The following table shows the willingness to pay for a good for the only four consumers in a market. Consumer Willingness to Pay $25 $40 $15 D $30 a. If the price of the good is $30, how many units will be demanded? b. If the price of the good is $30, how much is the total consumer slurplus? A B IC
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- Identify the flaw in this analysis: “If more Trinidadians go on a vegan diet, thedemand for beef will fall. The decrease in the demand for beef will cause theprice of beef to fall. The lower price, however, will then increase the demand.In the new equilibrium, Trinidadians might end up consuming more beef thanthey did initiallyDoes a change in consumer taste lead to a movement along the demand curve or to a shift in demand curve? Does a change in price lead to a movement along the demand curve or to a shioft in the demand curve? Expalin your answer.There are three consumers in the market for potato chips; Don, Peggy, and Pete. The following table displays each consumers' demand schedule for potato chips. For each blank space, type in the correct answer (write your answer as a number). Price per bag ($) .25 .50 .75 1.00 1.25 1.50 Don's demand 7 6 5 4 3 2 Peggy's demand 10 8 6 4 2 0 Pete's demand 6 5 4 3 2 1 a) At a price of $0.75 per bag, the quantity demanded by the market is [Select] units of potato chips. b) Suppose that the price of potato chips is initially $0.75 and increases to $1.25. There is [Select] by the market that is equal to [Select] units of potato chips. c) Suppose that Pete decides to go on a diet and will no longer purchases potato chips at any price. In addition, after Pete has left the market, suppose that we observe that the quantity of potato chips demanded by the market is equal to 14 units. We can therefore infer that the market price is [Select]
- What does supply and demand determine in the home pricing market?If the price of light bulbs rises, what happens to light bulb's demand curve? Light bulb's demand curve does not change. Light bulb's demand curve shifts to the right. Light bulb's demand curve shifts right because light bulbs are an inferior good. O Light bulb's supply curve shifts to the right.What are 2 products with different price elasticities of demand, and how do you analyze how firms can use information about price elasticity of demand to their advantage?
- Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex are shown in the following table. a. Fill in the missing values (gray-shaded cells) in the table. Individual Quantities Demanded Price per Total Quantity Demanded Теx Dex Rex Candy $ 1 1 3 7 2 12 6 11 19 5 7 15 26 4 9. 19 b. Which buyer demands the least at a price of $5? |(Click to select) ♥ The most at a price of $7? (Click to select) V c. Which buyer's quantity demanded increases the most when the price decreases from $7 to $6? |(Click to select) ♥ d. Which direction would the market demand curve shift if Tex withdrew from the market? (Click to select) ♥ What if Dex doubled his purchases at each possible price? |(Click to select) V e. Suppose that at a price of $6, the total quantity demanded increases from 19 to 29. Is this a "change in the quantity demanded" or a “change in demand"? (Click to select)The following data reveal how much each consumer is willing to pay for an Alaskan Cruise. Ed- $2000 Hugo-$1800 Isabel-$1500 Carol -$1500 Gigi-$1300 Bob-$1100 Amy-$900 Eduardo-$400 a. Draw the Market Demand Curve For these 8 consumers (Want to check this is correct)10. What happens to the demand curve for an inferior good if a consumer's income increases? Show me using a diagram, please.
- Sohail’s income declines and as a result, he buys more pumpkin juice. Is pumpkinjuice an inferior or a normal good? What happens to Sohail’s demand curve forpumpkin juice?Give typing answer with explanation and conclusion Suppose the cost of petrol is Rs. 100 per litre. There are two consumers who wish to purchase petrol for their cars: A and B. Consumer A goes to the petrol pump and asks for 10 litres of petrol. Consumer B goes to the petrol pump and asks for petrol worth Rs. 1000. (i) Find the equilibrium quantity demanded by each consumer. (ii) Draw the demand curves for each consumer. Are the two consumers identical? What is the price elasticity of demand for each consumer?If price will change, holding other factors constant, the following will happen in the market for a consumerSingle choice. a. There will be a change in quantity demanded. b. There will be a change in quantity supplied. c. There will be a change in demand. d. There will be a change in supply.