Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Problem-

When the price of a top-of-the-line luxury sedan was $85,000 there were 6,184 sold. Several years later when the price was $116,000, although the cars were basically unchanged, there were 9,462 sold. Does this mean that the demand for these sedans slopes upward to the right (i.e., that it is positively sloped in two-dimensional space)? Carefully explain.

Additional Information-

The problem belongs to Economics and it is clarify about demand for luxury products. An example of top-of-the-line luxury sedans has been given. In this case, as the cost increases, so does the demand for the cars increase?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91395744
  • Price:- $15

Guranteed 24 Hours Delivery, In Price:- $15

Have any Question?


Related Questions in Microeconomics

Question i jim has a used car that is worth between 0 and

Question: i. Jim has a used car that is worth between 0 and 2000 pounds (an equal chance of each price in between). Doug is thinking of buying the car and knows it is worth 35% more to him than to Jim. Doug can make a ta ...

Question what price will the firm charge what will be its

Question: What price will the firm charge, what will be its optimal output level, and what is the firms total economic profit/loss? Please provide your own answers to those three questions. The response must be typed, si ...

Question research the role of an administrator in contrast

Question: Research the role of an administrator in contrast to a non-management staff member in regards to risk management of an ADA (Americans With Disabilities Act) or workers' compensation incident in a typical health ...

Question a the endowment effect creates a problem for doing

Question: a. The endowment effect creates a problem for doing incentivized experiments in economics, especially if the experimenter wants to study risks that involve losses. Describe the problem and suggest a solution. b ...

Question suppose that the government sets a price floor for

Question: Suppose that the government sets a price floor for milk that is above the competitive equilibrium price and that the government does not purchase any surplus milk. a. Draw a graph showing this situation. Be sur ...

Question briefly explain whether you agree with the

Question: Briefly explain whether you agree with the following statement: "The longer the period of time following an increase in the demand for apples, the greater the increase in the equilibrium quantity of apples and ...

Question assume an economy with 100 identical consumers in

Question: Assume an economy with 100 identical consumers. In the current period each consumer receives 16 units and pays taxes of 6 units, while in the future, each receives income of 20 units and pays taxes of 9.50 unit ...

Question in the united kingdom and several other countries

Question: In the United Kingdom and several other countries, the loser of the case pays the winner's legal fees. Do you expect to see plaintiffs' attorneys operating under contingency arrangements in these countries? Why ...

Question is bitcoin an asset a commodity or currency does

Question: Is Bitcoin an asset, a commodity, or currency? Does it matter? How does one buy bitcoins? How are they created? Why were they created in the first place? What are they used for? The response must be typed, sing ...

Question 950 wordsyou have selected what you believe is an

Question: 950 words You have selected what you believe is an ideal market segment to pursue with your advertising and public relations strategy. You believe that targeting this segment will reach your specific marketing ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As