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ECON 101 Demand Homework Answers
- Course
- Econ 101
- Institution
- Rochester Institute Of Technology
This is a comprehensive and detailed doc that contains homework answers on demand for Econ 101.
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Homework ANSWERS DEMAND1. The law of demand states- when the price increases, the quantity demanded will fall
When the price decreases, the quantity demanded will rise.
2. If the UAE Federal Ministry of Health says that fish is healthy for you, the demand for fish will
(increase / decrease). Which determinant of demand causes this change? _Tastes
Which way will the demand curve shift? (left / right) Draw the new demand curve- Label it D1.
3. If economists in the UAE announced that the unemployment rate will increase over the next six months.
The demand for new homes will (increase / decrease). Which determinant causes this change? expectations_.
Which way will the demand curve shift? (left / right) Draw the new demand curve- Label it D2
4. The price of maple syrup increases, the demand for pancakes will (increase / decrease).
Which determinant causes this change? Price change of complementary good.
Which way will the demand curve shift? (left / right) Draw the new demand curve- Label it D3.
5. The price of airline tickets from the UAE to Oman goes up, the demand for bus tickets will (increase /
decrease). Which determinant causes this change? Change in the price of substitutes Which way will the
demand curve shift? (left / right) Draw the new demand curve-Label it D4.
6. Provide a complement for the following items:
car- __petrol / gas bread-_butter__ shoes-__laces
, 7. Provide a substitute for the following items:
car-_bike / metro/ bus_ pen-__pencil television-_reading
8. Using the demand schedule below, draw a demand curve.
Demand Schedule
Price Quantity
$6.00 3
$5.00 4
$4.00 5
$3.00 6
9. Plot the points for the demand curve and label the line D1.
Demand Schedule #1
Price Quantity P
$9.00 1
$6.00 3
$5.00 4
$2.00 6
$1.00 7
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