The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ an integer.) (Enter your response as

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What does the movement from point A to point C represent on the below graph: Price (dollars per unit) Quantity (millions of units per month) a) Change in quantity demanded. b) Movement up the demand curve c) Decrease in demand. d) Change in demand.

Question #1: On the news there has been outrage over the price of Epipens, a medication needed for allergic reactions to food and bee stings. The price of a two-pack of Epipens has risen from $100 to $600. The number of Epipens purchased fell from 1000 to 400. At the current time, there are no substitutes for this drug Will this increase in price cause a decrease in demand or a decrease in quantity demanded? Illustrate your answer graphically (either by showing a movement along the demand curve or by shifting the demand curve).

What is the current price of gasoline and how many gallons of gasoline do you currently buy per month? How many gallons would you buy next month and how would your behavior change if the price fell by $1.25 per gallon? Also, based on that information, what is your price elasticity of demand for gasoline? Be sure to show how you calculated your price elasticity of demand.     current price of gas = $2.53 gallons of gas per month = 72 gallons no change for next month On the average I fill my tank up 3 times a month each time I go I spend $60-$65

The following table shows the weekly demand and supply in the market for ice cream in New York City. Price Quantity Demanded Quantity Supplied (Dollars per gallon of ice cream) (Gallons of ice cream) (Gallons of ice cream) 4 2,000 200 8 1,600 600 12 1,200 800 16 800 1,200 20 400 1,800   Based on the preceding table, plot the demand for ice cream on the following graph using the blue points (circle symbol). Next, plot the supply of ice cream using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.   DemandSupplyEquilibrium0400800120016002000240024201612840PRICE (Dollars per gallon of ice cream)QUANTITY (Gallons of ice cream

The Law of Demand states that as the price of a good increases, ceteris penbus, the The relationship that exists between these two variables can be described as decreases. This can be shown graphically with demand curve or numericaly in a table using a 0

Economists like to calculate the percent changes in numbers. If the price of gasoline was $3.25 a gallon last week and this week it is $3.95 a gallon, what is the percentage change in price? 33.3 percent 82.3 percent 21.5 percent 17.7 percent

Consider the supply and demand curves for taxi rides in the attached graph. Even though the vertical intercept of the supply curve is not labeled, you can infer that it is equal to _______since the supply curve is a straight line and two points on the curve are labeled. (Answer with two digits after the decimal, e.g-, '0.75")