4. Phone apps and kiosks (where customers enter their orders on a giant screen) allow restaurants to use fewer workers to take orders, both by phone and in-person. Using this information, draw the effect of phone apps on the market for take-out food. Make sure to label your graph and each axis!.
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- 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."Standard tickets for Beyonce’s Renaissance tour went on sale in the UK for a price of£56 in February 2023. Many fans complained about receiving constant errormessages and being stuck in long on-line queues of more than 500,000 people." What is the relationship between the price of a ticket and the quantity of tickets demanded by consumers, and how does this affect the market for Beyonce's Renaissance tour? (Include diagram)Use the following demand schedule for cherries to draw a graph of the demand curve. Be sure to label the demand curve and each axis, and show each point on the demand curve. Price (dollars per bushel) 60 50 40 30 20 Quantity (thousands of bushels) 40 80 120 160 200 Use the editor to format your answer
- The price of milk falls.this causes an increase in the price of good cheese. therefoe, milk and cheese are complementsPlease create the demand table of some product. Let's assume that you surveyed 5 prices and corresponding quantities. Please using your Demand Schedule draw the Demand Curve on the paper and attach here a photo of you drawing How your demand curve is showing the Law of Demand, try to illustrate with your data. What happens with Q when P is increasing? How do you understand the substitution effect? What could be the substitutes to your purchased product? What would happen to the demand of your product if the price of the substitute would increase? If few of you friends would be buying the same product, each of you would have a bit different Demand Schedule. What does it say market demand as a sum of individual demand schedules? How do you understand moving along the curve and curve shifting? What is the difference? Please use your drawn demand curve and shift it to practice the understanding. Attach the photo here. What are the factors (see the theory) making the demand curve shift?Graph the demand and marginal curves..each line should contain 6 reference points
- When the price of 7-Up increases, how will it affect the demand for Sprite? Draw a diagram to illustrate your answer.1. Consider the market for Netflix Subscriptions. Show graphically and explain using economic intuition, what happens to the market price and quantity in each of the following: a) A popular show “Suits” gets taken out of the platform. b) The price of Hulu subscriptions doubles. c) After the effects of a) and b), you see that the price of Netflix subscriptions increases. d) After the effects of a), what will happen if Netflix doesn’t lower their prices. For each of the following situations, decide whether Shane has diminishing marginal utility. Explain. a) The more economics classes Shane takes, the more he enjoys the subject. And the more classes he takes, the easier each one gets, making him enjoy each additional class even more than the one before. b) Shane likes loud music. In fact, according to him, “the louder, the better.” Each time he turns the volume up a notch, he adds 10 utils to his total utility. c) Shane enjoys watching the show “Stranger Things”. He…1. Consider the market for Netflix Subscriptions. Show graphically and explain using economic intuition, what happens to the market price and quantity in each of the following: a) A popular show “Suits” gets taken out of the platform. b) The price of Hulu subscriptions doubles. c) After the effects of a) and b), you see that the price of Netflix subscriptions increases. d) After the effects of a), what will happen if Netflix doesn’t lower their prices. For each of the following situations, decide whether Shane has diminishing marginal utility. Explain. a) The more economics classes Shane takes, the more he enjoys the subject. And the more classes he takes, the easier each one gets, making him enjoy each additional class even more than the one before. b) Shane likes loud music. In fact, according to him, “the louder, the better.” Each time he turns the volume up a notch, he adds 10 utils to his total utility. c) Shane enjoys watching the show “Stranger Things”. He…
