The table shows the maximum amount that 6 different students are willing to pay for a used textbook. Assume each student only buys one book. Suppose the supply of used textbooks is perfectly inelastic at a quantity of 4. Which of the following prices would equate the quantity supplied and quantity demanded? Buyer Value $75 $50 Breanne Nesreen Shreeva $60 $90 $85 $70 Peyton Will Kayla O A. $62 O B. $52 OC. S78 O D. $74 Reset Selection

The table shows the maximum amount that 6 different students are willing to pay for a used textbook. Assume each student only buys one book. Suppose the supply of used textbooks is perfectly inelastic at a quantity of 4. Which of the following prices would equate the quantity supplied and quantity demanded? Buyer Value $75 $50 Breanne Nesreen Shreeva $60 $90 $85 $70 Peyton Will Kayla O A. $62 O B. $52 OC. S78 O D. $74 Reset Selection

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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hapter 3 i 13 The table below shows the weekly demand for hamburgers in a market where there are just three buyers. Price $ 6 5 4 3 Buyer 1 Qd 1 Buyer 2 Qd 2 Buyer 3 Qd 3 7 4 6 9 7 8 10 12 15 16 15 21 Multiple Choice If the price of hamburger falls from $5 to $3, then the weekly market quantity demanded will increase from 24 to 52. decrease from 52 to 24. increase from 120 to 156. increase from 29 to 55. 11,044 AUG 28 Saved ... .
Jerry has $50,000 in his savings account and the average new car price is $23,000. Does Jerry have a demand for a new car? Oa. Yes, since Jerry's savings is more than double the average new car price. Ob. Yes, since Jerry can afford a new car. Oc. Not necessarily. Jerry has the ability to buy a new car, but we don't know if he also has the willingness to buy a new car. Od. none of the above
In the figure below, which of the following statements is true regarding elasticity? Graph of elasticity. The x axis is quantity and the y axis is price. There is one downward sloping lineIn the figure below, which of the following statements is true regarding elasticity? the upper part (when price is higher) of a demand curve is considered more elastic. the upper part (when price is higher) of a demand curve is considered unit elastic. the upper part (when price is higher) of a demand curve is considered more inelastic.
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Two drivers-Kevin and Maria-each drive up to a gas station. Before looking at the price, each places an order. Kevin says, "I'd like 10 gallons of gas." Maria says, "I'd like $10 worth of gas." Who's statement is elastic?
The distinction betwoen a nomal and an inferior good is O A. when income increases, demand for a normal good increases while demand for an inferior good fals O B. when income increases, demand for a normal good decreases while demand for an infenor good increases C. normgoods are used together while inferior goods are used for the same purposes OD. normal goods are used for the same purposes while inferior goods are used together.
When the price elasticity of demand is for the good is inelastic. Select one: O equal to infinity Ogreater than 1 O equal to 1 Obetween 1 and zero equal to zero demand
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Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic and the annual supply curve is likely Flatter or Steeper to be than the daily supply curve.
The elasticity of supply is most influenced by O portion of the consumer's budget O time O the ability to store output O factor mobility
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. If the elasticity is greater than one, is demand elasticor inelastic? If the elasticity equals zero, is demandperfectly elastic or perfectly inelastic?