The following table shows hypothetical demand schedules for sugar for three separate months. To help make the

Question:

The following table shows hypothetical demand schedules for sugar for three separate months. To help make the distinction between changes in demand and changes in quantity demanded, choose the wording to make each of the following statements correct.
The following table shows hypothetical demand schedules for sugar for

a. When the price of sugar rises from $2.50 to $3.00 in the month of October there is a(n) (increase/ decrease) in (demand for/quantity demanded of) sugar of 2000 kg.
b. We can say that the demand curve for sugar in December shifted (to the right/to the left) of November's demand curve. This represents a(n) (increase/ decrease) in demand for sugar.
c. An increase in the demand for sugar means that quantity demanded at each price has (increased/ decreased), while a decrease in demand for sugar means that quantity demanded at each price has (increased/decreased).
d. In the month of December, a price change for sugar from $3.50 to $2.75 per kilogram would mean a change in (demand for/quantity demanded of) sugar of 3000 kg.
e. Plot the three demand schedules on a graph and label each demand curve to indicate whether it is the demand for October, November, or December.

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

Step by Step Answer:

Related Book For  book-img-for-question

Microeconomics

ISBN: 978-0321866349

14th canadian Edition

Authors: Christopher T.S. Ragan, Richard G Lipsey

Question Posted: