MODULE - 1

Toyota decides to locate a new manufacturing plant in Southern Illinois because that region of the U.S. is where most of the major auto parts vendors have traditionally been located. This example illustrates which concept associated with the business-to- business market? The difficulty associated with business A buying decisions The geographic concentration and/or clustering of similar industries Businesses purchase in large volume/ C quantities Business demand is based on consumer D demand B

3b worksheet economics for the virtual enterprise answer key

Question 1 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth

Economics

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Microeconomics

(Figure: Supply Curves) Yantai Pacific produces and sells home textile products, such as sheet sets and comforters, to several major retailers. Yantai can procure cotton and thread from numerous suppliers. Yantai also has a large pool of applicants to add workers as needed. Which graph BEST represents Yantai's supply? Product A Product C Price A B Product B Supply IVE Quantity Supply 4 Quantity Price Price Supply Quantity Price Product D Supply Quantity

Question 4(a) The freezing cold spell at the beginning of 2010 increased demand for gas in the UK. Usage reached 454 cubic metres; the previous record was 449 metres set in January 2003. The National Grid which is responsible for energy in the UK issued several warnings in a matter of days that demand could outstrip supply and asked suppliers to increase the supply.(i) Illustrate the effect of the cold spell on the demand for gas using a demand curve diagram.(ii) Analyze two other factors that you think influence demand for gas.(iii) Do you think demand for gas is price elastic or price inelastic? Explain your reasoning.(b) Using a normal demand curve, explain how consumer surplus occurs. (c) Explain and illustrate with diagrams how and why a marginal cost curve maps out a supply curve.

part 3 4 A) Consider the bicycle market- determine whether the events listed below cause a movement along or a shift in the demand or supply in the short-run. If the event causes a shift, draw and describe whether demand or supply shifts and which direction the curve shifts in (left/right). Outline what happens to equilibrium price and quantity, if applicable  (i) An increase in the number of bicycle users due to the environmental pollution caused by motorcycles/cars. (ii) A decrease in the price for iron and steel (iii) The prices of petroleum rise (iv) The prices of motorcycle increase

(Figure: Supply Curves) The figure shows four different supply curves for tour products. Which one of the supply curves probably belongs to an automobile producer who has a large inventory of cars? Product B Price Supply JIZER Quantity Price Product A Supply Quantity a) product A b) product B c) product C d) product D Product C Price Supply Quantity Product D Price Supply Quantity

4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.

1.) Production, Inputs, and Cost: Building Blocks for Supply Analysis The firm can generally substitute one input for another. Whether or not it pays to substitute depends on the relative costs of labor and machinery. First, describe the alternative types of input proportions available to the firm. Then, describe the combination of inputs that represent the least costly way for the firm to produce its goods. Lastly, give one example of the firm’s substitutability from a recent news article.

Discussion 1-3: Essential Concept - Supply & Demand Using your understanding of supply, demand and price, answer the following questions.  Try to be brief with each.   1. Why has college become so expensive? (Hint: tell me about WHAT has driven up the demand for college)   2. Will we run out of oil one day? (Hint: tell me about what declining supply of oil does to price and then, what that price does to the demand for oil)   3. Why is there traffic? (Hint: tell me about what the price to drive "freeways" does to the demand to drive on them OR what the price to build "freeways" does to the supply of "freeways" OR what the supply of homes near one's job does to the demand to use "freeways")   4. What happens to the wage of low-skilled workers when you add more low-skilled workers to the labor market? (Hint: tell me about what an increase in supply does to price)

(NON-RENEWABLE RESOURCES) The demand and supply functions for oil for the current generation (in million barrels) is: Demand: Qd = 250 – 5P Supply: Qs = 5P a. Assume the current generation does not consider the future at all. Draw a supply and demand graph showing the equilibrium price (P) and quantity (Q) consumed by this generation showing clearly the numbers for P and Q. b. Assume that the next generation will have the same demand. Supply for both generations is only 250 million barrels. Interest rate (r) is 5%. Calculate the efficient allocation of resources between the two generations. c. Other things being equal, assume that the available oil supply is 200 million barrels. Calculate and graph the efficient allocation of resources been the two generations.

Engineering economics

Question 2: Suppose you have the following information about the demand and supply of cotton in the U.S.: Price 9 15 25 35 U.S. Supply 4 12 17 U.S. Demand 40 36 30 20 10 (a) Determine the equations of the supply and demand curves. Assume that the two equations are linear. (b) Determine the market equilibrium price and quantity. (c) Now suppose that the US can import an arbitrary quantity of cotton at a price of 15 Dollars. How many units will the U.S. import?

Panel B Panel A S₁ S₁ X X Quantity (per period) Panel C S D₂ P Quantity (per period) D₁ Quantity (per period) Reference: Ref 3-9 Figure: Shifts in Demand and Supply Panel D S D₂ Quantity (per period) (Figure: Shifts in Demand and Supply) Use Figure: Shifts in Demand and Supply. The figure shows how supply and demand might shift in response to specific events. Suppose a fall frost destroys one-third of the nation's orange crop. Which panel BEST describes how this will affect the market for vitamin C tablets, which are a substitute in consumption for oranges?

1. Demonstrate an understanding of the coordinate system by using it to outline the relationship between economic variables. 2. What is marketing? 3. Explain the concepts of value chain and supply chain?

10. If unskilled domestic workers and unskilled foreign workers are substitutes in the production process, then a more open foreign worker policy is likely to result in all of the following except: (A). The total supply of unskilled labor will shift outward.(B). The equilibrium wage rate in the market will decrease.(C). The total workforce will increase(D). The level of wages received by domestic workers will decrease.(E). The labor demand curve will shift to the right. Choose one of the answers from the five choices provided. And please, also provide a brief description, explanation or argument for your choice. Thank you Bartleby!

1. Using Figure 12, identify two significant features of the date shown. In your answer, back up your comments with data.

Question 15 Which of the following would be found in the goods market? a) Fibre optic cables or mobile phone masts for internet b) Low-earth orbiting satellites for internet c) A researcher in planetary and space science d) A monthly subscription fee for internet

11) Draw a supply and demand graph, properly label all curves and axes. Then draw the effect of a forest fire on the market for lumber. Clearly mark how quantity and price change

Question 1 Australia exports wine that are very popular in China. What determinants of demand would be influenced by the following events? (a) Due to political and trade tensions between Australia and China, a 100% import tariff has been imposed on the Australian wine. (b) Incomes in China grow rapidly  (c) The price of French wine becomes less expensive

(ii) Discuss the effect on the markets for sugarcane, rum and whiskey,  if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers and whiskey producers?