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  1. #1
    [300 Spartan Crew] pinoykcin's Avatar
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    Economic Brahs helppp!!!

    ive got repppss, thanks brahs




    The market for soybeans is initially in equilibrium. Because of “mad cow disease,” producers decide to replace bone meal with soybeans in cattle feed. The likely effect is that:

    A. the equilibrium price and quantity of soybeans will rise.
    B. the equilibrium price and quantity of soybeans will fall.
    C. the equilibrium quantity of soybeans will rise, but we can't determine what will happen to the equilibrium price.
    D. the equilibrium price of soybeans will rise, but we can't determine what will happen to the equilibrium quantity.

    Good X and Good Y are substitutes. Holding all other things constant, this means that when the price of Good X increases, the:

    A. demand for Good X will increase.
    B. demand for Good Y will increase.
    C. demands for both Good X and Good Y will both increase.
    D. demand for Good Y will decrease.

    Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:

    A. an increase in equilibrium price and quantity.
    B. a decrease in equilibrium price and an increase in equilibrium quantity.
    C. a decrease in both equilibrium price and quantity.
    D. an increase in equilibrium price and a decrease in equilibrium quantity.
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  2. #2
    Datsyukian M4A1 Widowmaker's Avatar
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    Do you want explanations or just the right answers?



    Because this is pretty basic stuff that the rest of the course will build on.
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  3. #3
    [300 Spartan Crew] pinoykcin's Avatar
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    Originally Posted by M4A1 Widowmaker View Post
    Do you want explanations or just the right answers?
    explanations would be a plus so I can actually understand it
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  4. #4
    Registered User Jayarbie's Avatar
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    Originally Posted by pinoykcin View Post
    ive got repppss, thanks brahs




    The market for soybeans is initially in equilibrium. Because of “mad cow disease,” producers decide to replace bone meal with soybeans in cattle feed. The likely effect is that:

    A. the equilibrium price and quantity of soybeans will rise.
    B. the equilibrium price and quantity of soybeans will fall.
    C. the equilibrium quantity of soybeans will rise, but we can't determine what will happen to the equilibrium price.
    D. the equilibrium price of soybeans will rise, but we can't determine what will happen to the equilibrium quantity.

    Good X and Good Y are substitutes. Holding all other things constant, this means that when the price of Good X increases, the:

    A. demand for Good X will increase.
    B. demand for Good Y will increase.
    C. demands for both Good X and Good Y will both increase.
    D. demand for Good Y will decrease.

    Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:

    A. an increase in equilibrium price and quantity.
    B. a decrease in equilibrium price and an increase in equilibrium quantity.
    C. a decrease in both equilibrium price and quantity.
    D. an increase in equilibrium price and a decrease in equilibrium quantity.
    A - demand curve shifts right with increase in demand from cattle farmers
    B - people substitute Y for X when the price of X increases
    A - again demand curve shifts right increasing both price and quantity at equilibrium
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  5. #5
    Registered User extrafly's Avatar
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    a

    b

    a
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  6. #6
    süß kugelsack, brau mAssholio's Avatar
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    A, b, a
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  7. #7
    [300 Spartan Crew] pinoykcin's Avatar
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    thanks for explanations
    [300 Spartan Crew]

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  8. #8
    Registered User iliftpesos's Avatar
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    aba sounds about right like my fellow miscers stated

    on a side note tho you need to study a little more if you cant answer these questions .. these are basic concepts of economics .. i mean BASIC
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  9. #9
    Datsyukian M4A1 Widowmaker's Avatar
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    Originally Posted by pinoykcin View Post
    ive got repppss, thanks brahs




    The market for soybeans is initially in equilibrium. Because of “mad cow disease,” producers decide to replace bone meal with soybeans in cattle feed. The likely effect is that:

    A. the equilibrium price and quantity of soybeans will rise.
    B. the equilibrium price and quantity of soybeans will fall.
    C. the equilibrium quantity of soybeans will rise, but we can't determine what will happen to the equilibrium price.
    D. the equilibrium price of soybeans will rise, but we can't determine what will happen to the equilibrium quantity.

    When demand rises, it pushes the price up along the demand curve (to the right). However, we are not sure what will happen to the quantity because the increased price will affect the purchases made by people who can substitute something else for it.

    Good X and Good Y are substitutes. Holding all other things constant, this means that when the price of Good X increases, the:

    A. demand for Good X will increase.
    B. demand for Good Y will increase.
    C. demands for both Good X and Good Y will both increase.
    D. demand for Good Y will decrease.

    This is an easy one. If they're substitutes, consumers will choose the cheapest available (we make that assumption in econ).

    Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:

    A. an increase in equilibrium price and quantity.
    B. a decrease in equilibrium price and an increase in equilibrium quantity.
    C. a decrease in both equilibrium price and quantity.
    D. an increase in equilibrium price and a decrease in equilibrium quantity.
    This one I'm not sure of. Was there any other information given about it because as I see it, it could be two answers.
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