Question: please help with these questions. This is ALL the information I have. QUESTIONS 1, 2, AND 3 are not related to the first problem about
please help with these questions. This is ALL the information I have. QUESTIONS 1, 2, AND 3 are not related to the first problem about the orange juice



Suppose that the demand side of the market for orange juice is composed of three individuals, A, B, and 0. Let P be the price of one liter of orange juice and Qd be the quantity demanded of orange juice in liters. 0 Individual A buys only one liter of orange juice if the price falls below her reservation (or choke) price of 10 dollars. 0 Individual B's demand for orange juice is dened by 62'}; = 5 P/ 2. 0 Individual C buys 2 liters if the price is below 5 dollars, 1 liter if the price is between 5 and 10 dollars and nothing if the price is above 10 dollars. Sketch the market demand by aggregating the three individual demands. Label you graph clearly. Suggestion: Sketch individual demands rst and then sketch the market demand. QT 1 Point The law of supply states that O A. quantity supplied increases as price increases, other things constant. O B. supply increases as price increases, other things constant. O C. quantity supplied increases as price decreases, other things constant. O D. a good can be sold at any price. O E. None of the above. Save Answer Q2 1 Point Suppose that supply is defined by Qs = -2 + , for P > 4. If P = 8, then the variable cost is equal to O A. $12. O B. $8. O C. $6. O D. $4. O E. None of the above.Q3 1 Point Suppose that supply is defined by P = 5Qs. If P = 10, then the producer surplus is equal to O A. $2. O B. $4. O C. $6. O D. $8. O E. None of the above
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
