 Show
1. Table 4-12 A country club usually only allows members to purchasetickets for its celebrity golf tournament, but the club is considering allowing non-membersto purchase tickets this year. The demand and supply schedules are as follows: (insertTable 4-12). If both members and non-members are allowed to purchase tickets to thisyear's celebrity golf tournament, then what will be the equilibrium price? Answer: $25 2. If consumers view cappuccinos and lattés as substitutes,what would happen to the equilibrium price and quantity of lattés if the priceof cappuccinos rises? Answer: Both the equilibrium price and quantity wouldincrease. 3. Figure 4-25 The graph below pertains to the supply of paper tocolleges and universities. All else equal, an increase in the price of the pulp used in the paperproduction process would cause a move from Answer: SB to SA 4. New oak tables are normal goods. What would happento the equilibrium price and quantity in the market for oak tables if the priceof maple tables rises, the price of oak wood rises, more buyers enter the market for oak tables,and the price of the glue used in the production of the new oak tables increased? Answer: Price will rise, and the effect on quantityis ambiguous. 5. You lose your job and, as a result, you buy feweriTunes music downloads. This shows that you consider iTunes music downloads to be a(n) Answer: Normal good 6. Refer to Figure 4-7. The shift from Db to Da is called Answer: A decrease in demand 7. Suppose the income of buyers in a market for aninferior good decreases and a technological advancement occurs also. What wouldwe expect to happen in the market? Answer: Equilibrium quantity would increase, but theimpact on equilibrium price would be ambiguous. If you're seeing this message, it means we're having trouble loading external resources on our website. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. 101.What would happen to the equilibrium price and quantity of lattés if con-sumers’ incomes rise and lattés are a normal good?a.Both the equilibrium price and quantity would increase.b.Both the equilibrium price and quantity would decrease.c.The equilibrium price would increase, and the equilibrium quantitywould decrease.d.The equilibrium price would decrease, and the equilibrium quantitywould increase.ANS: APTS: 1DIF:2REF: 4-4NAT:AnalyticLOC:Supply and demandTOP:Equilibrium |Normal goodsMSC: Analytical 102.If macaroni and cheese is an inferior good, what would happen to the equilib-rium price and quantity of macaroni and cheese if consumers’ incomes rise?a.Both the equilibrium price and quantity would increase.b.Both the equilibrium price and quantity would decrease.c.The equilibrium price would increase, and the equilibrium quantitywould decrease.d.The equilibrium price would decrease, and the equilibrium quantitywould increase.ANS: BPTS: 1DIF:2REF: 4-4NAT:AnalyticLOC:Supply and demandTOP:Equilibrium |Inferior goodsMSC: Analytical103.If consumers often purchase muffins to eat while they drink their lattés at localcoffee shops, what would happen to the equilibrium price and quantity of lattésif the price of muffins rises?a.Both the equilibrium price and quantity would increase.b.Both the equilibrium price and quantity would decrease.c.The equilibrium price would increase, and the equilibrium quantitywould decrease.d.The equilibrium price would decrease, and the equilibrium quantitywould increase.ANS: BPTS: 1DIF:2REF: 4-4NAT:AnalyticLOC:Supply and demandTOP:Equilibrium |ComplementsMSC: Analytical 104.If consumers often purchase muffins to eat while they drink their lattés at localcoffee shops, what would happen to the equilibrium price and quantity of lattésif the price of muffins falls?a.Both the equilibrium price and quantity would increase.b.Both the equilibrium price and quantity would decrease.c.The equilibrium price would increase, and the equilibrium quantitywould decrease.d.The equilibrium price would decrease, and the equilibrium quantitywould increase.ANS: APTS: 1DIF:2REF: 4-4NAT:AnalyticLOC:Supply and demandTOP:Equilibrium |ComplementsMSC: Analytical105.If consumers view cappuccinos and lattés as substitutes, what would happento the equilibrium price and quantity of lattés if the price of cappuccinos rises?a.Both the equilibrium price and quantity would increase.b.Both the equilibrium price and quantity would decrease.c.The equilibrium price would increase, and the equilibrium quantitywould decrease.d.The equilibrium price would decrease, and the equilibrium quantitywould increase.ANS: APTS: 1DIF:2REF: 4-4NAT:AnalyticLOC:Supply and demandTOP:Equilibrium |SubstitutesMSC: Analytical What would happen to the equilibrium price and quantity of lattes?Therefore, the supply curve for latte production shifts rightwards leading to a decrease in the price of lattes and an increase in the quantity of equilibrium quantity.
What would happen to the equilibrium price and quantity of lattes if the cost of producing steamed milk which is used to make lattes rises quizlet?What would happen to the equilibrium price and quantity of lattes if the cost to produce steamed milk, which is used to make lattes, increased, and scientists discovered that lattes can cause heart attacks? The equilibrium quantity would decrease, and the effect on equilibrium price would be ambiguous.
What would happen to the equilibrium price and quantity of lattes if coffee shops began using a machine?The equilibrium price is determined by the point of intersection of the demand and supply curves. If the machine is used to produce steamed milk at reduced labor, the number of lattes supplied increases, and the price reduces.
What would happen to the equilibrium price and quantity of coffee if the wages of coffee bean?In the given scenario, the equilibrium price of coffee will increase with the increase in the wages of coffee-bean pickers. Since the price of any good is usually inversely related to its quantity demanded, the quantity demanded for coffee will decrease with the increase in the equilibrium price.
|
What would happen to the equilibrium price and quantity of lattes if consumers income rise and lattes are a normal good?
zusammenhängende Posts
Urheberrechte © © 2024 ketiadaan Inc.
