Supply and Demand
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Supply and Demand
Your Name
American Public University
Econ 201
Jamie Gladfelter
May 12, 2023
2
For this term paper, I have chosen to cover topics that we went over in weeks two and four. The topics are about supply and demand. The economic topic that relates to this that I will be going over is how covid has drastically affected the supply and demand not only in the USA but around the world.
These article relates to our course in terms of a demanding schedule. A demand schedule, as we learned, is a table that shows the quantities of a good or service demanded at different prices during a particular period, with all other things unchanged.
In March of 2020 the United States of America declared a national emergency due to the Covid-19 pandemic. Most people went from eating at whatever restaurant they wanted on any given day to eating at home. They went from going out with friends and loved ones at concerts, weddings, beaches, church events, and celebrating the birth of a loved one’s baby to barely attending anything and being stuck in the house. Most people had no idea what was to come and thought like most other scares over the last several years that this would go away with the elections. Sadly, this was not the case this time. It lasted for a few years, and we are still feeling the effects of Covid in May of 2023.
When the government declared a national emergency due to covid it changed so much about our lives. This change not only affected our food, but also our housing market, the purchase of vehicles, and just about everything in between. Many people lost their jobs, while others that could were able to work from home. “This was the beginning of the downward impact on the food demand”.
(
The impact of the COVID-19 pandemic on Food Price Indexes and data collection : Monthly labor review
). “
Demand shocks and problems with supply chains contributed to increased volatility in import, export, producer, and consumer prices in the months
following the onset of the COVID-19 pandemic in the United States. Meat, fish, dairy, and eggs
3
were especially affected by the shifting economy brought on by the pandemic”.
(
The impact of the COVID-19 pandemic on Food Price Indexes and data collection : Monthly labor review
). Many things that the United States exported to other countries slowed down drastically. But it was not only the United States that slowed or stopped exporting, but other countries also stopped or slowed down drastically as well. Because many of the things that the United States are made across seas, especially in China, we were not able to acquire items that were once so easily gotten before. These were things that included clothing, parts for a car, parts for your phones, parts for your household appliances, and even parts for your heating and air systems. Literally, every part of the demands of the people were affected by the pandemic, yet the supply was very limited. During the pandemic, many of the production of goods were placed on hold because they didn’t have all the needed items to complete whatever they were making. Because of this some of the automakers would “impose a fine on the supplier to ensure that they got the needed items on time.” (Shih, 2020). Other places were forced to shut down because they were unable to get the needed items that the people were in need of. China while reopening some of its plants and manufactures decided that they would no longer supply some products to other countries.
Due to covid, we have seen probably the best example of how things can be for supply and demand. Covid caused a drastic change in the way the world is now doing business and how
people are spending. Fewer people were able to work due to being laid off because of not being able to have products, people were scared for their health, or the company was not able to figure out how to manage people working from home. With fewer people working and fewer available items, people have had to learn how to adjust what and how they spend their money. People learned to live without many of the things they had been accustomed to before covid. With that
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To earn extra money in the summer, you grow tomatoes and sell them at a local farmers' market for $0.15 per pound. By adding
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125
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The definition of Product Possibility Frontier is
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The graph that shows how supply and demand works.
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New York’s ‘real’ Little Italy
By Danielle Oteri
A It’s a dark winter evening on Arthur Street in the Bronx, one of New York City’s five neighbourhoods. Shops are closing. But as shopkeepers turn off lights and pull down metal grates, the windows of Mario’s restaurant glow yellow. Inside you can see old paintings of Italy’s most famous places, from the Blue Grotto to the Leaning Tower of Pisa. “Some customers have told me they don’t like the paintings,” says owner Joe Migliucci. Joe is 80, but he doesn’t look a day older than 50. He’s Mario’s son, and the paintings were made by his uncle, Ciro. He looks at them lovingly. “They say they’re too dark—too old-fashioned. But this is our history.”
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3
2. A decision at the margin
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Time
Total Problems Answered
8:00 AM
0
9:00 AM
50
10:00 AM
80
11:00 AM
100
Noon
110
Use the table to answer the following questions.
The marginal, or additional, gain from Jake’s first hour of work, from 8:00 AM to 9:00 AM, is
problems.
The marginal gain from Jake’s third hour of work, from 10:00 AM to 11:00 AM, is
problems.
Later, the teaching assistant for Jake’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 25 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For…
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Course Placement CT CT2Learn
Assume that our world consists of only two countries: the United States (US) and the Rest of
the World (ROW). Both of these countries produce airplanes and computers. The amounts of
each good produced during an hour in each country are provided in the table below.
US
Airplanes 5
Computers 15
In computers?
P In-Text Citations ▸ Study.com G Google
in the US?
ROW
1. Based on this table, who has the absolute advantage in airplanes?
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4
10
1. What is the opportunity cost of 1 airplane:
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ParentVUE SAM SAM y! Infor
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Business
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Chapter 2
Understanding Basic
Economics
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved
Learning Objectives (1 of 2)
2.1 Define economics, and explain why scarcity is central to
economic decision making.
2.2 Differentiate among the major types of economic
systems.
2.3 Explain the interaction between demand and supply.
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved
What Is This Thing Called The
Economy? (1 of 1)
Economy
- The sum total of all the economic activity within a given
region
Introd
. This chapter off
- A brief introduction
professional's perspec
- A high-level look at the stu
economic systems, and the
demand
• Understanding basic economi
successful business managen
Copyright © 2017, 201
Learning Objectives (2
2.4 Identify four macroeconom
understanding the behavior of
2.5 Outline the debate over de
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2.6 Identify the major ways of
Copyright © 2017, 2
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3. A decision at the margini
Manuel is a hard-working college senior. One Tuesday, he decides to work nonstop until he has answered 154 practice problems for his economics
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longer to solve each problem.
Time
8:00 AM
9:00 AM
10:00 AM
11:00 AM
Noon
Total Problems Answered
0
70
112
140
154
Use the table to answer the following questions.
The marginal, or additional, gain from Manuel's second hour of work, from 9:00 AM to 10:00 AM, is
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5 acres/ton
10 acres/ton
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2 acres/sheep
2.5 acres/sheep
For simplicity suppose England has 20 acres and Wales has 10 acres.
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inevitable in the following:
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19. Water shops at Big Train
where the clothing price.
Pc-$20anicle, is the same
no matter how many articles
are purchased. Food, however,
is $20 lb. for the first five
pounds and then 561b.
thereafter.
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24 A
C. Unusual Budget Lines
The consumers below all live in Johnson City and spend $160/week on clothing
(C) and food (F) combined. Both are continuous goods. The consumers patronize
different stores, however, and therefore face different pricing structures. Plot the
appropriate budget line in each case, being sure to label and number the axes. Put F on
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Questions 10-12 using the graph
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