For each scenario in Problem 5, state whether the effect is a change in demand or just a change in quantity demanded.
Answer to relevant QuestionsSuppose demand for seats at football games is P = 1900 - (1/50) Q and supply is fixed at Q = 90,000 seats.a. Find the equilibrium price and quantity of seats for a football game (using algebra and a graph). b. Suppose the ...The government, fearful that a titanium shortage could jeopardize national security, imposes a tax of $2/oz on the retail price of this rare metal. It collects the tax from titanium sellers. The original supply and demand ...Supply is P = 4Q, while demand is P = 20, where P is price in dollars per unit and Q is units of output per week. a. Find the equilibrium price and quantity (using both algebra and a graph). b. If sellers must pay a tax of T ...Originally PX is $120 and PY is $80. True or false: If PX increases by $18 and PY increases by $12, the new budget line will be shifted inward and parallel to the old budget line. Explain.Paula, a former actress, spends all her income attending plays and movies and likes plays exactly three times as much as she likes movies.a. Draw her indifference map.b. Paula earns $120/wk. If play tickets cost $12 each and ...
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