.Illegal beer poses a great challenge to the beer market, explain how it affect domestic’s beer market through an appropriate demand-supply diagram.( need more explanation)
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1.Illegal beer poses a great challenge to the beer market, explain how it affect domestic’s beer market through an appropriate
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- (1) illegal beer poses a great challenge to the beer market, explain how it affect domestics beer market through an appropriate demand-supply diagram17.- Mention and explain what each of the types of supply , for the analysis of the supply.4- The increase in the quantity supplied of the good as its price rises is expressed as …………. a) inferior goods B) Value paradox NS) law of supply D) Marginal propensity to import TO) law of demand
- 1. ENUMERATE SOME ADVANTAGES AND DISADVANTAGES OF LEARNING THE CONCEPT OF DEMAND AND CONCEPT OF SUPPLY. Give 5 eachQuestion 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption.(ii) Discuss the effect on the markets for each of the three products 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?1. New advances in recycling technology reduce the cost of producing paper made from recycled material. SELECT THE CORRECT ANSWER a. Which of the following will occur in the market for paper made from recycled material? -supply will decrease -supply will increase -demand will decrease -demand will increase b. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price? Will the price of paper made from recycled material rise or fall? -surplus, rise -shortage, rise -shortage, fall -surplus, fall
- 7. True or False. Explain your answer: A decrease in airfare prices will increase the demand for airline flights all other things being equal.3. In the market for Philadelphia Phillies baseball tickets, a determinant of supply would be ______ while demand determinants would include _____________. The price of the tickets; household wealth in the Philadelphia area. Input costs and consumer tastes; the level of competition in the ticket-selling industry. The price of substitutes for these tickets; the price of tickets. The price of parking at Phillies baseball games; the number of sellers of competing sporting events in the area. A and C onlyA key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. With this assignment, you get a chance to demonstrate your ability to apply what you have learned to the coffee market. Be sure to answer all parts of each of the scenarios below. Students may utilize Paint, Word (the shapes tool under Insert), OneNote (Draw tab), or hand draw the graphs. Scenario 1: Suppose that the FDA increases regulations for coffee. Will this affect the supply or demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same axes. How will this change affect the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: Suppose the Mayo publishes a study finding that the caffeine in coffee increases the probability of getting Alzheimer’s. How do you imagine this will affect the market for coffee? Which determinant of demand or supply is being affected? Show…
- 16- The Law of supply states that other things remaining the same_________ a. There is no relationship between price and quantity supplied b. There is an inverse relationship between price and quantity supplied c. None of these d. There is a direct relationship between price and quantity supplied1. Which of the following variables does not directly impact the quantity of a good the firm is willing to produce? a. the price of the good b. the income level of the people who buy the good c. the number of firms producing the good d. the cost of a key input used to produce the goodUsing Exercise 16.20, sketch the effects in parts (a) and (b) on a single supply and demand diagram. What prediction would you make about how the improved information alters the equilibrium quantity and price?
