User Account

All Pages

List four factors that will decrease the demand

Assignment Help Microeconomics
Reference no: EM132786869

1. A change in demand could be cause by certain factor. List four factors that will decrease the demand (shifting of the demand curve) for a product, and give an example of each.

2. With the current global pandemic, apply the four-step demand supply analysis and economic terminologies, describe what happens to the demand for hand-sanitizers and the resulting market equilibrium price and quality of hand sanitizers in the market.

3. Suppose the price of rice increases from $0.5 to $0.8 a pound and the quantity demanded decreases from 90 pounds to 85 pounds.

Using the midpoint method, what is the price elasticity of demand for rice? Show mathematical work, and round your answer to two decimal places.

b. Is the demand for rice elastic or inelastic? explain in terms of rice elasticity.

c. The price of rice has increased. Will total revenue increase due to the price changes? Why?

4. A 6 percent decrease in income brings about 12 percent decrease in the demand for a good.

a. What is the income elasticity of demand for this good?

b. Is the good a normal good or an inferior good? Name an example of a good having this income elasticity to you.

Reference no: EM132786869

Questions Cloud

Discuss new market economy and the institution of slavery : Write a two page essay on the relationship between the new market economy, the institution of slavery and the expansion of settlers out West.
Determine the equipment would be recorded on the partnership : The replacement value of the equipment is Php135,000. Determine The equipment would be recorded on the partnership books at
Do you think that the criollos were waiting for independence : What were the colonial misgivings about "monarchy-wide cortes in February of 1810 (p. 350). What do you think of the relationship between the monarchy.
Which is true of a written partnership agreement : Which of the following is true of a written partnership agreement? When an existing partner sells his interest to another party in a personal transaction
List four factors that will decrease the demand : A change in demand could be cause by certain factor. List four factors that will decrease the demand (shifting of the demand curve) for a product
Discuss if you think john brown is a hero or a terrorist : After reviewing the sources on John Brown and his raid on Harper's Ferry please discuss if you think John Brown is a hero or a terrorist.
Which method of recording the admission of a new partner : Which method of recording the admission of a new partner will result in the change of existing partners' capital? Either bonus method or goodwill/revaluation
What is the current quantity of subscriptions for propatient : Measure the cross price elasticity of demand for ProPatient subscriptions with respect to the price of AskUs service under the current conditions.
Which of the reflects a proper treatment : Which of the reflects a proper treatment? A partner contributes, as part of her initial investment, accounts receivable with an allowance for doubtful accounts.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd