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Econ 301

chapter 1.1

QuestionAnswer
A human goes to the market and must decide between buying Pizzas or Burgers for their meal. Their budget is $142. The price of a burger is $20. What is the estimated price of a pizza? about $20
Which statement is an example of the Law of Demand? as Price increases by $47, Quantity Demanded decreases by 120
This graph displays an inverse relationship between Price and Quantity Demanded (which uses the acroynm 'Qd'): the Law of Demand. the Law of Demand
Assume Price stays constant at $39 and we begin with Demand line D. If consumer tastes increased, how would Demand and Quantity Demanded change? we shift Demand to the right from D to D1 and increase Qd by 12 units
Assume Price stays constant at $36 and we begin with Demand line D. If the number of buyers increased, how would Demand and Quantity Demanded change? we shift Demand to the right from D to D1 and increase Qd by 10 units
Assume Price stays constant at $57 and we begin with Demand line D. If income decreased, how would Demand and Quantity Demanded change for a normal good? we shift Demand to the left from D to D2 and decrease Qd by 17 units
Assume Price stays constant at $31 and we begin with Demand line D. If income increased, how would Demand and Quantity Demanded change for an inferior good? we shift Demand to the left from D to D2 and decrease Qd by 10 units
Assume Price stays constant at $48 and we begin with Demand line D. If the expected future prices of this good increased, how would current Demand and Quantity Demanded change? we shift Demand to the right from D to D1 and increase Qd by 14 units
Assume Price stays constant at $57 and we begin with Demand line D. If price of a complimentary good decreased, how would Demand and Quantity Demanded change for the original good? we shift Demand to the right from D to D1 and increase Qd by 17 units
Assume Price stays constant at $67 and we begin with Demand line D. If price of a substitute good decreased, how would Demand and Quantity Demanded change for the original good? we shift Demand to the left from D to D2 and decrease Qd by 21 units
Which statement is an example of the Law of Supply? as Price increases by $44, Quantity Supplied increases by 124
This graph displays a direct (positive) relationship between Price and Quantity Supplied (which uses the acroynm 'Qs'): the Law of Supply. the Law of Supply
Assume Price stays constant at $13 and we begin with Supply line S. If input prices increase, how would Supply and Quantity Supplied change? we shift Supply to the left from S to S2 and decrease Qs by 16 units
Assume Price stays constant at $13 and we begin with Supply line S. If we experience technological loss, how would Supply and Quantity Supplied change? we shift Supply to the left from S to S2 and decrease Qs by 16 units
Assume Price stays constant at $21 and we begin with Supply line S. If natural conditions improved, how would Supply and Quantity Supplied change? we shift Supply to the right from S to S1 and increase Qs by 27 units
Assume Price stays constant at $28 and we begin with Supply line S. If price of a substitute producible good increases, how would Supply and Quantity Supplied change for the original good? we shift Supply to the left from S to S2 and decrease Qs by 34 units
Assume Price stays constant at $25 and we begin with Supply line S. If there is a decrease of government subsidies, how would Supply and Quantity Supplied change? we shift Supply to the left from S to S2 and decrease Qs by 31 units
Assume Price stays constant at $24 and we begin with Supply line S. If government taxes increase, how would Supply and Quantity Supplied change? we shift Supply to the left from S to S2 and decrease Qs by 29 units
Law of Demand Price goes up, Supply demand goes down
Created by: agordon93
 

 



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