The demand function for tickets to Ireland is expressed as Qd = 1600 – 0.005P + 2PEngland + 3rain + 2Y, where P is the price for tickets to Ireland, PEngland is the price of tickets to England, rain is the inches of rain Ireland receives annually, and Y is annual household income. Assuming PEngland […]
Date: September 9th, 2020
If a good is not produced, then there is no demand for it. Indicate whether the statement is true or false ANSWER False. The demand for a product is independent of its supply. It is possible that people want to buy some of the product but at prices that are below what sellers would […]
Date: September 9th, 2020
Suppose the market demand curve for pizza can be expressed as QD = 100 – 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of a pizza, and Pb is the price of a burrito. What is the slope of this demand function, and what information does the slope […]
Date: September 9th, 2020
Suppose the demand for a particular product can be expressed as Q = 100/p. Calculate the total amount spent on this good when p = 10, 20, and 50. Can you make a generalization about the mathematical form of this demand curve and consumer behavior in this market? What will be an ideal response? […]
Date: September 9th, 2020
Suppose the demand curve for a good shifts rightward, causing the equilibrium price to increase. This increase in the price of the good results in A) a rightward shift of the supply curve. B) an increase in quantity supplied. C) a leftward shift of the supply curve. D) a downward movement along the supply curve. […]
Date: September 9th, 2020
Suppose the market demand curve for tacos can be expressed as QD = 120 – 3P – Pb, where QD is the quantity of tacos demanded, P is the price of a taco, and Pb is the price of a burrito. What is the relationship between burritos and tacos, from the point of view of […]
Date: September 9th, 2020
Suppose the market demand curve for apples can be expressed as QD = 220 – 2P – Pb + 0.2Y, where QD is the quantity of apples demanded, P is the price of an apple, Pb is the price of a banana, and Y is the average annual household income in thousands of dollars. What […]
Date: September 9th, 2020
An increase in the price of oil will A) shift the supply curve of oil to the left. B) shift the supply curve of oil to the right. C) leave the supply curve of oil unchanged. D) Not enough information to answer the question. ANSWER C
Date: September 9th, 2020
The quantity of a good that consumers demand depends only on the price of the good. Indicate whether the statement is true or false ANSWER False. The quantity of a good demanded depends on many factors including: its own price, consumers’ incomes, and the price of related goods.
Date: September 9th, 2020
Assume Joe is only willing to pay $5 for a Ferrari sports car. A) Joe is not considered part of the demand for Ferraris. B) Joe most likely will not be sold a Ferrari. C) Joe is not considered rational. D) Joe’s willingness to pay is not indicative of how much he values the Ferrari. […]
Date: September 9th, 2020
