6. provide a complement for the following items: car- bread- shoes- \n7. provide a substitute for the…

6. provide a complement for the following items: car- bread- shoes- \n7. provide a substitute for the following items: car- pen- television- \n8. using the demand schedule below, draw a demand curve. demand schedule price quantity $6.00 6 $5.00 5 $4.00 8 $3.00 10 \n9. plot the points for the demand curve and label the line d1. demand schedule #1 price quantity $9.00 1 $6.00 3 $5.00 4 $2.00 6 $1.00 7 \n10. demand schedule #2 price quantity $9.00 3 $8.00 4 $5.00 6 $4.00 7 $1.00 9 use the graph above, plot the points for the new demand curve and label it d2 \n12. does a shift from d1 to d2 reflect an increase or a decrease in demand?

6. provide a complement for the following items: car- bread- shoes- \n7. provide a substitute for the following items: car- pen- television- \n8. using the demand schedule below, draw a demand curve. demand schedule price quantity $6.00 6 $5.00 5 $4.00 8 $3.00 10 \n9. plot the points for the demand curve and label the line d1. demand schedule #1 price quantity $9.00 1 $6.00 3 $5.00 4 $2.00 6 $1.00 7 \n10. demand schedule #2 price quantity $9.00 3 $8.00 4 $5.00 6 $4.00 7 $1.00 9 use the graph above, plot the points for the new demand curve and label it d2 \n12. does a shift from d1 to d2 reflect an increase or a decrease in demand?

Answer

Brief Explanations:

  1. Complementary goods are those that are used together. For a car, gasoline is a common complement; for bread, butter can be a complement; for shoes, socks can be a complement.
  2. Substitute goods can be used in place of each other. For a car, a motorcycle can be a substitute; for a pen, a pencil can be a substitute; for a television, a computer - monitor for watching videos can be a substitute. 8 - 10. To draw a demand curve, plot the price on the vertical axis (P) and the quantity on the horizontal axis (Q). For each price - quantity pair in the demand schedule, mark a point on the graph and then connect the points.
  3. If the demand curve shifts from D1 to D2 and at each price level, the quantity demanded is higher for D2 compared to D1, it reflects an increase in demand.

Answer:

  1. gasoline, butter, socks
  2. motorcycle, pencil, computer - monitor 8 - 10. (This requires actual graph - drawing which is not possible to fully present in text. But the process is to plot points (price, quantity) from the demand schedules and connect them.)
  3. Increase