6921 Assignment 1_SP24

Multiple choice Question one3 Carefully explain what is happening in the following market. Indicate the impact , if any on demand, supply,price and quantity. Chose from the following what will happen to each ; increase towards equilibrium, no impact,excess supply, change in price uncertain, decrease equilibrium quantity, increase equilibrium price, change in quantity uncertain, decrease towards equilibrium, decrease equilibrium price, shift outward to right, shift inwards to left , excess demand , increase towards equilibrium. 1a) In Academics year 2020/21 , the university of the west indies mandated that all students must take principles and economics as a core requirement for their major. Concurrently , the university bookshop made their order for the principle and economics text books based on the number of registered students in the last academic year (2019/2020).1b) The price of input for the production of BrandX handbags have increased .Concurrently, taste and preferences has…

When the covid-19 shock started in early 2020, supermarkets quickly ran out of toilet paper as panic buying took place and its price remained the same. Illustrate these effects using a well-labelled supply and demand graph and explain the outcome

Shifting Supply Directions: Determine how each of the following scenarios will impact supply for the market indicated. Graph the shift on the graph, label each graph, identify the shifter and indicate if supply will increase, decrease or not change. EXAMPLE Market: bicycles Scenario: New machinery cuts production time of bicycle chains in half. 1. Market: Bread Scenario: A drought hits the Midwest and destroys 1/3 of wheat crops. 2. Market: Oil Scenario: Producers expect the price of oil to increase in six months. 3. Market: Hybrid Cars Scenario: The government has enacted a program that gives subsidies to producers of fuel efficient cars. 4. Market: Desktop Computers Scenario: An increase in demand for laptops causes laptop prices to increase 125%. 5. Market: Cereal Scenario: Three new manufacturers enter the breakfast cereal market. P VEL S Vy P P S S₁ Shifter: Technology S P v V S S S Q Q Q Q Name. Date Q Q Change in Supply: Increase Shifter: urce Change in Supply: Decrease Shifter:…

key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week's assignment, you get a chance to demonstrate your ability to analyze the effects of several "shocks" to the market for coffee. Answer the following questions. Please rewrite the questions and write in complete sentences and paragraphs. Remember that economics is a science and that we are concerned with describing what, how, and why behaviors occur, therefore it should be detailed enough to clearly convey the economic concepts, using the appropriate terminology. You should apply the material from this module and chapter and not the internet. 1. Suppose that the U.S. government reduces the tariff on imported coffee, and a reputable study is published indicating that coffee drinkers have lower rates of colon cancer. How would we expect that this will affect the supply curve and why? (The supply curve can remain static, the supply curve can shift to the left, we do not…

Q22 please help me

Question 2Identify what sort of effects the following listed events have.You are required to define the market under study (for example: the labour market, oil market, etc). Explain whether the event acts on the demand or supply side, and whether the event leads to a quantity or price change, or leads to a shift in demand and/or supply.Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply.a) An increase in oil prices as a consequence of a price dispute in the world oil marketsb) The implementation of a minimum wagec) The implementation of subsidies to milk producers in Australiad) The implementation of a Carbon tax in the economy. A Carbon tax is         charged according to the level of emissions of greenhouse gases in an         economy.e) The implementation of an increase in tuition in University studies

I need help with this Supply and Demand question

I need help with 4, 7, and 6

Question 3 Explain why oil prices have fallen this year (2020).  Be sure to identify the changes in key determinants of demand and supply.

Question 1 "Australia's booming housing demand could be impacted by China's move to restrict steel production, with rising prices impacting the essential material used to build houses as well as threats to supply." Adapted from News.com.au, 16 August 2021. (a) Using demand and supply analysis, predict the impact of the event on the housing market in Australia. Support your answer with a diagram. (b) Explain why this process does not cause market disequilibrium.

Read the following extract and answer the questions that follow:Big fuel price hikes announced for Wednesday, 29 Nov 2021The petrol price will be hiked by 81c a litre on Wednesday, while diesel will go up by between 72.5c a litre (0.05% sulphur) and 74.5c (0.005% sulphur), the department of mineral resources and energy announced. The latest price hike will push the price of petrol - currently around R19.50 a litre - to above R20 in Gauteng and other inland provinces. At the start of November, petrol prices were hiked by R1.21, while diesel increased by R1.48. Illuminating paraffin will go up by 42.2c/l, while the maximum LP Gas retail price will be increased by 183.00c/kg from 1 December. Local fuel prices are determined by international oil prices - as well as the dollarrand value, as South Africa buys oil in dollar. The latest fuel price hikes are due in large part to a sharp fall in the rand against the dollar, which averaged at R15.85/$ over the past month, compared to R14.72 the…

Supply, Demand and Equilibrium Price Usually, the supply equation is modeled by a linear equation. Suppose you have done some market research for your product. How would you go about doing this research? Suppose you have found the following information about the supply base on the price: Price 1 dollar 4 dollars 6 dollars 9 dollars Supply 600 units 4200 units 6600 units 10200 units Write the linear equation that relates price and supply. What are the mathematical domain and range? What are the practical domain and range? Now the demand for a product is often inversely proportional to the price. When the price is too high, the demand for it often diminishes. Further market research gives you the following information about the demand based on the price.

onsider the general impact of the war in Ukraine on the market for wheat.  The April 30, 2022 issue of The Economist had an article titled “Can Brazil help with food shortages around the world?”.  You do not have to read the story to understand the setup of these questions. Please, carefully read each question to understand when these changes are introduced into the initial scenario. Here is what you should focus on to complete your analysis. For this analysis, assume the wheat market is perfectly competitive, demand is downward-sloping, supply is upward-sloping, and production technology results in traditional U-shaped ATC and AVC. Finally, for all questions, assume market price is always greater than the minimum of the AVC. You will be using the same graph in all questions that require a graph (Questions 6, 8, and 10), with each question asking you to add new elements to the graph as part of your analysis.   1) Assume that prior to the outbreak of the war in Ukraine, the wheat…

the graph below shows two shocks to the marketa) a fall in the price of production equipment b) an increase in the price of movie tickets by drawing on the graph: 1. draw a new supply and the new demand curve and label the curves properly please 2. then define the new equilibrium quantity and price on the graph then label the new equilibrium properly.

