Exam 2 If the price of gasoline increases‚ what will be the impact in the market for public transportation? Answer | A. | The demand curve for public transportation shifts to the right. | | B. | The quantity of public transportation demanded increases. | | C. | The demand curve for public transportation shifts to the left. | | D. | The quantity of public transportation demanded increases | A demand curve shows the relationship between Answer | A. | the price of a product and the
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INDIVIDUAL NEWS ARTICLE CARLOS GOMEZ ECO/372 3/03/2014 DARYLL BAKER INDIVIDUAL NEWS ARTICLE The news article I would like to talk about is Real Estate and Rates. Real Estate is the heart of the economy for the United States of America. Lot of businesses and jobs relay on the Real Estate market. The way the Real Estate market works in the US‚ is very critical. It can move and change dramatically. For example when the rates also known as APR are low‚ and the Real Estate market equity sky
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separate demand and supply diagrams for bread‚ sketch the effects of the following: Pricewe Pricewe (a) a rise in the price of wheat S1 S1 S S Quantity Quantity As the sketch shown above the supply curve is shift to the left‚ the price of the bread rises the quantity of sold will fall. Wheat is use in a flour to make a bread‚ therefore if the wheat price goes up the cost of producing will also increase. Hence the shift of the supply curve is to the left. Price Price (b) a
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of competitors. Consumers do not have a choice for provision of the product in question. A monopoly can ‘call the shots’ on their product (price‚ availability etc.) as there is no alternative on offer to consumers. Monopolists tend to produce a limited number of product which are then sold at a high price (there is no need to compete). (Control of demand) The British Government seeks to restrict the behaviour of monopolies‚ so preventing unfair business behaviours. Oligopoly – a small number
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TOPIC - 2 DEMAND‚ SUPPLY AND MARKET EQUILIBRIUM The term ‘price’ has a great relevance in economics. In ordinary usage‚ price is the quantity of payment or compensation given by one party to another in return for goods and services. It is generally expressed in terms of units of some form of currency. But how does a product sell for a certain price‚ what constitutes the price of a product and how is the price determined is the bigger question. In economics‚ for a competitive market
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evening‚ three weeks for a Friday evening‚ two weeks for Tuesday through Thursday‚ and virtually no wait for Sunday or Monday evening. How do you explain these events using demand and supply? Market demand is the demand by all the consumers of a given good or service. In the case of a restaurant‚ the demand for meals on a Friday and Saturday night is very high‚ as traditionally‚ these are evenings where people are more likely to go out and have a good time‚ as it is the end of the week. Therefore
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pattern of ammunition in the United States has been on an upward trend beginning in 2008. By analyzing these articles it is apparent that there is a demand that supply cannot keep up with. The American people feel entitled to own ammunition and firearms for protection and personal reasons. Demand for ammunition has risen at a rate hard to match by the supply due to many contributing factors. It is also apparent that it is Utility The utility derived from ammunition consumption comes from the want
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Which is not characteristic of a product with relatively inelastic demand? A) The good is regarded by consumers as a necessity. B) There are a large number of good substitutes for the good. C) Buyers spend a small percentage of their total income on the product. D) Consumers have had only a short time period to adjust to changes in price. Answer: B 2. The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that:
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HOMEWORK ONE 1. What is the numerical value for the elasticity of demand if a price change causes no change in quantity demanded? . What is the numerical value for elasticity of demand if a price change causes no change in total revenue? . What is the elasticity of demand for a vertical demand curve? . What is the elasticity of demand for a horizontal demand curve? . What is the elasticity of demand if a price increase leads to an increase in total revenue?
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weather can affect food prices Diagram 1 - supply and demand: P = Price Q = Quantity D = Demand S = Supply Q₁‚ P₁ = Original equilibrium Q₂‚ P₂ = New equilibrium Diagram The main factor that I will focus on in this price shift is the weather. That is because the weather is one of the most important factors when it comes to agriculture. As you can see in the diagram above; when the supply decreases there will
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