Question

Plot the demand curve from the demand schedule information provided. (a) What can you explain from...

Plot the demand curve from the demand schedule information provided.

(a) What can you explain from the graph?

(b) Can you identify any determinants?

(c) What happens if price changes?

(d) What else do you think will happen?

(e) What happens if other determinants change?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

a. A demand curve is downward sloping curve which follows the law of demand

b. some of the determinants are

  • income level of consumer
  • presence of substitutes in the market
  • taste and preferences etc

c if the price changes then it is shown by the change in quantity demanded by an upwards or downward movement on the demand curve

e if determinant changes like income level of consumer increases then this will lead to have more purchasing power of the consumer and they will consume and buy more

so this will cause the demand curve to shift right shown below

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What is a horizontal transition curve? Explain with a neat sketch. What you think can happen...
What is a horizontal transition curve? Explain with a neat sketch. What you think can happen if the transition curve is not provided for a horizontal and vertical curve. (Write 3 points in own words)
2. Below is a Demand and Supply Schedule for Candy Bars. Use the information provided by...
2. Below is a Demand and Supply Schedule for Candy Bars. Use the information provided by the demand and supply schedule to graph the market for candy bars. 2B. Use the data in the table and your diagram to derive the demand and supply equations. Clearly identify the slopes and intercepts for the two equations. 2C. Use the data in the table and your diagram to determine the market equilibrium. rice Per Bar Quantity Demanded Quantity Supplied $2.00 100 800...
The following information describes the demand schedule for the market for a particular good. Use this...
The following information describes the demand schedule for the market for a particular good. Use this information to determine the price elasticity of demand with a price change from $3,000 to $3,300. Show your work. Price Quantity demanded $3,000 240,000 $3,300 200,000 $3,600 160,000 $3,900 120,000 $4,200 80,000 Suppose that you are the owner of the firm that produces this good and that you currently charge $3,000 per unit. Your closest competitors charge $3300 for an identical product. Describe how...
Consider the AD-AS model, with the AD curve derived from the quantity theory of money. Suppose...
Consider the AD-AS model, with the AD curve derived from the quantity theory of money. Suppose the economy is initially in long-run equilibrium, when there is a sudden rise in demand for real balances for any given level of output, and simultaneously also an improvement in productive technology that permanently increases how much firms can produce with any given amount of the factors of production. (a) Immediately following these shocks, what happens to velocity? To the AD curve? The LRAS...
Information on a certain market is presented below. You are to identify which curve or curves...
Information on a certain market is presented below. You are to identify which curve or curves will move in the demand-supply model, which way they will move, and make predictions about the equilibrium price and quantity to the extent possible. 1. For each of the following observations, identify which curve will move and which way it will move. Be brief in your description using two words such as "supply left" or "demand right." Describe the curve movement as left or...
4) Monopoly The market demand curve for doodads takes the form QD = (80 – P)/7....
4) Monopoly The market demand curve for doodads takes the form QD = (80 – P)/7. a) Start a Table with doodad quantity ranging from 1 to 10, with the corresponding price in each case. Graph the demand curve. b) Calculate and add total revenue and marginal revenue, and add the marginal revenue curve to your graph. c) Is there any way that the monopolist can maximize profit by producing 7 doodads? Explain. d) Assume that there are no diminishing...
4) Monopoly The market demand curve for doodads takes the form QD = (80 – P)/7....
4) Monopoly The market demand curve for doodads takes the form QD = (80 – P)/7. a) Start a Table with doodad quantity ranging from 1 to 10, with the corresponding price in each case. Graph the demand curve. b) Calculate and add total revenue and marginal revenue, and add the marginal revenue curve to your graph. c) Is there any way that the monopolist can maximize profit by producing 7 doodads? Explain. d) Assume that there are no diminishing...
Consider the market for coffee. a.) Draw a supply and demand curve for the market for...
Consider the market for coffee. a.) Draw a supply and demand curve for the market for coffee. Label the equilibrium price and quantity. b.) What will happen to the original equilibrium price of coffee if the price of tea increases? Explain. Show the effect of this change in a new graph of the market. c.) What will happen to the original equilibrium price of coffee if new conservation laws in Brazil force some coffee plantations to close? Explain. Show the...
Suppose the following schedule represents the demand curve for a non- discriminating, single price monopolist: P...
Suppose the following schedule represents the demand curve for a non- discriminating, single price monopolist: P Q TR MR 18 0 15 1 12 2 9 3 6 4 3 5 0 6 a. Complete the table. b. Plot the demand and MR curves below. c. Explain why the MR of the third unit is less than its price ($9). d. Calculate the Elasticity of Demand at the price of $12? e. Label the elastic, unitary elastic, and inelastic segments...
Construct a graph of rational consumer A's demand curve for 'Normal' Good W from the following...
Construct a graph of rational consumer A's demand curve for 'Normal' Good W from the following information - Total resources = 1000 units; Price of Good W is initially = 100 units; Price of Good W is then changed to = 200 units. What does the area under the demand curve represent to the consumer. What would happen to this demand curve if consumer A's information changed?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT