Gm545 Quiz 1

Grading Summary / Quiz 1 PLEASE mould ANSWERS IN YOUR OWN WORDS!!!!!!!!!!!!!!!!!!!!!!!!| Grade Details - wholly forefronts | 1.| promontory :| (TCO A) There is a lessen in the personify of sweat for producing wheel arounds. (4 pts.) What happens to bicycle affix? (6 pts.) What happens to bicycle pick up?| | | fix manage| Since a kind in be to produce the growth is a supply factor, a decrease in be would be expected to increase bicycle supply. Remember that supply is a schedule of how many units suppliers ar willing to brook at different legal injurys. When be fall, the supply curve increases or shifts to the right. Since changes in producer costs is not a engage factor, there would be no impact on exact.| | | | Points standard:| 10 of 10 | | Comments:| | | | 2.| Question :| (TCO A) Ceteris paribus, coffee bean grass X and coffee scratch A are substitutes in consumption. The price of coffee grunge X locomote. (4 pts .) a. What happens to the demand for coffee Brand A? (6 pts.) b. What happens to the demand for coffee Brand X?| | | emend Answer| a. When the price of a substitute good waterfall, the demand for the other good falls. terms of Brand X falls -- demand for Brand A falls or decreases. b.

This tests your great power to distinguish betwixt a change in demand and a change in quantity demanded. When the price of Brand X falls THERE IS NO EFFECT ON THE DEMAND for Brand X. Price of the good itself is NOT a Determinant of Demand. | | | | Points authoritative:| 0 of 10 | | | 3.| Question :| (TCO A) Th e way out of gamboge producers increases. ! (4 pts.) What happens to the supply of corn? (6 pts.) What happens to the demand for corn?| | | Correct respond| The supply of corn would increase, or shift to the right. The lean of suppliers is manifestly a supply factor, so the more suppliers thare are, the larger would be the supply. The demand for corn remains the same as before because the number...If you want to get a full essay, magnitude it on our website: BestEssayCheap.com

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