ECON Chapter 3 Homework

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​Complements; substitutes (Tech)

A cellphone and a phone call are​ ______. A text message and an email are​ ______.

Quantity demanded of a​ good; its price

A demand curve shows the relation between the​ _____ and​ _____ when all other influences on buying plans remain the same.

Consumed in place​ of; consumed together with

A substitute is a good that is​ _____ another​ good, and a complement is a good that is​ _____ another good.

A change in the price of a hot dog

All of the following will change the demand for hot dogs except​ _______.

Decreases the quantity of hot dogs demanded and results in a movement up along the demand curve for a hot dog

An increase in the price of a hot dog ​_______.

Increase if beef is a normal​ good; decrease if rice is an inferior good

As the average income in China continues to​ increase, we would expect the demand for beef to​ _______ and the demand for rice to​ _______.

Fall​; a decrease

Upper A decreaseA decrease in the demand for hot dogs brings a​ ______ in the price of a hot dog and​ ______ in the quantity of hot dogs supplied.

$8

Next weekend is​ Mother's Day.Rose sellers know that​ it's Mother's Day next weekend and they expect the price to be higher next​ weekend, so this week they withhold 60 roses from the market. What is the price of a rose this​ weekend?

. ​Substitutes; complements

Coal and oil are​ ______. A skateboard and an iPod are​ ______.

The price of​ low-fat milk rises.

Dairies make​ low-fat milk from​ full-cream milk. In the process of making​ low-fat milk, the dairies produce​ cream, which is made into ice cream. In the market for​ low-fat milk, which of the following events illustrates the law of​ supply?

Increases, 6 ​million; 18 million

If the price of an amusement park ticket falls from ​$80 to ​$40​, while all other influences on buying plans are​ unchanged, the quantity of amusement park tickets demanded _______. f the price of an amusement park ticket falls from ​$80 to ​$40​, while all other influences on buying plans are​ unchanged, the quantity of amusement park tickets demanded changes from​ _____ to​ _____.

A decrease in the price of a loaf of bread

In the market for bread​, the supply of bread will decrease if any of the following occur except​ ______.

At a price of​ $1 per​ pack, I plan to buy 2 packs of peanuts per week.

Jeb makes the following four statements about peanuts. Which statement best describes his quantity demanded in the peanut​ market?

Will increase

Luxury car makers forecast an increase in households' incomes and an increase in the ease in which credit can be obtained. You predict that the demand for luxury cars today​ _______.

​Substitutes; complements

Pasta and pizza are​ ______. A video game and a laptop are​ ______.

​Complements; substitutes

Pizza and sausage are​ ______. Wheat and rye are​ ______.

​Raise; decrease

Question Facts: In the past​ year, the price of​ dry-cleaning solvent doubled. More than​ 4,000 dry cleaners across the United States disappeared as​ budget-conscious consumers cut back. This year the price of hangers used by dry cleaners is expected to double. A. Rising solvent prices​ _______ the price of dry cleaning and​ ________ the quantity of dry cleaning.

​Rises, falls, or remains the same

Question Facts: In the past​ year, the price of​ dry-cleaning solvent doubled. More than​ 4,000 dry cleaners across the United States disappeared as​ budget-conscious consumers cut back. This year the price of hangers used by dry cleaners is expected to double. B. When consumers become more budget conscious and the price of solvent​ rises, the price of dry cleaning​ _______.

Supply of

Question Facts: In the past​ year, the price of​ dry-cleaning solvent doubled. More than​ 4,000 dry cleaners across the United States disappeared as​ budget-conscious consumers cut back. This year the price of hangers used by dry cleaners is expected to double. C. If the price of hangers does rise this​ year, the​ _______ dry cleaning decreases and some additional dry cleaners will disappear.

The relationship between the quantity supplied of a good and the price of the good

Supply is​ _____, when all other influences on buying plans remain the same.

True

The change in the price of an amusement park ticket illustrates the law of demand in action.

8.3

The demand curve is P​ = 600 - 5Q(subscript)D. The supply curve is P​ = 500 ​+ 7Q(subscript)S. At market​ equilibrium, the equilibrium quantity is​ _______.

35.0​; 225.00

The demand curve is P​ =400−5Q(subscript)D. The supply curve is P​ = 50 ​+ 5QS. At market​ equilibrium, the equilibrium quantity is​ ______ and the equilibrium price is​ ______.

$1050, 8

The demand for car stereo is P ​= 1, 200−20Q(subscript)D. The supply of car stereos is P ​= 750​+40Q(subscript)S. What is the equilibrium price of a car stereo car stereo and what is the equilibrium quantity of car stereos per​ day?

$190, 30

The demand for lamps is P​ = 250- 2Q(subscript)D. The supply of lamps is P​ = 100 ​+ 3Q(subscript)S. What is the equilibrium price of a lamp and what is the equilibrium quantity of lamps​?

P = 600 - 15Q(subscript)D

The equation of the demand curve in the graph is​ _______.

Pay the highest price they are willing to​ pay; receive the lowest price at which they are willing to sell

The equilibrium price is the best deal available for both buyers and sellers because buyers​ ______ and sellers​ ______.

$200

The equilibrium price is​ ______.

Decreases from 12 million to 8 million

The figure shows the supply curve of printers. If the price of a printer falls from ​$60 to ​$40​, while all other influences on selling plans are​ unchanged, the quantity of printers supplied​ _______ .

120, $5

The table gives the demand and supply schedules for smoothies. What is the equilibrium price of a smoothie and the equilibrium quantity of smoothies per​ day?

​decreases; increases / falls; surplus

The table shows the demand and supply schedules for boxes of chocolates. The price of chocolates is​ $17.00 a box. To reach​ equilibrium, the quantity supplied​ ______, the quantity demanded ​ ______. The price​ ______ until the​ ______ is eliminated.


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