Assuming the Petroleum Company of Barbados did not issue a directive for an increase in supply and a decrease in demand, explain the problem that would exist in the economy and how would this be corrected over time. Discuss one factor EACH that you think influence demand and supply for water heaters. Provide examples

I mostly need help with the total revenue calculations at the bottom of the screenshot. If you could also briefly go over the fill in the blank questions too that could be great. I want to understand how those answers are used in the calculation of the total revenue values. Thanks!

Sellers expect the price of a good to rise in the near future. How will this affect the current supply of the commodity.  No need of diagram. Just theoritical explaination required.

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For each of the following scenarios, use a supply and demand diagram to illustrate and explain the effect of the given shock on the equilibrium price and quantity in the specified competitive market. Consider the market is initially in equilibrium.  Many European countries have suffered a significant drop in tourism due to the severe Coronavirus outbreak. However, airline companies have recently predicted that tourism will increase by the end of the year. On the other hand, multiple airline companies filed for bankruptcy and went out of business during the pandemic. Show the effect that these two changes will have on the market for airline tickets to Europe at the end of this year.  PHP Group of Industries are producers of both Steel and Aluminum sheets in Bangladesh. Steel and aluminum are produced in the same factory and they are interchangeably used by consumers. Steel prices in the market surged dramatically during the pandemic. Show the effect of this on the aluminum market.

The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Supply 133 183 Demand 168 148 Use this information to find the following. (a) points on the demand linear equation (x, p) = ( 148,44 (x, p) = 168,32 (x, p) = points on the supply linear equation (x, p) = (183,44 (133,32 Price $32 $44 (b) the demand equation p P = (smaller x-value) ) (larger x-value) (c) the supply equation p p= (smaller x-value) (larger x-value) (d) the equilibrium quantity and price Equilibrium occurs when the price of the clock is $ and the quantity is

ONLY TYPED SOLUTION

How is the buying behavior in business markets impacted by different types of demand? Identify the three types of demand (derived, Inelastic, Fluctuating), illustrate each demand with examples with product pictures, and how they affect buying behavior?

Which of the following is an example of a demand shock?     1)  Hurricane Katrina knocks out oil drilling platforms in the Gulf of Mexico.   2)  Consumers become worried about job loss and buy fewer goods and services than expected.   3)  Floods in the Midwest destroy crops.   4)  The Federal government unexpectedly requires automobile producers to raise fuel efficiency standards.

Pharmaceutical companies have uncovered new scientific data that assists them in producing heart medicine more easily, thus making it cheaper for the consumer. (Heart medicine is market) Step 1. Draw demand and supply curves showing the market before the economic change took place. Using this diagram, find the initial equilibrium values for price and quantity.Step 2. Decide whether the economic change being analyzed affects demand or supply. In other words, does the event refer to something in the list of demand shift variables or supply shift variables? Step 3. Determine whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram. In other words, does the event increase or decrease the amount consumers want to buy or the amount producers want to sell? Step 4. Identify the new equilibrium, and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. Draw…

Pharmaceutical companies have uncovered new scientific data that assists them in producing heart medicine more easily, thus making it cheaper for the consumer. (Heart medicine is market) Step 1. Draw demand and supply curves showing the market before the economic change took place. Using this diagram, find the initial equilibrium values for price and quantity.Step 2. Decide whether the economic change being analyzed affects demand or supply. In other words, does the event refer to something in the list of demand shift variables or supply shift variables? Step 3. Determine whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram. In other words, does the event increase or decrease the amount consumers want to buy or the amount producers want to sell? Step 4. Identify the new equilibrium, and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. Draw…

MicroEconomics Practice: Ethanol is a motor fuel manufactured from corn. Ethanol and Gasoline are both used independently to power the engines of automobiles. Suppose bad weather negatively affects Corn production. Explain the effect of the bad weather on demand and supply of Corn. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Corn on demand and supply of Ethanol. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Ethanol on demand and supply of Gasoline. What is the effect on equilibrium price and Quantity.

Using supply and demand diagrams, SHOW AND EXPLAIN the market of onions (red or white) based from the article stated below. Identify the factor/determinant, link it with briefly the event, then indicate the effect on either the demand or supply, and equilibrium price and quantity. Complete notation applies which means numerical figures of onion prices should be seen in the graph matching the figures stated in the news article. Please do not research anymore prices other than what is specified in the article. Scanned handwritten/digitally hand-drawn graphs are allowed in the PPT slide. Source: "DA exec rules out option to import onion as farm harvest season starts" https://businessmirror.com.ph/2022/12/20/da-exec-rules-out-option-to-import-onion-as-farm-harvest-season-starts/#:~:text=DA%20exec%20rules%20out%20option%20to%20import%20onion%20as%20farm%20harvest%20season%20starts,-byJasper%20Y&text=Any%20plans%20to%20import%20onion,Panganiban%20said.