Suppose the demand curve is given by P = 24 7 2Q, where P = price ($I'pound) and Q = quantity demanded (pounds per week). If the price is $ lO/pound, the consumers buy a. 1 pound per day b. 14 pounds per week c. 7 pounds per day d. 10 pounds per week A local Sportchek store has a sale they drop the price of every bicycle by $40. What should you expect to happen during the sale (compared to what happens during the rest of the year when the bicycles are sold at regular prices)? a. The number of cheap (lower quality) bikes relative to the total number of the bikes sold decreases b. The number of expensive (higher quality) bikes relative to the total number of the bikes sold increases 6. The number of cheap (lower quality) bikes relative to the total number of the bikes sold increases d. The number of expensive (higher quality) bikes relative to the total number of the bikes sold remains unchanged Suppose the demand curve is given by P = 24 7 2Q, where P = price ($1'pound) and Q = quantity demanded (pounds per week). What is the marginal value of the 8th pound? a. $ 16 b. $12 c. $8 d. $4 Suppose the demand curve is given by P = 24 7 2Q, where P = price ($I'pound) and Q = quantity demanded (pounds per week). What is the total value of the 8 pounds? a. $128 b. $8 c. $64 (:1. $192 Suppose Peter's demand curve is given by P = 24 2Q and Sam's demand curve is given by P = 48 7 2Q, where P = price (Si/pound) and Q = quantity demanded (pounds per week). Both customers buy the good at same place for the same price. In equilibrium, a. Peter's marginal value is greater than Sam's marginal value b. Sam's marginal value is greater than Peter's marginal value 0. their marginal values are equal d. It is impossible to compare their marginal values in equilibrium; we would need to know the incomes in order to compare the marginal values Which one cannot increase demand? a. A decrease in price b. An increase in income 0. A decrease in income (1. An increase in the price of a substitute