Answer:
This is how the market for board games would be affected in the explanation below
Explanation:
Because the manufacturers of the board game expect that the demand for their games would experience a decline, they would have to adjust their Production according to the decline. This is going to shift supply curve to the left, because of the decline in the production. Then equilibrium price would then increase as the quantity decreases because of the shift of the supply curve to the left.
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An increase in spending of $25 billion increases real gdp from $600 billion to $700 billion. The marginal propensity to consume must be "4".
<h3>
What do you mean by Marginal Propensity to consume?</h3>
The marginal propensity to consume is refers to as the proportion of any change in income that is spent on consumption.
In economics, this term is used to refer to the measurement made in order to determine consumption when the rent is increased by one unit. This measurement is nothing more than a mathematical relationship to calculate how people invest in consumption or save the income that is increased.
Calculation:
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Answer:
The answer is YED for concert tickets = 20%/ 20% = 1
YED for bus rides = -20% / 20% = -1
Explanation:
income elasticity of demand (YED) = % change in Quantity demanded / % change in income
% change in income= (240-200) / 200 * 100= 20%
YED for concert tickets = 20%/ 20% = 1
YED for bus rides = -20% / 20% = -1
The income elasticity of demand for concert tickets and bus rides is unitary which means the rise in income is proportionate to the increase in the quantity demanded.
