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 OE lumber you buy to build a house for your dog CON

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 OE lumber you buy to build a house for your dog CON

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 3SCQ: In an analysis of the market for paint, an economist discovers the facts listed below. State whether...

See similar textbooks

Similar questions

In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. There have recently been some important cost-saving inventions in the technology for making paint. Paint is lasting longer so that property owners need not repaint as often. Because of severe hailstorms, many people need to repaint now. The hailstorms damaged several factories that make paint, forcing them to close down for several months.
Explain all the reasons why a decrease in a products price would lead to an increase in purchases.
What 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.
Table 3.9 illustrates the market's demand andsupply for cheddar cheese. Graph the data and find theequilibrium. Next, create a table showing the change inquantity demanded or quantity supplied, and a graph ofthe new equilibrium, in each of the following situations:a. The price of milk, a key input for cheeseproduction, rises, so that the supply decreases by80 pounds at every price.b. A new study says that eating cheese is good foryour health, so that demand increases by 20% atevery price.
Which of the following shifts the supply curve of broccoli? Select one: a. a newly discovered link between broccoli consumption and tooth decay O b. the destruction of much of this year's broccoli crop by hurricanes O c. a newly discovered increase in the nutritional value of broccoli O d. an increase in income
are likely to be having children of their own 16. Use a diagram to illustrate how each of the following events affects the equilibrium price and quantity of pizza.
The Utility theory used in economics holds the belief that an item or service's utility is a measure of the satisfaction that the consumer will derive from the consumption of that particular good or service. Explain in a graph and short paragraph what it wold look like in today's Beef industry if the price of beef goes up Marginal Utility for beef consumption goes down..
Because bagels and cream cheese are often eatentogether, they are complements.a. We observe that both the equilibrium price ofcream cheese and the equilibrium quantity ofbagels have risen. What could be responsible forthis pattern: a fall in the price of flour or a fallin the price of milk? Illustrate and explain youranswer.b. Suppose instead that the equilibrium price ofcream cheese has risen but the equilibriumquantity of bagels has fallen. What could beresponsible for this pattern: a rise in the price offlour or a rise in the price of milk? Illustrate andexplain your answer.
Beef (An Inferior Good) S₁ S2 P D₁ D2 Which of the following would best describe the graph above? O a. Increase in the Price of Leather, Increase in Income O b. Increase in Population, Increase in Expected Future Price O c. Increase in Wages, Increase in Beef Quality Od. Increase in Price of Chicken, Increase in Price of Beef O e. Decrease in Income, Increase in the Price of Leather
When Pam's income increased by 10 percent, she bought 5% fewer containers of yogurt. What kind of good does Pam consider yogurt? O A normal luxury O A normal necessity O An inferior good O Substitute for eggs
3. Determinants of demand The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a gallon of gas is $4.00 per gallon. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a sedan 15 (Thousand of dollars) Quantity Demanded 563 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand 10 Price of Gas 4 (Dollars per gallon) 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) PRICE (Thousands of dollars per…
15. Consurmer sumlus is: 2. The quantity of a good consumers get but did not have to pay for b. the amount a consumer has to pay less the amount the consume: was willing to pay O e amount the coORJIMa waswillingay leid ho'amouns thconsumer paid d. the total value of a good to a consum