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7._______ Refers To an upper limit on the amount of a commodity that can be purchased by an individual unit?
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- 18. _____________________refers to various quantities of a commodity or service that a consumer would purchase at a given time at various prices in a market.What refers to the amount of the satisfaction derived from the consumption of the commodity Help•••explain in detail with the help of graph ? Does the sales tax affect the consumers with price increase ?
- Discuss how the demand and supply for a particular product/s have changed in the last 2-3 years. Discuss the product, and how one or a few of its determinants of demand and supply has changed in the last few years. You can use a diagram to illustrate your response. Also, discuss how the price of that product and the equilibrium quantity has changed due to changes in the demand and supply for that product.5. need help with this please6. Homeowners in New York City will receive a property tax rebate in the next few months. What do you expect this change will do to the price of groceries and the quantity of groceries sold? Explain in words and graphically.
- 19. If the price of bags is higher, consumers will purchase less quantity of bags and if the price is lower, consumers will purchase more quantity is referred as_________________.5. a) The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of frult with the quantities shown in column 2? 2003 Items Qty. 2001 2002 2004 Amount Amount Amoun Price Amount Price Price Price t Spent Spent Spent Spent $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 $0.88 $0.29 $0.95 Apples 10 $0.50 $0.20 $0.5 $2.00 12 2. Grapes Raspberries 1 Total Price Index Inflation 2.05 2.13 Rate b) Construct the price index for a "fruit basket" in each year using 2003 as the base year. c) Compute the inflation rate for fruit prices from 2001 to 2004.If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
- A D1 Quantity (per day) Suppose the demand curve shifts to the right and the supply curve shifts to the Right by more than the demand curve. The new demand curve will be upward sloping v and the new supply curve will be downward sloping v28. Which curve does Figure 3 represent? Clothing (Units per Week) (a) the price-consumption curve. (b) the demand curve. (c) the income-consumption curve. (d) the Engel curve. (e) none of the above U. U₂ U₂ Figure 3 What is this -curve? Food (Units per week)3. Draw a supply and demand curve for your P favorite product. You get a massive raise at work, what happens to the supply or demand for that product? Why?