Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 21A, Problem 3E
To determine
To draw: A
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Which of the following influences people's buying plans and varies moving along a demand curve?A) preferences
.B) the price of the good
C) income
D) the prices of related goods
Which of the following will cause a movement when looking at an individual’s demand curve?
Price
The Availability of Alternative Goods
Tastes and Preferences
Changes in income
GrubHub, a food delivery service, has recently expanded to your area. The accompanying table contains the number of deliveries per month that you demand at various delivery prices. Use this information to plot (draw) your individual demand curve. Describe the slope of your individual demand curve.
Price
Deliveries
$10
2
$7
4
$5
6
$4
8
$2
10
$1
12
Chapter 21A Solutions
Economics:
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Similar questions
- When the price of a certain product was considered to be "low", consumers spent $5 million monthly on it. After the price doubled, the total consumer expenditures increased to $7 million. Recently you read that this means that the demand curve for this product is upward sloping. Do you agree? Explain.arrow_forwardExplain using words and graphs where an individual demand curve is derived(where do they come from)?arrow_forwardWhich of the following statements is TRUE regarding the relationship between Complimentary Goods? a An increase in the price of syrup will decrease demand for pancakes b An expected storm will decrease demand for umbrellas c A decrease in the price of chicken will increase demand for beef d A price increase in pancakes will decrease demand for pancakesarrow_forward
- how do I illustrate an increase in a price of an item resulting in consumers buying another itemarrow_forwardwhat is A curve showing combinations of two goods that provide a consumer with a constant amount of utility ?arrow_forwardYou have just opened a new grocery store. Every item you carry is generic (generic beer, generic bread, generic chicken, etc.). You recently read an article in the Wall Street Journal reporting that the price of recreation is expected to increase by 15 percent. How will this affect your store’s sales of generic food products?arrow_forward
- Explain the principles, concepts, and theories underlying individual consumers’ behaviour with respect to utility maximization.arrow_forwardSuppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand for bleu cheese decreases. From this you conclude that: tomatoes and blue cheese are substitutes. tomatoes are inferior goods and blue cheese is a normal good. tomatoes and blue cheese are complements. the demand curve for tomatoes has shifted to the left.arrow_forwardJulie buys food and other goods. She has an income of $400 per month. The price of food is initially $1.00 per unit. It then rises to $1.20 per unit. The prices of other goods do not change. To help Julie out, her mother offers to send her a check each month to supplement her income. Julie tells her mother, “Thanks, Mom. If you would send me a check for $50 per month, I would be exactly as happy paying $1.20 per unit as I would have been paying $1.00 per unit and not receiving the $50 from you.” Which of the following statements is true? Explain. The increased price of food has:a) an income effect of +$50 per monthb) an income effect of -$50 per month c) a compensating variation of +$50 per monthd) a compensating variation of -$50 per monthe) an equivalent variation of +$50 per monthf ) an equivalent variation of -$50 per montharrow_forward
- The following table shows represent the utility received by Sharon for cookies and pretzels. Fill in the missing dataarrow_forwardAkram spends all of his income on food and clothing. When the price of clothing decreases, he buys more clothing.Does the income effect cause her to buy more or less clothing? Explain.arrow_forward
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