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(Solved) 12) Which of the following reflects the law of demand?


12) Which of the following reflects the law of demand?​


  • ​John purchasing a bigger apartment after an increase in his salary


  • ​Jimmy’s demand for donuts decreasing from 4 per week to 2 per week after its price decreased from $1 to $0.5 per donut


  • ​Jacques purchasing 4 bottles of lemonade instead of 3 when its price decreased from $12 to $10 per bottle


  • ​Jonathan, a coffee drinker, switching to green tea after a fall in the price of green tea
  • 13) Penelope has recently started a printing business in Duluth. She had to pay a fee to obtain a trade license from the Minnesota government and took a loan from the local bank to purchase inkjet printers, laser printers, and screen printers. She employs 20 workers who are paid a wage of $30 per hour. She is also a trained ballet dancer who used to earn an average of $50,000 a year. Penelope’s implicit cost of running the business is:

  • ​$72,000 per annum.


  • ​the interest she has to pay on the loan. 


  • ​the amount she used to earn as a ballet dancer.


  • ​the fee paid to the government.

 


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