Can you answer #\'s 1-6? Homework Assignment #1 Question 1: Price Quantity $10 W

Question

Can you answer #'s 1-6?

Homework Assignment #1 Question 1: Price Quantity $10 When the price in the table above changes from S6 to $9, the quantity demanded will change from 5 to units. Answers: 1.4 2. 3 3, 2 Question 2 uantit $10 When the price in the table above changes from $10 to $7, the quantity demanded wil change from 1 unit to units. Answers 1. 2 2. 3 3. 4 4. 5 Question 3: In the table below, for every price that the D#1 increases, the Quantity Demanded indicatesmore sales than the original demand schedule D

Explanation / Answer

1. Ans: 3) 2

Explanation :

According to the law of demand , there is an inverse relationship between price and quantity demanded.

2. Ans : 3 ) 4

Explanation :

According to the law of demand , there is an inverse relationship between price and quantity demanded.

3. Ans : 2 ) 3

Explanation :

4. Ans : 3 ) 4  

Explanation:

5. Ans: 4 ) $ 7500

Explanation :

Total dollar value of goods and services produced = Number of units produced * Average price

= 2500 * $ 3 = $ 7500

6. Ans: 3 ) $ 2500

Explanation:

Total dollar value of goods and services produced = Number of units produced * Average price

= 2500 * $ 1 = $ 2500

Price ( $ ) Quantity
Demanded Quantity
Demanded # 1 Difference in
Quantity Demanded 10 1 4 3 9 2 5 3 8 3 6 3 7 4 7 3 6 5 8 3

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