Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Chapter 4, Problem 3P
To determine
The graph of Person H
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List the determinants of demand.
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possible variations and how various factors affect the curve.
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- The following graph shows Musashi's weekly demand for cheesecake, represented by the blue line. Point A represents a point along his weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line. From the previous graph, you can tell that Musashi is willing to pay _____ for his 8th slice of cheesecake each week. Because he has to pay only $3.00 per slice, the consumer surplus he gains from the 8th slice of cheesecake is ________. Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Musashi would receive a consumer surplus of ______ from the 8th slice of cheesecake he buys. (Find answers by using graph)arrow_forwardThe following graph represents the income elasticity of demand for gold balls. The x- axis represents an increase in income of consumers and the y-axis represents the quantity of golf balls. A D Inferior good Income elasticity=0 Norma good incl Normal good eart Quantity (Increase in income of Consumers) Using the information above, describe the purchasing behaviour of a consumer represented by each section of the demand curve A to D.arrow_forwardThe increase in demand is represented by a movement up in the demand curve. Is this statement true or false? illustrate your answer on a demand and supply graph.arrow_forward
- The following graph presents the market for sweaters in 2017. Between 2017 and 2018, the equilibrium quantity of sweaters remained constant, but the equilibrium price of sweaters decreased. Given this information, you can conclude that between 2017 and 2018, the supply of sweatersdecreased and the demand for sweatersdecreased . Make changes to the graph to illustrate your answer by showing the positions of the supply and demand curves in 2018. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.`arrow_forwardOver the past 20 years, the average price of avocados has more than doubled. Assume that the price of avocados is determined by the forces of supply and demand. Using concepts that you have learned about supply and demand, explain whether the following is or is not a cause of the increase in price of avocado. Numerous studies have linked the consumption of avocados to healthier overall diets. The profits of avocado growers have increased over the past 20 yearsarrow_forwardOn the following graph, plot Sam's demand for pizza slices using the green points (triangle symbol). Next, plot Teresa's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol).arrow_forward
- On the following graph, plot Jake's demand for shoes using the green points (triangle symbol). Next, plot Latasha's demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 60 50 PRICE (Dollars per pair). 8 8 10 0 0 16 32 48 64 QUANTITY (Pairs) 80 96 Jake's Demand Latasha's Demand Market Demand (?arrow_forwardwhat is the concept of demandarrow_forwardBy using diagram, show the impact of a shift of demand or supply on the equilibrium point.arrow_forward
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