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explaining one of these topics?? ( choose 1 topic only)
1. Opportunity cost
2.
3. Market Equilibrium
4. Law of Supply and Demand
5. Elasticity
6. Forms of Competition
Step by step
Solved in 2 steps
- 4. What is the price at which the quantity of goods demanded, and the quantity of goods supplied are equal A) The going rate B) The margin rates C) The market price D) The optimum priceHELP! PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods? PART B: Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.1) A relative price isA) the ratio of one price to another.B) the difference between one price and another.C) the slope of the supply curve.D) the slope of the demand curve.
- Problem 2. Draw the change in the supply and/or demand curves, market equilibrium price, and market equilibrium quantity traded, that would occur in the market for Brazil grown rice in response to the following news: a. The nation of China eliminates restrictions on sales of Brazil rice. b. A new strain of “wonder” rice is developed which increases productivity. c. Celebrities promote the health benefits of quinoa. d. The price of wheat increases. e. The price of fertilizer used in farming increases.Pricing Scenario: You just won a new laptop in a contest, and you decide to sell your old one. You do not have a lot of money and want to get the highest price possible for your old laptop. It is a Mac that you bought brand new last year. You are listing the laptop online, and you need to identify the price a. What price would you list your laptop for? b. Explain why the price you proposed would maximize your revenue using the principles of supply and demand. c. Do you believe the demand for your laptop will be elastic or inelastic?Please assist the possible answers are listed below the word OPTIONS. 1. Indicate the (i) impact on demand (Ii) impact on supply (Iii) impact on price (Iv) impact on quantity Thank you.
- 4 . Individual Problems 8-1 The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $22, $12, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $12, $22, $30, and $38 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $2 $4 $8 $12 $22 $30 $38 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be widgets.1. Consider the outpatient clinic services in hospitals which are of competitive in nature. Analyze each issue below as an independent event. (a) Vaccination is available at outpatient clinic and the government subsidizes the public to take vaccination during the peak season of flu. Use a demand-supply diagram to analyze the effect on the market for outpatient clinic services. (b) Due to rising operation cost, family doctors (private practitioners) have to increase their service price. How would this affect the market for outpatient clinic services? Discuss with a demand-supply diagram.Discuss the market equilibrium price and quantity (give examples on surplus and shortage)
- Question 1 Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity. The prices of inputs for the production of Brand X handbags have increased. Concurrently, taste and preferences has favoured this brand of handbag in the last 4 market periods. (i) Impact on Demand? (ii) Impact on Supply? (iii) Impact on Price? (iv) Impact on Quantity?Applications of Demand and Supply Consider the graph below representing the market for soybeans. Question: Suppose the government imposes a $6 price floor in this market and decides to buy the excess supply of soybeans.. What is the quantity of soybeans demanded? The quantity supplied? What is the cost of this policy to the government?A severe drought in California has resulted in a nearly 30 percent reduction in quantity of citrus grown and produced there. Explain what effect this event might have on the Florida citrus market?
