Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help on these 2 micro questions: Question 10 (4 points) When Daniel's income rises, his demand curve for apples shifts to the left.

I need help on these 2 micro questions:

image text in transcribedimage text in transcribedimage text in transcribed
Question 10 (4 points) When Daniel's income rises, his demand curve for apples shifts to the left. Which of the following statements is true? 0 For Daniel apples are complements. O For Daniel apples are a normal good. 0 For Daniel apples are an inferior good. 0 For Daniel apples are substitutes. Question 11 (4 points) Suppose that there are only two consumers, Jennifer and David, in the market for widgets. Jennifer's demand curve for widgets is given by the equation P = 100 - (1/2)Q while David's demand curve for widgets is given by the equation P = 50 - (1/2)Q. Jennifer's demand David's demand Market demand Price Price Price 100 100 50 50 - 200 Q 100 Q 100 300 QThe first graph depicts Jennifer's demand curve for widgets; the second graph depicts David's demand curve for widgets; and the third graph depicts the market demand curve for widgets. The market supply curve in the market for widgets is given by the equation P = 1/4Q. Find the equilibrium price and quantity in this market given the above information. OP = 70, Q = 60 OP = 25, Q = 100 OP = 60, Q = 70 OP = 50, Q = 100 O P = 37.5, Q = 150

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Great Convergence Information Technology And The New Globalization

Authors: Richard Baldwin

1st Edition

067466048X, 9780674660489

More Books

Students also viewed these Economics questions

Question

Is there any formal training for teaching?

Answered: 1 week ago