Question 9 Which of the following is an intermediate good? pizza sold to a customer in a restaurant O A tractor used by a farmer O A textbook used by a teacher in a classroom O Flour used to bake bread in a bakery
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- Why has there been such a surge in the number of different products available in our economy?_______ Refers To an upper limit on the amount of a commodity that can be purchased by an individual unit?18. Briefly explain whether each of the following represents a pub- lic good. a. A chef salad sold at the cafeteria in the county courthouse b. Palm trees planted along the median of the Pacific Coast Highway c. A Doppler radar station built at Chicago's O'Hare International Airport d. A new roller coaster at Cedar Point, an amusement park in Sandusky, Ohio e. A new fleet of police cars for the Oklahoma City Police Department f. The Vietnam Memorial in Washington, D.C. 1'CC
- . Swelling Textbook Costs Have College Students Saying “Pass” Textbook prices have doubled and risen faster than average prices for the past two decades. Sixty per- cent of students do not buy textbooks. Some stu- dents hunt for used copies and sell them back at the end of the semester; some buy online, which is often cheaper than the campus store; some use the library copy and wait till it’s free; some share the book with a classmate. Source: Washington Post, January 23, 2006 Explain what this news clip implies about a. The price elasticity of demand for college text- books. b. The income elasticity of demand for college textbooks. c. The cross elasticity of demand for college text- books from the campus bookstore with respect to the online price of a textbook.Directions: Plot the following hypothe tical dem and schedule of pork and supply schedule of bangus in the market in a graphing paper and explain each graph. Price of Beef (Per Kilo) Quantity Demanded (In Kilos) P 150.00 P 140.00 90 100 P 100.00 130 6|Page P 75.00 150 P 60.00 170 P 40.00 200 Price of Bangus (Per Kilo) Quantity Supplied (In Thousands) P 120.00 P 100.00 P 90.00 P75.00 P 60.00 P 50.00 700 650 600 500 400 3007 10 points ebook Print References The graph below shows the market for soya beans: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. Price per kilo 16 14 12 10 8 6 4 2 0 25 175 200 Soya beans (millions of kilos) 75 50 100 125 150 D 225 275. 250 300 Tools line 4
- Select the number of the question and the letter to indicate the answer you consider correctfor each question. 1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the good demanded willdecrease. 3. Which of the following most appropriately illustrates the law demand?a. Sellers increase the amount they sell because the price of the…Which of the following is an example of an intermediate good? Lütfen birini seçin: O A. salt bought by a housewife to put on to meals O B the chocolate you buy to make yourself some cookies O C. the dough you buy to fix yourself a pizza for dinner OD the pizza sauce you purchase to make pizzas to sell for a fund-raiser for an organization you belong to E lumber you buy to build a house for your dog SONWhat is the difference between the supply andthe quantity supplied of a product, say milk? Explainin words and show the difference on a graph with thesupply curve for milk.
- The graph below shows the effect of a decrease in economic activity on themoney market using a graph. Please describe this graph in detail using 2-3 paragraphs.What refers to the quantity of goods and services that consumers are willing to buy at a given price? refers to the quantity of goods and services that consumers are willing to buy at a given price.2 A Long December This winter is hotter than normal, so people want fewer wool scarves than before...however, a new breakthrough in genetic engineering caused many sheep to grow hair (used to make wool) much faster this year. Show what happens in the market for wool. In the left graph, show a big change in D and small changein S. In the right graph, show a small change in D and a big change in S. Please indicate what happens toprice and quantity relative to the initial equilibrium. Either price or quantity will be ambiguous in eachinstance, so each question will have 2 possible graphs. Draw them both. BE SURE TO LABEL axes andcurves.P. QP, QWhich change is ambiguous, price or quantity? What happens to the other one?(flip the pape