You're curious to know whether a good's price will rise or fall when we're entering a recession (and incomes fall). You'd need to find out whether the good is a complement or a substitute O sold in a competitive market or in a monopoly a normal good or an inferior good O on the demand side or supply side of the market

Question 19 If the price elasticity of supply is 0.1, which of the following is correct when price increases by 5 percent, Qs will decrease by 0.1 percent when price increases by 5 percent, Qs will increase by 0.5 percent O when income increases by 10 percent, Qs will increase by 1 percent Owhen price decreases by 8 percent, Qs will increase by 6.4 percent « Previous No new data te

A U.S. business sells milk to consumers in France. Which situation would most likely cause demand for milk to rise in France? O A. The French population declines steadily due to years of economic problems. O B. Cheese and other products made from milk become less popular in France. O C. A popular French nutrition author claims that milk is bad for people's health. D. French consumers expect the price of milk to increase in the future.

If the supply of and demand for a product increase at the same time, then equilibrium O quantity and equilibrium price must both decline. O quantity must decline, but equilibrium price may either rise, fall, or remain unchanged. O price must fall, but equilibrium quantity may either rise, fall, or remain unchanged. O quantity must increase, but equilibrium price may either rise, fall, or remain unchanged.

The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1​+tax'.1. Note: Carefully follow the instructions above and only draw…

Two drivers – Tom and Jerry – each drive up to a gas station. Without looking at the price of gas, each one places an order with the pump attendant. Tom says, “I’d like 10 gallons of gas.” Jerry says, “I’d like $10 of gas.” What is each driver’s price-elasticity of demand for gas (give the Ed-value for each)?

1. Optimal choice of capital Eleanor makes sweaters in her home. Starting with just some knitting needles and yarn, she was able to knit 60 sweaters per year. Now some local stores have expressed interest in her designs and offered to buy her sweaters for $10 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table. Assume that Eleanor's sweater business is a perfectly competitive firm. Complete the following table by calculating the marginal physical product (MPP) of each loom and the marginal revenue product (MRP) of each loom. Quantity of Input (Looms) Output (Sweaters per year) MPP of Each Loom (Sweaters) MRP of Each Loom (Dollars) 0 1 2 3 4 5 60 110 150 184 213 238 50 40 34 29 25 If the rental price of a loom is $270 per year, Eleanor should use 500 400 340 290 250 Suppose the demand for sweaters is very elastic, while the demand for cigarettes is very…

Suppose that good X is a luxury and that good Y is a necessity. Which good would you expectto have more price elastic demand?

The graph shows the market for concert tickets. Draw a horizontal line at a price at which there is a shortage of concert tickets. Label it Price. Draw an arrow that shows the amount of the shortage. When does a shortage occur? How does the price change to reach equilibrium? A shortage occurs at a given price when The price to reach equilibrium. O A. supply is greater than demand; falls B. the quantity demanded is greater than the quantity supplied; rises OC. demand is greater than supply, rises OD. the quantity supplied is greater than the quantity demanded; falls 600- 500- 400- 300- 200 100- 10- 0 Price (dollars per ticket) Quantity (millions of concert tickets per year) D (6,100) >>> Draw only the objects specified in the question. L C

Consider the following excerpt: "Steve Cannon, CEO of the AMB Group, Blank's holding company, told ESPN that although food and beverage prices ere 50 percent lower in its new Mercedes-Benz Stadium than the prices in the Georgia Dome the previous year, fans spent 16 percent more." If there has been no change in the demand for concessions at football games, which of the following is true? Oa. Demand for concessions is always elastic b. At the initial prices, demand was inelastic. Oc. The demand curve for concessions slopes upwards Od. Concessions are an inferior good