S 4 0 Cartons of macaroni Q and cheese Figure D 11. Refer to Figure D. Which of

Question

S 4 0 Cartons of macaroni Q and cheese Figure D 11. Refer to Figure D. Which of the following would be most likely to cause the demand for macaroni and cheese to shift from Do to Di? A) a decrease in the price of macaroni and cheese B) an increase in the price of flour used to make macaroni and cheese C) a decrease in income, assuming macaroni and cheese is a normal good D) an increase in the quantity demanded for macaroni and cheese 12. In college you practically existed on instant noodles, but now you earn $95,000 a year. You never want to see instant noodles again. We can safely conclude that you consider instant noodles to be a(n) A) normal good. B) complementary good. C) luxury. D) inferior good. Ryan Baschall caps Basebull caps Figure E 13. Refer to Figure E. Assume that there are only two people in the market for baseball caps: Alex and Ryan. Along the market demand curve for baseball caps, at a price ofquantity demanded would be -. A) $10; 7- B) $10; 11 C) $8; 12 D) S8; 13

Explanation / Answer

Answer.)

Q11.) c.) a decrease in income, assuming macroni and cheese is a normal good.

For a normal good, Increase in income of the customer is directly related to its demand.

Q12.) D.) Inferior good.

Those products for which income of the customer is inversely related to their demand for such goods.

Q13.) B.) $10; 11

Note that at price $10, Ryan's demand is 6 baseball caps and Alex demand is 5 baseball caps resulting in a market demand of 11 baseball caps.

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