Set all variables to their baseline values.1) How much spaghetti is demanded when its price is $25 per plate?2) How much is demanded when price is $15 per plate?Set all variables to their baseline values.3) When the price of spaghetti is $25 per plate, how much do consumers want to spend onspaghetti?Set all variables at their baseline values.4) When the price of spaghetti is $15 per plate, how much do consumers want to spend onspaghetti? [Compare your answer to the answer to 3).]Set all variables to their baseline values.5) With the price of spaghetti at $12, how much does demand increase when income rises to$25,000?6) Set all variables to their baseline values and set the price of spaghetti to $12. Increase theprice of wine to $35 per bottle. Does the demand for spaghetti increase or decrease?7) Based on the analysis of the previous question, by how much did the demand for spaghettichange when the price of wine increased from $20 to $35 per bottle?8) Set all variables to their baseline values, and set the price of spaghetti to $12. What wouldincome have to be to make demand increase to 5000?9) Set all variables to their baseline values, and set the price of spaghetti to $12. What wouldthe price of wine have to be to make demand equal to 2,000?10) Set income to $30,000, and all other variables at their baseline values. What would theprice of spaghetti have to be to make demand equal to 4,000?11) Set income to $30,000, and all other variables to their baseline values. What would theprice of spaghetti have to be to make demand equal to 5,000?12) Are tacos and spaghetti substitutes or complements in this problem?

H $/Q 30 - CURRENT CURRENT VALUES 25 BASELINE Price of spaghetti $15.00 Price of tacos $6.00 20 Price of wine $20.00 15 Income $20,000 Spaghetti demand 1,398 10 5 BASELINE VALUES 0 Price of tacos 0 2000 4000 6000 8000 Q $6.00 10000 Price of wine $20.00 Income $20,000 Spaghetti demand 1,398 Set baseline Question 12 Print Go to