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- All else equal, which is steeper, the demand curve for a normal good or the demand curve for an inferior good? ExplainWhat is an inferior good?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]
- When does a consumer buy more quantity of a commodity at a given price? give three points.Give one reason for decrease in supply of a goodDon't use Ai True or False: The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded for that good or service will decrease.
- Ketchup is a complement as well as a condiment for hot dogs.If the price of hot dogs rises,what happens in the market for ketchup.For tomatoes?For tomato juice?For orange juice?True or False: "The law of demand states that as the price of a good increases, the quantity demanded of that good decreases, ceteris paribus."Does a change in consumers’ tastes lead to a movement along the demand curve or a shift in the demand curve? Does a change in price lead to a movement along the demand curve or a shift in the demand curve? Why?
- The figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. Move the supply and/or demand curves to reflect the primary effect this would have on the market for online music. You can assume that online music is a normal good. Also select the end result of equilibrium price and quantity. Equilibrium price increases. O remains constant. Equilibrium quantity increases. remains constant. decreases. O change is ambigous. decreases. change is ambiguous. Price (5 per track) Quantity (number of tracks) Supply DemandWhat has happened to the price of Pete's fresh turnip pies recently?"If a good is inferior, a rise in its price will cause people to buy more of it, thus violating the law of demand." True or false? Explain.