Microeconomics

glowering . I do non agree as the law of contract states that as the cost rises ceteris-paribus , total imploreed go and this holds true for every normal /economic right whereas the exceptions argon the veblen goodnesss and inferior goodsTrue . The law states that if equipment casualty falls so does that quantity supplied Ceteris-paribus also as they have a direct birth involvedSHAPE MERGEFORMATSection IIFalse . The signifi bottom of the inningt rise in the gather up for the cell phones as explained by the statement is due to a fall in set and here the law of demand is operational . The price does not act as a factor that shifts the demand schedule rather it causes a movement along the yield thereby causing an improverd quantity demanded with respect to price2 )False . This is an example of a factor that causes a shift in the supply schedule . As stated by the perplexity that the costs have decreased , this means that the dealer can sell more at the given pricesthe demand schedule4This is not a limiting in sum supplied as a factor different than price has influenced the supply schedule which has caused an increase in the supply therefore the supply has increased whereas the price has stayed constant so a fall in price here would not create a fall in the supply as the same quantity can be supplied at the new priceation the quantity demand is be great than the quantity supplied6 )False .

Rent controls need to be stop from rising and a floor stops the price from falling so it is an in-effective strategy to place a floor on rent controls as ceilings are more effective in this situation Rents keep on rising with demand and in future can cause an inflationary effect so it is imperative to stop them from rising rather than falling and a floor keeps the price from falling , it is best used for protectionism from scratchy competition for a new entrantPED change in Quantity demanded ) ch change in Price (300-400 /400x100 ) ch (15-12 /12x100 33 ch 25 -1 .32This implies that good x is a normal good with an elastic demand this is because the demand for the good falls as its price risesCED change in Quantity demanded for good Y ) ch change in Price of good X (700-600 /600x100 ) ch (12-10 /10x100 16 .67 ch 20 0 .8335This implies that good Y and X are substitutes to each other as their coefficient carries a positive sign clearly indicating a direct relationship with their quantity and price this is because the demand for the good Y rises as the price for good X rises9 )At the consumer equilibrium the slope for budget line and the slope of the stolidity curve are equal . This means that the consumer has attained his maximal satisfaction point from the consumption of the commodities involved . This is the consumer s actual demand for that particular goodYED change in Quantity...If you want to get a full essay, order it on our website: Ordercustompaper.com

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