Can someone check #3, 9, and 13? If its wrong then what is the right option? QUE

Question

Can someone check #3, 9, and 13? If its wrong then what is the right option?

QUESTION 1 1 points A farmer can grow wheat or corn. If the price of wheet increases, the Tarmer expects a beer relum frem growing wieat All elge equal the com supply curve shits to the right shifts to the lelL stays where it is This is movement along the cum supply curve. becomes a backward hencing curve QUESTION 2 1 points Saved The oppartunity cost of a new public highway is the other goods and services that must be sacrifced to construct the new highway. money cast of hiring contractors and construction workers iar the new highway cost of constructing the new highway in a future year increase traffic from lhe usa of the new highway QUESTION 3 1 points All ese equal, which of the following will cause the damand cunvs for a good to shift to the lft (decrease)? an increase in the prica of the good an expectation of a future price declina a decrease in the price of the good en increase in th supply of a good. QUESTION 4 1 points Everyching else constant, which of the following avents will cause a decreese In the equillbrlum price? an increase in demand a decrease in demand en decrease in supply a government tax on output QUESTION 6 1 points Mario buys eight units of good X when his income is 52,000 a month. When his income increases to S2 TU0 per month, he buys only six units o good X. For Mario, good Xie a normal good an inferior good. a good with few substitutes youd of high value QUESTION 6 1 points Saved Deciding whether to sludy an additional hour for an exarn by comparing the additional benefils to the additional coets of an extra hour of study is an example of. the scientic method the invisible hand. marginal thinking ) Incraasing oppnrtunity cost

Explanation / Answer

Ans 3. is wrong. Correct option is B. the expectation of future price decline.

Law of demand states that all other factors being equal. the demand decreases when the price of the good increases. But here the demand curve is "shifting" to the left. Shift happens when there is change in any other factor except price of good.
In this case due to the expectation of future price decline, demand has shifted to left.

Ans 9. $1000

Profit = (Average sale price - Average cost) * no of units sold = ($7 - $5)*500 = $1000

I have answered two of the questions pls repost for the third answer.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---