8. Andrew and Vladimir are neighbours who enjoy consuming caviar. The demand curve for caviar for Andrew and Vlad are given as follows: Andrew: Vladimir: p = 40-q. p = 80 - 4q. If Andrew and Vladimir are the only two consumers of caviar the market demand curve is kink at the price equals to: a. p = 40 b. p = 20 c. p = 10 d. p = 25
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- Suppose that Paolo and Sharon are the only consumers of ice cream cones in a particular market. The following table shows their monthly demand schedules: Price Paolo’s Quantity Demanded Sharon’s Quantity Demanded (Dollars per cone) (Cones) (Cones) 1 8 16 2 5 12 3 3 8 4 1 6 5 0 4 On the following graph, plot Paolo’s demand for ice cream cones using the green points (triangle symbol). Next, plot Sharon’s demand for ice cream cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.IV. For any one good from the set of complements, draw and interpret a graph showing demand curve and a shift in the curve if price of the complement decreases.quantity of bread 100 90 80 70 60 50 40 30 20 10 B 10 20 30 40 50 60 7080 quantity of apples Juan is a consumer of apples and bread. Juan shifts his consumption bundle from point B to point A. Which of the following is true? Juan's demand curve for apples shifted left and demand curve for bread shifted right. Juan's demand curve for both apples and bread shifted right. Juan's demand curve for apples shifted left and demand curve for bread shifted left. Juan's demand curve for apples shifted right and demand curve for bread shifted left.
- Consider a local fast food restaurant. The following table shows the maximum price that Alex and Anna will pay for two products: chicken nuggets and fries. Alex Anna Are Alex and Anna's demands negatively or positively correlated? Explain. Table 2: Maximum Price Chicken Nuggets O Positively correlated as Alex wants to pay lower prices for both Chicken nuggets and fries. O Positively correlated as Anna wants to pay higher prices for both Chicken nuggets and fries. O Negatively correlated as Alex wants to pay lower prices for both Chicken nuggets and fries. O Negatively correlated as Anna wants to pay lower prices for both Chicken nuggets and fries. $1.50 $2.55 Fries $0.5 $1.0Tammy loves donuts. The table shown reflects the value Tammy places on each donut she eats:Value of first donut $0.60Value of second donut $0.50Value of third donut $0.40Value of fourth donut $0.30Value of fifth donut $0.20Value of sixth donut $0.10a. Use this information to construct Tammy's demand curve for donuts.b. If the price of donuts is $0.20, how many donuts will Tammy buy? c. Show Tammy's consumer surplus on your graph. How much consumer surplus would shehave at a price of $0.20? d. If the price of donuts rose to $0.40, how many donuts would she purchase now? Whatwould happen to Tammy's consumer surplus? Show this change on your graph.Which of the following equations correctly represents solving Q = 140 - 4P for P? O P 35-4Q O P = 140 - Q OP 140 - 4Q OP=35-1Q O P = 140+ Q Plot the relationship between P and Q on the following graph. Note: Price (P) is on the vertical axis and quantity (Q) is on the horizontal axis. PRICE 40 35 30 25 20 15 л 10 ?
- Be fast Suppose there are three (3) consumers in a market for bottles of perfume; Mutumbu, Jasanu and Julius The individual demand for perfumes for each of these consumers is given as 10 bottles for Mutumbu, 15 bottles for Jasanu and 25 bottles for Julius at $60 per bottle for perfume. Thus, the market demand for perfumes if the market price is $60 is: (a)40 bottles (b)60 bottles (c)80 bottles (d) None of the aboveFrom the information given in the preceding question (in which Ming views X and Y as perfect complements), we know that O when the price of Y increases, Ming's demand curve for X shifts in. O when the price of Y increases, Ming's demand curve for X shifts out. when the price of X increases, Ming's demand curve for X shifts out. O Ming's demand curve for X is a horizontal line. O Ming's demand curve for X is a vertical line.1/Muhammad’s perceives canned tuna (Y) as an inferior good and fresh tuna (X) as a normal good. If his income increases by 100%, and his income elasticity of both types of tuna is 1. Show the effect of this increase in income on the change in his optimal choice of canned and fresh tuna, highlighting his income-consumption curve. Clearly label your graph. Reflect the proportional changes in your graph 2/ Assume a piece of jewelry and 2 consecutive drops in its price. Also consider Alia’s demand to be relative elastic in the price range from ?1 to ?2, and that she perceives jewelry as a Giffen good in the price range from ?2 to ?3. Draw her price-consumption curve with well-behaved preferences. Clearly label your graph.
- Angela and Vanessa are two friend who always eat ice cream together. The regular price of ice cream is $1 per spoon. Angela always orders 3 spoons and Vanessa orders 5 spoons. Every Tuesday, the ice cream is 50% off. Angela orders 6 spoons and Vanessa order 7 spoons on Tuesday. Which of the following statement is incorrect? O The total quantity of ice cream demanded by Angela and Vanessa increased by 5 on every Tuesday. O Angela's individual demand curve has a downward sloping. O The promotion on every Tuesday shift out the demand curve. O Vanessa's individual demand curve isn't same as Angela's.4. 1).Find the marginal utility of each of the two commodities? If the two commodities are free, what are the consumed quantities of the two commodities? 2) .If the price of X is two Riyals and the price of Y is 4 Riyals, and the income is 32, find the equilibrium quantities? 3) .If the price of Y drops to two Riyals, find the equilibrium quantities? Explain the graph?The following graph shows Hilary's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line From the previous graph, you can tell that Hilary is willing to pay $_______ for her 8th slice of cheesecake each week. Because she has to pay only$3.00 per slice, the consumer surplus she gains from the 8th slice of cheesecake is $_______. Suppose the price of cheesecake were to fall to $2.25 per slice. At this lower price, Hilary would receive a consumer surplus of $_______.from the 8th slice of cheesecake she buys.The following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the…