ECON Chapter 3 Homework
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.
