Question

In: Economics

Please answer all the ten questio Question 1 If the Demand is P = 200 -...

Please answer all the ten questio

Question 1

If the Demand is P = 200 - 4Q and the Supply is P=6Q

What is the equilibrium Price and Quantity

Group of answer choices

Q* = 20, P*=120

Q* = 60, P*=10

Q* = 60, P*=200

P* = 25, Q*=1/6

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Question 2

If the Demand is P = 200 - 4Q and the Supply is P=6Q

What is the choke price?

Group of answer choices

60

200

20

4

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Question 3

If the Demand is P = 200 - 4Q and the Supply is P=6Q

What is the CS?

Group of answer choices

800

1200

2400

1600

Question 4

If the Demand is P = 200 - 4Q and the Supply is P=6Q

What is the PS?

Group of answer choices

1200

300

2400

1500

Question 5

If the Demand shifts to the the Left

Group of answer choices

Price will increase and Quantity will increase

Price will decrease and Quantity will increase

Price will increase and Quantity will decrease

Price will decrease and Quantity will decrease

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Question 6

If Supply shifts to the left

Group of answer choices

Price will decrease and Quantity will increasePrice will decrease and Quantity will increase

Price will decrease and Quantity will decrease

Price will increase and Quantity will increase

Price will increase and Quantity will decrease

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Question 7

Which of the following is not illustrated by the Production Possibilities Model

Group of answer choices

Increasing Marginal Cost

Increasing Marginal Product

Opportunity Cost

Scarcity

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Question 8

The Law of Demand says that

Group of answer choices

Supply equals Demand

An increase in price will result in an increase in quantity

Demand is upward sloping

An decrease in price will result in an increase in quantity

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Question 9

If A and B are subsitutes

An decrease in the price of a subsitute (good B) will

Group of answer choices

Result in a lower price for good A

Have no impact on demand for good A

Shift the demand to the right for good A

Shift the demand to the left for good A

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Question 10

If A and B are complements

A decrease in the price of a complement (good B) will

Group of answer choices

Result in a lower price for good A

Have no impact on demand for good A

Shift the demand to the left for good A

Shift the demand to the right for good A

Solutions

Expert Solution

1) Demand curve: P= 200-4Q

Supply Curve: P = 6Q

At equilibrium, Demand = Supply

Therefore, 200-4Q = 6Q

10Q= 200

Q*= 200/10=20.

P*= 6*20=120

The correct option is Q*= 20, P*=120

2) Choke price is the price at which quantity demanded is zero. Therefore we can choke price by setting Q in the demand function equal to zero.

Demand curve: P= 200-4Q.

Putting Q equal to zero, we get

P= 200. ( Choke price)

3) Shown in the picture below.

4) Shown in the picture below.

5) The correct option is 'price will decrease and quantity will decrease'. If the demand curve shifts leftward, both price and quantity demanded will fall.

6) The correct option is ' price will increase and quantity will decrease'. As supply curve shifts leftward causing supply of goods shrink. To meet the demand price will increase and quantity sold will decrease.

7) The correct option is 'scarcity'. PPC is concave to the origin which shows when economy produces more of a good than the production of other good is cut down since the resources are fixed. Thus marginal opportunity cost increases from left to right.

8) The correct option is 'decrease in the price will result in an increase in quantity. The law of demand depicts that there is inverse relationship between price and quantity ie demand curve is downward sloping.

9) The correct option is 'shift the demand to the left for good A'. If two goods are substitutes then fall in the price of good A results in lower demand for good B. Thus the demand curve for good B shifts left.

10) The correcf option is 'shift the demand to the right for good A'. If two goods are complement means they are consumed together. So fall in the price of good B shift the demand of good A to the right.


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