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21 Sep 2018

The figure shows two of Marg's indifference curves. Chewing gum (packs per day) The price of chewing gum is $0.50 a pack. When the price of a bottle of water is $1.00, Marg's quantity demanded of water is_ bottles a day. When the price of a bottle of water is $0.50, her quantity demanded of water is_ _bottles a day. OA. 5; 2 OB. 3; 4 OC. 2;5 OD. 4;3 82 Water (bottles per day)

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Related questions

Use the table below to answer the following question. Table 6.4.1 (dollars per box) Quantity Demanded (boxes per week) Quantity Supplied (boxes per week) Price 1.00 1.10 1.20 1.30 3,500 3,250 3,000 2,750 2,500 2,250 2,000 500 1,000 1,500 2,000 2,500 3,000 3,500 1.40 1.50 1.60 Refer to Table 6.4.1. The table shows the demand and supply schedules for rice. The market for rice is in equilibrium. With a subsidy of $0.30 a box, the price of a box of rice is ___ the marginal cost of producing rice is_ _a box, and the quantity of rice produced is boxes. OA. $1.20; $1.50; 2,500 OB. $1.40; $1.40; 2,500 OC. $1.20; $1.50; 3,000 OD. $1.50; $1.20; 3,000 OE. $1.50; $1.20; 2,500

1. To establish a market, which of the following are essential?

1. A marketplace or a location

2. Potential buyers

3. An auctioneer

4. Potential sellers

A. 1, 2 and 4

B. 1, 2, 3, and 4

C. 1 only

D. 2 and 4

E. None of the above

Ā 

2. Marketing value is:

A. The share of consumer food expenditures going to farmers

B. The share of consumer food expenditures going only to processors

C. The share of consumer food expenditures going to agribusinesses

D. The share of consumer food expenditures going only to marketers

E. None of the above

Ā 

3. Micropolitan area contains:

A. One urbanized area of at least 10,000 but less than 50,000 people

B. One urbanized area of at least 20,000 but less than 50,000 people

C. One urbanized area of at least 30,000 but less than 50,000 people

D. One urbanized area of at least 40,000 but less than 50,000 people

E. None of the above.

Ā 

4. Which of the following does not belong toĀ  Maslow's hierarchy of needs?

A. Self-actualization

B. Political views

C. Esteem

D. Love/belonging

E. Physiological

Ā 

5. The process of identifying and focusing on target submarkets is known as:

A. Market collusion

B. Market targeting

C. Market segmentation

D. Market development

E. None of the above

Ā 

6. Given the following information concerning elasticities for bubble gum:

Own-price elasticity of demand = -0.3

Own-price elasticity of supply = 1.7

Income elasticity = 0.6

Cross-price elasticity concerning chewing gum = -1.5,

then bubble gum demand is ___ and it is a ___ good.

A.Unitary elastic; inferior

B.Inelastic; inferior

C. Elastic; inferior

D. Inelastic; normal

E. Elastic; normal

Ā 

7. The cross-price elasticity for peanut butter demand with respect to the price of jelly is equal to -0.8. If the price of jelly decreases by 10%, the consumption of peanut butter will:

A. Decrease by 8%

B. Decrease by 1.25%

C. Increase by 1.25%

D. Increase by 8%

E. None of the above

Ā 

8. The percentage change in quantity demanded of a commodity or product given a 1% change in income is captured by:

A. Own-price elasticity of demand

B. Cross-price elasticity

C. Own-price flexibility

D. Own-price elasticity of supply

E. Income elasticity

Ā 

9. The most important determinant of supply elasticity is:

A. Length of time

B. Degree of substitutability

C. Degree of complementarity

D. Importance in the budget

E. Luxury versus necessity

Ā 

10. Assume that a retailer sells 2,000 six-packs of Pepsi per day at a price of $3.00 per six-pack. Also, assume the cross-price elasticity for Pepsi with respect to the price of Coca Cola is 0.5. If the price of Coca Cola rises by 10 percent, what will be the new quantity of six-packs sold by Pepsi?

A. 1,000

B. 2,100

C. 2,400

D. 12,000

E. None of the above

1. Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices.

Price of crackers

Quantity Demanded (per month)

$3

80

$2.5

120

$2

160

$1.5

200

$1

240

Ā 

$1.00 - $1.50: ___________________________________

$1.50 - $2.00: ___________________________________

$2.00 - $2.50: ___________________________________

$2.50 - $3.00: ___________________________________

Ā 

If the price of graham crackers is $2.50 should firms raise or lower their prices if they want to increase revenue? Explain this in terms of elasticity.

Ā 

Ā 

2. Assume the competitive market shown below faces a short run price of $10. Using the graph below, identify the following:

Ā 

Profit maximizing output: _______________________

Ā 

Approximate mark up over cost _______________________

Ā 

In the long run, the price falls to $7.50. Why does this happen?

Ā 

What is the new profit maximizing output? _______________________

Ā 

Ā 

Ā 

3. A local hardware store is trying to decide whether to stay open. They have found that their industry is extremely competitive and profits have shrunk considerably. Knowing that you have taken an economics course the owners have asked for your opinion. Draw a completely labeled graph to help you explain the shutdown decision. You should show two graphs in your answer, one for the market as a whole, and one for this store in particular. Assume that the store is losing money; however, explain why they may want to stay open for a little while longer. (NOTE: Your answer should be a written explanation of your graph.)

Ā 

4. What combination of the two goods below allows you to maximize your utility with a budget constraint of $14? Show how you arrived at your conclusion in the space provided below. Place your final answers on the lines at the bottom of this page.

Ā 

PRICE = $0.50 per pint

Bottles of glue

Total Utility (Utils)

1

15

2

23

3

30

4

35

5

38

6

40.5

Ā 

PRICE = $2.00 per box

Bales of hay

Total Utility (Utils)

1

10

2

22

3

36

4

52

5

70

6

90

Ā 

Bottles of glue: _________________________

Bales of hay: ____________________________

Ā 

Ā 

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