Q1) The following table shows the demand for a good price quantity demand $40 X $50 400 By the law of demand, which one of the following could be correct for X? A- O B- 40 C-320 D-500 E- None of the above

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Q1) The following table shows the demand for
a good
price quantity demand
$40 X
$50 400
By the law of demand, which one of the
following could be correct for X?
A- O
B- 40
C-320
D-500
E- None of the above
Q2) quantity demanded quantity demanded
quantity demanded
price by Jane by Jim by Joe
$10 10 8 22
$8 12 12 26
$6 14 16 30
$4 16 20 34
$2 18 24 38
$0 20 28 42
Use the table above. The market consists of
Jane, Jim, and Joe and the price falls by $4,
the quantity demanded in this market will
increased by?
A- 2units
B-4 units
C- 6 units
D-8 units
E- 10 units
F- 20 units
G- none of the above
Q3) Which of the following would shift the
demand curve for large cars to the left?
a- a fall in gasoline
b- prices a rise in customer income
c- an increase in the price of large cars
d- a decrease in the price of small cars
e- all of the above
Transcribed Image Text:Q1) The following table shows the demand for a good price quantity demand $40 X $50 400 By the law of demand, which one of the following could be correct for X? A- O B- 40 C-320 D-500 E- None of the above Q2) quantity demanded quantity demanded quantity demanded price by Jane by Jim by Joe $10 10 8 22 $8 12 12 26 $6 14 16 30 $4 16 20 34 $2 18 24 38 $0 20 28 42 Use the table above. The market consists of Jane, Jim, and Joe and the price falls by $4, the quantity demanded in this market will increased by? A- 2units B-4 units C- 6 units D-8 units E- 10 units F- 20 units G- none of the above Q3) Which of the following would shift the demand curve for large cars to the left? a- a fall in gasoline b- prices a rise in customer income c- an increase in the price of large cars d- a decrease in the price of small cars e- all of the above
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