I assume you have to picture the calculator by changing the digits on the price

Q: I assume you have to picture the calculator by changing the digits on the price

1) a change in price represents A) movement along the demand curve 2) a change in income causes a rightward shift of the demand curve, and you can conclude that sedans are a normal good 3) sedans and gasoline are complements so a decrease in the price of gasoline shifts the demand curve of sedans to the Left

ID: 1252702 • Letter: I

Question

I assume you have to picture the calculator by changing the digits on the price of the sedan and stuff.

1. Consider the graph above, suppose the price of a sedan increased from 15,000 to 20,000 This would cause a

A) movement along the demand curve

b) Shift of the demand curve

2. An increase in the avg. income causes a rightward A. (shift of or movement along) the demand curve , therefore you may conclude that sedans are B. (an inferior, or a normal) good.

3. Suppose that the price of a gallon of gas falls from $3 to $2. Because sedans and gasoline are A. (substitutes or complements) a decrease in the price of a gallon of gas shifts the demand curve of sedans to the (left or right)?

The following calculator shows the demand curve for sedans in NYC. For simplicity, assume that all sedans are identical and sell for the same price. Initially,the calculator shows market demand under the following circumstances: AVG. household income is 50,000 per year, the price of a gallon of regular unleaded gas is $3 per gallon, and the price of a subway ride is 1.50. I assume you have to picture the calculator by changing the digits on the price of the sedan and stuff. 1. Consider the graph above, suppose the price of a sedan increased from 15,000 to 20,000 This would cause a A) movement along the demand curve or b) Shift of the demand curve 2. An increase in the avg. income causes a rightward A. (shift of or movement along) the demand curve , therefore you may conclude that sedans are B. (an inferior, or a normal) good. 3. Suppose that the price of a gallon of gas falls from $3 to $2. Because sedans and gasoline are A. (substitutes or complements) a decrease in the price of a gallon of gas shifts the demand curve of sedans to the (left or right)?

Explanation / Answer

1) a change in price represents A) movement along the demand curve

2) a change in income causes a rightward shift of the demand curve, and you can conclude that sedans are a normal good

3) sedans and gasoline are complements so a decrease in the price of gasoline shifts the demand curve of sedans to the Left

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I assume you have to picture the calculator by changing the digits on the price

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