushels) 7,000,000 Year (Dollars per bushel) $3.00 $2.00 2019 2020 12,000,000 a. Calculate the change in the quantity of rye demanded divided by the change in the price of rye. Measure the quantity of rye demanded in bushels. The change in the quantity of rye demanded divided by the change in the price of rye in bushels is (Enter your response as an integer. Include a minus sign if necessary.) b. Calculate the change in the quantity of rye demanded divided by the change in the price of rye, but this time measure the quantity of rye demanded in millions of bushels. The change in the quantity of rye demanded divided by the change in the price of rye in millions of bushels is. (Enter your response as an integer. Include a minus sign if necessary.) Compared to part a, the answer to part b is in absolute terms (i.e., ignore the sign of these values). c. Finally,…

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Explain all the reasons why decrease in the products price will lead to an increase in purchases

Imagine that the table shows the quantity demanded of UGG boots at five different prices in 2021 and in 2022. Which of the following variables could cause the demand for UGG boots to change as indicated from 2021 to 2022? (Check all that apply.) A. The expectation that UGG boots will fall in price. B. A decrease in the price of UGG boots. C. An increase in the number of buyers. D. A decrease in the price of a complementary good. A Price $160 170 180 190 200 Quantity Demanded 2021 8,000 7.500 7,000 6,500 6,000 Quantity Demanded 2022 9,000 8,500 8,000 7,500 7,000