🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Economics
1
answer
3
watching
895
views

As more people buy computers, the demand for Internet service increases and the price of Internet service decreases. The fall in the price of Internet service decreases the supply of Internet service.” Explain what is wrong with this statement

Watch
1
answer
3
watching
895
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Avatar image
Liked by mz.popcaan17 and 2 others

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

In a local market, the monthly price of Internet access service decreases from $25 to $15, ant the total quantity of monthly accounts across all Internet access privders increases from 100,000 to 200,000.

What is the value price elasticity of demand, expressed as a positive number? __ (Round the answer to two decimal places)

How I calculate this?

Wireless, high-speed internet is provided for free in the airportof the city of Communityville.
a. At first, only a few people use the service. What type of goodis this and why?
b. Eventually, as more people find out about the service and startusing it, the speed of the connection begins to fall. Now what typeof a good is the wireless internet service?
c. What problem might result and why? What is one possible way tocorrect this problem?

The table below illustrates the market for Internet services. Use a demand-supply

graph to answer the following questions.

Price Q Demanded Q Supplied

(dollars per month) (units per month)

0 30 0

10 25 10

20 20 20

30 15 30

40 10 40

50 5 50

60 0 60


a. What is the market price of Internet services?__________

b. If the government imposes a tax of $15 a month on the market, what price

would the buyer of an Internet service pay?__________

c. What price would the seller of the Internet service

receive?____________________

d. Does the buyer or the seller pay more of the tax? Explain

e. What is the tax revenue collected by the government?__________

f. What is the deadweight loss created by the tax?__________

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in