Homework answers / question archive / 1)Complete the following table by selecting the term that matches each definition Definition Quantity Demanded Demand Curve Demand Schedule Law of Demand A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices The amount of a good that buyers are willing and able to purchase at a given price The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises o o o ? A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices o o Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology Your coworker Felix is really concerned about a project that he has just been assigned

1)Complete the following table by selecting the term that matches each definition Definition Quantity Demanded Demand Curve Demand Schedule Law of Demand A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices The amount of a good that buyers are willing and able to purchase at a given price The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises o o o ? A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices o o Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology Your coworker Felix is really concerned about a project that he has just been assigned

Economics

Share With

1)Complete the following table by selecting the term that matches each definition Definition Quantity Demanded Demand Curve Demand Schedule Law of Demand A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices The amount of a good that buyers are willing and able to purchase at a given price The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises o o o ? A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices o o Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology Your coworker Felix is really concerned about a project that he has just been assigned. He is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report. If Felix's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct using the data provided. However, if Felix's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that would be more appropriate.

2)Chris is studying for an exam. In order to pass, 60 credits (out of in total 100) are needed. Chris devotes time between reading the main text book and solving problems. The returns of this work in terms of exam credits (C) is given by the function: C=4R0.5+0.25 where Ris hours spent reading the book and Sis hours spent solving problems. A. How many study hours is needed in order to pass the exam if Chris only reads the book? B. How many hours is needed in order to pass the exam if Chris only solves problems? C. How many hours of work does Chris have to do in total if Chris wants to minimize the total hours working, in order to pass the exam? D. How many hours of work does Chris have to do in total, in order to be given a high pass grade (90 course credits) on the exam if Chris wants to minimize the hours of studying? Pat is also studying for the exam and share the time between reading the main text book and solving problems. The returns of Pat's work in terms of exam credits (C) is given by the function: C=12R0.2590.25-0.37 where Ris hours spent reading the book and Sis hours spent solving problems. Tis the total time studying time, that is T=R+S E. How many hours of work does Pat have to do in total if Pat wants to minimize the total hours working, in order to pass the exam? F. How many hours of work does Pat have to do in total, in order to be given a high pass grade (90 course credits) on the exam if Pat wants to minimize the hours of studying?

3)Revenue at a major smartphone manufacturer was $2.3 billion, up 85% over revenues for the same period last year. Management attributes the increase in revenues to a 90 percent increase in shipments, despite a 31 percent drop in the average blended selling price of its line of phones.

Given this information, is it surprising that the company's revenue increased when it decreased the average selling price of its phones?