2:06 XWEEK 2 HW: Attempt 1 Question1 -110 List the factors of demand and explain any three. Type your answer Question 2 Suppose the demand for good X is given by Qdx- 23 7Px+ 2Py M. The price of good X is $6, the price of good Y is $9, and income is $120. Given these prices and income, how much of good X will be purchased? 1)96 2) 119 3) 146 4 None of the above Question 3 -110 Granhically a renort indicating the health henefits 0 of 10 completed Save for Later Submit 2:06 XWEEK 2 HW: Attempt 1 Question 3 Graphically, a report indicating the health benefits from consuming 5 ounces of whole grains per day reduces the chances of cancer by 50 percent will cause the demand curve for whole grains to 1) shift rightward 2 shift leftward 3) become flatter 4) become steeper Question 4 Consumer surplus is the difference between the market price and the minimum price required to induce production 0 of 10 completed Save for Later Submit 2:06 XWEEK 2 HW: Attempt 1 Question 4 -1 10 Consumer surplus is the difference between the market price and the minimum price required to induce production market price and the maximum willingness to pay of consumers 3 quantity demanded and the quantity supplied at the market price full economic price and the minimum price required to induce production Question 5 What two variables define the Demand Curve? Explain and offer an example. Type your answer 0 of 10 completed Save for Later Submit 2:06 XWEEK 2 HW: Attempt 1 full economic price and the minimum price required to induce production Question 5 What two variables define the Demand Curve? Explain and offer an example Type your answer Question 6 What is the difference, if any, between Quantity Demanded and a change in Quantity Demanded. Off an example in your interpretation Type your answer Question 7 When an economist refers to a product as a "normal good," it implies that when incomes rise, demand for that product will fall 0 of 10 completed Save for Later Submit 2:06 XWEEK 2 HW: Attempt 1 full economic price and the minimum price required to induce production Question 5 What two variables define the Demand Curve? Explain and offer an example Type your answer Question 6 What is the difference, if any, between Quantity Demanded and a change in Quantity Demanded. Off an example in your interpretation Type your answer Question 7 When an economist refers to a product as a "normal good," it implies that when incomes rise, demand for that product will fall 0 of 10 completed Save for Later Submit 2:06 XWEEK 2 HW: Attempt 1 full economic price and the minimum price required to induce production Question 5 What two variables define the Demand Curve? Explain and offer an example Type your answer Question 6 What is the difference, if any, between Quantity Demanded and a change in Quantity Demanded. Off an example in your interpretation Type your answer Question 7 When an economist refers to a product as a "normal good," it implies that when incomes rise, demand for that product will fall 0 of 10 completed Save for Later Submit 2:06 XWEEK 2 HW: Attempt 1 Type your answer Question 7 When an economist refers to a product as a "normal good," it implies that Twhen incomes rise, demand for that product (a when incomes decline, demand for that 3 there are many good substitutes for 4 the product is of poor quality will fall product will fall the product. Question 8 Substitute goods are ones in which an increase in the price of one good leads to an increase in the d for the other 0 of 10 completed Save for Later Submit 2:06 WEEK 2 HW: Attempt 1 4 the product is of poor quality Question 8 Substitute goods are ones in which an increase in the price of one good leads to an increase in the demand for the other good. price of one good leads to a decrease in the demand for the other good. income of consumers leads to an increase in the demand of both goods income of consumers leads to a decrease in the demand of both goods Question 9 If an increase in the price of hot tea decreases the demand for honey, this indicates that the two goods are s 0 of 10 completed Save for Later Submit 2:06 XWEEK 2 HW: Attempt 1 Question 9 If an increase in the price of hot tea decreases the demand for honey, this indicates that the two goods are substitutes 2) the two goods are complements hot tea is an inferior good honey is an inferior good -110 Question 10 The law of demand indicates that as the price of a good decreases, the quantity 1 buyers desire increases 2) buyers desire decreases 0 of 10 completed