Question

Assume that lobster is a normal good. An increase in consumer income, other things being equal, would result in...

A. a leftward shift in the demand curve for lobster.

B. a rightward shift in the demand curve for lobster.

C. an increase in the quantity demanded for lobster.

D. a decrease in the quantity demanded for lobster.

E. no change in the demand for lobster.

:/ What do you think? @ganeshie8 :)

Answer 1

since the good is not inferior, the increased income allows the consumers to buy more lobsters and consequently the demand for lobster's will increase, yes ?

Answer 2

yes:)

Answer 3

so the "Quantity" demand increases for the same "Price"

Answer 4

that means the demand curve shifts right

Answer 5

ah okay thank you!! :D could I ask another one in this post? :)

Answer 6

or do you prefer a new post? if you can still help with another one? :D

Answer 7

so the answer is B right ?

Answer 8

yes:)

Answer 9

i can try if you promise me that you will tell me the correct answers after submitting for each economincs question that i answer you

Answer 10

okay, yes i can let you know when i get the results back!! :)

Answer 11

sounds good, whats ur next q

Answer 12

Fill in the blank!

If fast-food hamburgers are normal goods, then you'd expect ______ during a recession (when incomes tend to fall).

A. demand to shift left

B. supply to shift left

C. demand to shift right

D. supply to shift right

E. no change or shift

***Which do you think it would be? @ganeshie8 :/

Answer 13

its same as previous question

Answer 14

since the incomes are reduced, that results in demand to shift left

Answer 15

ahh okay awesome!! :) so i have one last question!! one sec while i type it up :D

Answer 16

Which of the following would be described as a "change in quantity demanded?"

A. In response to a price decrease, sales of major league baseball tickets increase.

B. Major league baseball ticket sales increase in response to the league's promotion of free game day parking.

C. Major league baseball ticket sales increase in response to improvements in the local economy and rising incomes.

D. Major league baseball ticket sales increase in response to the increased competition for the league title.

E. Major league baseball ticket sales increase in response to the league's promotion of free hats for all attendees.

:/ @ganeshie8

Answer 17

can we select more than one option ?

Answer 18

no :(

Answer 19

that makes it easy to answer

Answer 20

On a demand curve, we fix all other variables like economy, players personal lives, free hats and other promotional offers. right ?

Answer 21

only thing that matters is the price of good

Answer 22

right :D

Answer 23

and ohh okay :)

Answer 24

if the price increases or decreases, the quantity demanded decreases or increases

Answer 25

so which option do you think is the correct one ?

Answer 26

would it be A then? :O

Answer 27

Yup!

Answer 28

yay!! thank you!! :)

and i will let you know what the correct answers were for the problems when I find out :) thanks so much!! :D

Answer 29

u wlc :)

Answer 30

And all of these ones were correct @ganeshie8 !! :D