Eco 217 Homework # 2 13 Points Please, note: show you work when asked to, and th

Question

Eco 217 Homework # 2 13 Points Please, note: show you work when asked to, and then circle the correct answer Name ollowing statements, if needed, so that terms "demand, "quantity demanded", are used correctly. Write down the correct sentence. 1. As price of pizza increases, consumers demand less pizza b. Demand a. Quantity demanded 2. An increase in incomes of cars buyers will ncrease the quantity demanded for cars a. Demand b. Quantity demanded 3. An increase in the quantity demanded of lobsters that means consumers are willing and more lobsters at all possible prices b. Quantity demanded a. Demand ty is cheaper in the northwestern part of the United States and therefore the 4. The price of electrici demand for electricity is greater in the northwestern. a. Demand b. Quantity demanded Consider the supply and demand schedules below to answer the questions that follow Qty. Price Qty Demanded Supplied 10 S 10

Explanation / Answer

1) Quantity demanded-it is used when we are talking of the relationship between price and demanded.

2)Demand because it is related with other factor, not prices.

3)Demand Demand will increases and quantity demanded at each price will increase and demand curve will shift to the right

4)demand

5)A When market price is $2, there is shortage and market price wil increase.

6)B When market price is $7, then there will be surplus and price will go down

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