A demand curve is drawn holding other things constant. What does the other things constant provision mean,

Question:

A demand curve is drawn holding “other things constant.” What does the “other things constant” provision mean, and why is it important to a correct interpretation of the law of demand?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics Theory and Applications

ISBN: 978-1118758878

12th edition

Authors: Edgar K. Browning, Mark A. Zupan

See More Books

Question Posted: Nov 14, 2014 08:20 AM

See More Questions

What does it mean and why is it important to follow a "progressive elaboration" process when creating time and cost estimates?
What is capital structure, and why is it important to a company?
What is information technology, and why is it important to a business?
A semicircular plate of radius r, oriented as in the figure, is submerged in fluid of density 68 lb/ft 3 so that its diameter is located at a depth of m feet. Calculate the force on one side of the...
Discuss the pros and cons of eBay's huge product assortment to eBay.
Temperature rise in an electrical wire. (a) A copper wire, 5 mm in diameter and 15 ft long, has a voltage drop of 0.6 volts. Find the maximum temperature in the wire if the ambient air temperature is...
Consider a film of vapor in contact with a liquid. From a heat balance show that the mass flow rate in the vapor, $\dot{m}$, per unit transfer area changes as \[\hat{h}_{\lg } \frac{d \dot{m}}{d...
Sunshine Beach Company manufactures suntan lotion, called Surtan, in 11-ounce plastic bottles. Surtan is sold in a competitive market. As a result, management is very cost conscious. Surtan is...
Question 8 YOLF Corporation Balance Sheet - Current Year YOLF Corporation Balance Sheet (in $Millions) Assets Liabilities Current Year Current Year Current Assets Current Liabilities Cash $124...
Determine the magnitude of the resultant force and its direction measured counterclockwise from the positive x axis. Given: F1 = 80 lb F2 = 60 lb θ = 120 deg 2
A university produces two commodities: research and teaching. The resources the university uses include faculty and staff, libraries, classrooms, and so on. The following schedule indicates some...
In economics, what do we mean by the term shortage? In unregulated competitive markets, are there ever shortages? Have you ever heard noneconomists use the term shortage with a different meaning?
Across which one of the following resistances will a voltmeter with a 10 M internal resistance present the minimum load on a circuit? (a) 100 k (b) 1.2 M (c) 22 k (d) 8.2 M
Many individuals entrusted their life savings to Joe Forte. The victims impact statements read at Forte s sentencing spoke of ruined lives, lost inheritances, healthcare concerns, and worthless...
You are the New Business Development Manager for a large UK - based DIY ("do it yourself") company that imports and sells garden furniture through its numerous retail outlets. Your imported sales...
Taking the point of view of companies, categorize and compare the different sources of external financing available to them and explain the criteria for choice (Explain the criteria for choosing...
2. Duch's utility function for steaks and kebabs is u(s, k) = s k (a) Calculate Duch's marginal utility of steaks, MU, (b) Calculate Duch's marginal utility of kebabs, MUk (c) Calculate Duch's MRS:...
Question 1 Jul 16, 2019, Singapore - Popular social network TikTok is teaming up for the first time with Samsung to launch #slideandswivel, a dance challenge that celebrates positive expression and...
Western Sky was an online payday lender owned by Martin Webb, who was a member of the Cheyenne River Sioux Tribe. Western Skys offices were also located on the Cheyenne River Indian Reservation in...
Show that the peak of the black body spectrum as a function of ? is given by eq. (22.14) kg T Wmax = 2.82
At the beginning of 2015, Callaway Company acquired a mine for $$850$,000. Of this amount, $$100$,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys...
A large city has nearly 500 restaurants, with new ones entering regularly as the population grows. The city decides to limit the number of restaurant licenses to 500. Which characteristics of this...
Why would high transaction costs or imperfect information tend to prevent price-taking behavior?
According to the Oil, Oil Sands, and Oil Shale Shutdowns Mini-Case, the minimum average variable cost of processing oil sands dropped from $ 25 a barrel in the 1960s to $ 18 due to technological...
You placed $6,599 in a savings account today that earns an annual interest rate of 3 percent compounded annually. How much you will have in this account at the end of 2 years?
You're planning a trip to France. The current exchange rate is 1.21 dollars per euro. If you want to get 3,000, how many dollars do you have to pay? If you want to exchange $3,000, how many euros...
The exchange rate between euros and dollars is currently 0.83 euros per dollar. Inflation is expected to be 1% in Europe and 2% in the US. If relative purchasing power parity holds, what is the...

A demand curve is drawn holding other things constant. What does the other things constant provision mean,

Question:

Step by Step Answer:

The other things constant proviso means that we are exa...View the full answer

Microeconomics Theory and Applications

Students also viewed these Economics questions