Economics Homework Two Answers - Student Ten
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1. Price and quantity
2. P=24 and Q=12
3. Price goes down. Example: if the US drilled for oil the price would probably drop world wide.
4. Grapes are perishable and the value goes down the older they get, so a store needs to live by "carpe diem". If the price is lowered the intercept point for price and quantity is moved to the right, so more grapes will sell, according to the graph.
5. A. 300; $7.00/ticket
B. yes; yes; yes; but only if they passed a law that you must buy at lest 7 hot dogs and 5 sodas, so that the Yankee stadium dosin't go out of business. Remember "thereâs no such thing as a free lunch".