Suppose the figure to the right illustrates the monthly demand for imported rugs at a local rug gallery. Suppose the price of rugs increases from $6,500 to $7,500. Total revenue before the price change is $. (Enter your response as an integer.) Total revenue after the price change is $. (Enter your response as an integer.) The change in total revenue is $ if appropriate.) The demand for imported rugs at this rug gallery is (Enter your response as an integer and include a minus sign over the given price range.
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- Explain why you think that the demand of one product may diminish as prices are increasedAccording to economic theory, the demand x for a quantity in a free market decreases as the price p increases (see the figure). Suppose that the number x of DVD players people are willing dx (A) Find 9,000 to buy per week from a retail chain at a price of $p is given by x = 10 sp<70. 0.3p + 1' dx Answer parts (A), (B), and (C). dp 4500- (B) Find the demand and the instantaneous rate of change of demand with respect to price when the price is $30. Write a brief interpretation of these results. The demand is x = when the price is $30. 2250- 9,000 The instantaneous rate of change of demand with respect to price is when the price is X = 0.3p + 1 $30. Write a brief interpretation of these results. p. 0- 40 80 At a price level of $30, the demand is DVD players per week and demand is Price (dollars) V at the rate of (C) Use the results from part (B) to estimate the demand if the price is increased to $31. Demand .....The following table presents the weekly demand and supply in the market for sweatpants in Dallas. Price Quantity Demanded (Dollars per pair of sweatpants) (Pairs of sweatpants) Quantity Supplied (Pairs of sweatpants) 6 1,650 300 12 1,350 600 18 1,200 750 24 900 1,350 30 750 1,800 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 36 30 PRICE (Dollars per pair of sweatpants) 24 18 2 0 0 300 600 900 1200 1500 1800 QUANTITY (Pairs of sweatpants) Demand --- Supply + Equilibrium
- The following diagram shows supply and demand in the market for tablets.Suppose that there is an increase in the equilibrium price (=rent) and quantity (=units rented) of condos in Santa Barbara. Which of the following could be the cause of this change? The demand for condos increased and the supply did not change. The supply of condos increased and the demand for condos did not change. Both the demand and supply of condos decreased. Both the demand and the supply for condos increased and supply increased by more than the demand.8. Shifts in supply or demand I The following graph plots the market for scones in Dallas, where there are always over 1,000 bakeries. Suppose the municipal government sharply increases local taxes, making it significantly more expensive to reside within Dallas city limits. Many residents decide to leave the city altogether for areas with lower local tax rates. Show the effect of this change on the market for scones by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per scone) Supply Demand 0 Demand 1C1 Supply
- Refer to Figure 4-1. The movement from point A to point B on the graph is caused by a. an increase in price. b. a decrease in price. c. a decrease in the price of a substitute good.With this graph given, What are the implications of this to both the sellers and the consumers?The following table presents the monthly demand and supply in the market for sweatpants in Miami. Price Quantity Demanded (Dollars per pair of sweatpants) (Pairs of sweatpants) 6 12 18 24 30 PRICE (Dollars per pair of sweatpants) 36 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. (?) 30 + 18 0 0 300 1,650 1,350 1,200 900 750 600 900 1200 QUANTITY (Pairs of sweatpants) 1500 Quantity Supplied (Pairs of sweatpants) 1800 300 600 750 1,350 1,800 Demand O Supply ++ Equilibrium
- The following table shows two demand schedules for a given style of men's shoe-that is, how many pairs per month will be demanded at various prices at Stromnord, a men's clothing store. Price $ 85 80 75 70 65 D₁ Quantity Demanded 53 60 What if demand is D2? 68 77 87 Suppose that Stromnord has exactly 65 pairs of this style of shoe in inventory at the start of the month of July and will not receive any more pairs of this style until at least August 1. Instructions: Enter your answers as a whole number. a. If demand is D₁, what is the lowest price that Stromnord can charge so that it will not run oht of this model of shoe in the month of July? pair(s) D2 Quantity Demanded 13 15 18 22 27 b. If the price of shoes is set at $85 for both July and August and demand will be D2 in July and D in August, how many pairs of shoes should Stromnord order if it wants to end the month of August with exactly zero pairs of shoes in its inventory? pair(s) How many pairs of shoes should it order if the…PRICE (Dollars per cup) Suppose that Brian and Crystal are the only suppliers of iced lattes in some hypothetical market. Their monthly supply schedules are given by the following table: Price (Dollars per cup) Brian's Quantity Supplied Crystal's Quantity Supplied (Cups) (Cups) 1 0 3 2 4 6 3 6 8 4 7 10 5 8 11 On the following graph, plot Brian's supply of iced lattes using the green points (triangle symbol). Next, plot Crystal's supply of iced lattes using the purple points (diamond symbol). Finally, plot the market supply of iced lattes using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 5 0 0 4 8 12 16 20 24 QUANTITY (Cups) Brian's Supply Crystal's Supply --- Market SupplyFor consumers, computers are a complement to computer software. Suppose the price of a computer falls. Simultaneously, suppose that the number of companies selling computer software decreases. How do these changes affect the price and quantity of computer software?