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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:
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 = 150Step by Step Solution
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