For each of the following events, choose the correct market demand response, ceteris paribus, from the drop-down list.

Consumers expect the price of bicycles to be higher next month. Current demand for bicycles will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

 

The price of Pepsi increases. The demand for Coke will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

The price of milk decreases. The demand for milk will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

Due to a tax break consumers have more disposable income. The demand for music downloads (a normal good) will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

 

The price of baseball gloves increases. The demand for baseballs will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

Snowbirds (part-time residents) leave the Phoenix area during the summer. The demand for local travel (vehicle passenger miles) during the summer will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

 

A new medical study claims that eating oat bran reduces the risk of heart disease. The demand for products with oat bran in them will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

 

The price of gasoline increases. Ceteris paribus, the demand for gasoline will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

Good A is an inferior good and a substitute for Good B. If people experience an increase in their income, the demand for Good A will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

         

 

Good X is an inferior good and a substitute for Good Y. If the price of good Y decreases, the demand for good X will

           [ Choose ]

             increase

             not change

             not enough information to answer this

             decrease

   

 

Question 8

Suppose that the market demand for landscaping services is given by the following equation:

Qd = 395 - 3P

where Qd is the quantity of residential landscape cleanings per week that people in the local area would be willing to purchase at a monthly price of P dollars.

What is the quantity demanded at a price of 21 dollars per month?

 

 

 

Question 9

For each of the following events, choose the correct market supply response, ceteris paribus, from the drop-down list.

There is a significant improvement in the production process for automobile tires. The supply curve for automobile tires will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

Subsidies for irrigation water are removed. The supply curve for lettuce (an irrigated crop) will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

The price of shoes increases. The market supply curve for shoes will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

Prodcut A is an input to the production of Product B. If the price of Product A decreases, the market supply curve for Product B will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

Product X is an input to the production of Product Z. If the price of Product X increases, the market supply curve for Prodcut X will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

Government regulation of rail transport is made to be more efficient and less costly to the industry. The supply curve for rail transport will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

Sellers expect the price of computers to be significantly lower next quarter. The current supply curve for computers will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

Congress votes to increase the average fuel economy standards for cars sold in the U.S. The market supply curve for cars sold in the U.S. will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

Product C is an input to the production of Product D. A technological improvement in the production of Product C will cause the market supply curve for Product D to

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

To help fund the construction of a new ice arena, the price of hockey tickets increases. The market supply curve for hockey tickets will

           [ Choose ]

             not shift

             shift to the left

             not enough information to answer this

             shift to the right

         

 

 

Question 10

Suppose that the market supply of baseball caps in the local area is given by the following equation:

Qs = 327 + 1P

where Qs is the quantity baseball caps per month that sellers in the local area would be willing to provide at a price of P dollars.

What is the quantity supplied at a price of 11 dollars?

 

 

 

Question 11

Suppose the demand for fish tacos is given by the following equation:

Qd = 10 - 1P

where Qd is the quantity demanded per week of fish tacos, and P is the price of fish tacos.

Suppose further that the supply of fish tacos is:

Qs = 3 + 3P

where Qs is the quantity supplied per week of fish tacos.

What is the equilibrium market price of fish tacos? (Round your answer to 2 decimal places.)

SuperTutor

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Status NEW Posted 05 Jun 2017 06:06 AM My Price 14.00

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