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I need help with these question from Econ. I decided to take on an extra practice worksheet to study but I'm stuck. Please solve and
I need help with these question from Econ. I decided to take on an extra practice worksheet to study but I'm stuck. Please solve and explain the questions below. Everything is given in the attachments, thanks!!
'1' l. The law of demand states- when the price increases, the quantity demanded will When the price decreases, the quantity demanded will 2. Ifa change in price has an effect on the change in quantity, this is known as (elastic I inelastic) demand. Gi' a specic example of this type of demand. 3. If the federal government says that sh' 18 healthy for you, the demand for sh will (increase I decrease). Which determinant of demand causes this change? Which way will the demand curve shift? (left I right) Draw the new demand curve- Label it D1. A Q 4. Economists announce that the unemployment rate will increase over the next six months. The demand for new homes will (increase I decrease). Which determinant causes this change? . Which way will the demand curve shill? (left I right) Draw the new demand _\\_a_ 5. The price of syrup increases, the demand for pancakes will (increase I decrease). Which determinant causes this change? Which way will the demand curve shift? (left I right) Draw the new demand curve- Label it D3. __\\_9_ Q e- Label it D2 6. The price of airline tickets goes up, the demand for train tickets will (increase I decrease). Which determinant causes this change? Which way will the dema ad cur shi? (left I right) Draw the new demand curve-Label it D4. A: Q 10. Plot the points for the demand curve and label the line DI. Demand Schedule #1 Price Quantity P $9.00 $6.00 $5.00 $2.00 $1.00 11. Q Demand Schedule #2 Price Quantity $9.00 $8.00 Use the graph above, plot the points for the new demand curve and $5.00 D Va A W label it D2 $4.00 $1.00 12. Does a shift from DI to D2 reflect an increase or a decrease in demandStep by Step Solution
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