Consider the table below. Assuming the law of demand holds, the cell labeled "?" could be which of the following quantities? Price of a DVD | Quantity of DVDs Demanded $15 | 165 $17 | ? 153 173 165 181 Suppose that the price of an iced coffee falls from $4.25 to $3.50. Assuming that the point on the graph below corresponds to the initial price of $4.25, move the point to a new position on the curve to show the impact of this price change (holding everything else constant). Price of an iced coffee ($) Demand for iced coffee Quantity of iced coffee
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The law of demand states that as the price of a good decreases, the quantity demanded of that good increases, holding everything else constant. Show more…
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The table at the end of this problem gives hypothetical data for the quantity of electric scooters demanded and supplied per month. a. Graph the demand and supply curves. b. Find the equilibrium price and quantity. c. Illustrate on your graph how an increase in the wage rate paid to scooter assemblers would affect the market for electric scooters. d. What would happen if there was an increase in the wage rate paid to scooter assemblers at the same time that tastes for electric scooters increased? $$\begin{array}{ccc} \begin{array}{c} \text { Price per } \\ \text { Electric Scooter } \end{array} & \begin{array}{c} \text { Quantity } \\ \text { Demanded } \end{array} & \begin{array}{c} \text { Quantity } \\ \text { Supplied } \end{array} \\ \hline \$ 150 & 500 & 250 \\ \$ 175 & 475 & 350 \\ \$ 200 & 450 & 450 \\ \$ 225 & 425 & 550 \\ \$ 250 & 400 & 650 \\ \$ 275 & 375 & 750 \end{array}$$
Suppose the graph below depicts the demand for football tickets at Grand University. Instructions: Enter your responses as a whole number. a. If current demand is represented as D2, what is the total revenue at the price of $16? b. If the price changes to $28, how many tickets would consumers purchase? c. What is the total revenue at that point? d. If the team has a losing streak that shifts the demand curve and the price is still $16, at what point do we end up on the demand curve [D1] selling tickets? e. What is the total revenue at that point?
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