1. The market for Good A is currently in equilibrium as shown in this graph. The market for good A If the demand for Good A increases, what would be the price and quantity that would exist in this market? A. P5, Qc B. P3, Qa C. P3, Qc D. P5, Qa wwwwww
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- Direction: Using the graph below as basis answer the following questions in the space provided. 1. If the economy is experiencing ashortage in bagels what cansuppliers do to the price to bring itback to equilibrium?_______________ 2. At price 1 and with quantitydemanded of 14 and quantity supplied of2, what is the situation of the economy?_______________Jermaine spends his money on cucumbers and lettuce. If the price of cucumbers falls, the MU per dollar of cucumbers wil and Jermaine will cucumbers for lettuce. a. Fall; substitute b. Rise; substitute c. Fall; supply d. Rise; demanda) Explain the effect of the increase of Coffee prices on the equilibrium price and equilibrium quantity of the tea. b) A student claims to have spotted a UFO over the desert outside of Dubai. How will his claim affect the supply (not the quantity supplied) of binoculars in Dubai stores? c) If we have an inferior good, explain the impact of the decrease in consumer's income on the demand of that good. d) How would each of the following affect the market supply curve for corn? 1. A new and improved crop rotation technique is discovered. 2. The price of fertilizer increases
- 1. The Smith family eats both meat and potatoes on a regular basis and we need to know how the family views these goods. If the price of meats rises and the family eats more potatoes, then the two goods must be a. Substitutes b. Complements c. Inferior d. Normal 2. Which of the following is not a determinant of Supply? a. Prices of resources b. Technology and productivity c. Prices of Complements d. Producers’ expectations e. The number of producers 3. In December, both the price of Christmas trees and the quantity of trees sold rises. Is this a violation of the Law of Demand? Explain your answer 4. Explain the following statement in terms of Supply and Demand: “When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls”.(A) Given the following data on individual supply and demand, calculate the market supply and demand. (B) what is the equilibrium price? (C) supposed the current price is $4, at this price, how much of a shortage or surplus exists in gallons?What is the market equilibrium price and what is the market equilibrium quanity and why?
- 1. Consider each scenario independently. In each of the following cases, provide an explanation and draw a graph to show:– (a) What will happen in the market for wine if the price of cheese increases (wine and cheeseare complements)?(b) What will happen in the market for brewed coffee if the price of coffee beans decreases?(c) What will happen in the market for lobster if the government reduces the income tax andlobsters are a normal good?(d) What will happen in the market for tomatoes if a new study is released that shows tomatoescontain antioxidants (may help prevent cancer)?(e) What will happen in the market for corn if a new crop rotation technique is discovered thatallows corn to be grown more easily and the price of green beans, a substitute, decreases?(f ) What will happen in the market for gasoline if the price of oil increases and there is a vastincrease in the population (e.g., another baby boomer generation)?(g) A tax on gun buyers.(h) A binding price floor on guns.The market for lobster is in equilibrium. Which factor is most likely to INCREASE the equilibrium price of lobster? A. more boats fishing for lobster B. an increase in the price of salmon, a substitute in consumption C. a record catch D. decreasing household incomes, with lobster being a normal good.Please answer the correct answer please Explain Don't answer by pen paper The market for lobster is in equilibrium. Which factor is most likely to INCREASE the equilibrium price of lobster? A. more boats fishing for lobster B. an increase in the price of salmon, a substitute in consumption C. a record catch D. decreasing household incomes, with lobster being a normal good.
- Suppose during a summer , unexpected rains and subsidized fertilizers allows the crop of sugar cane to be higher than usual. This leads to increased supply of sugar in the market economy.Considering this scenario, answer the questions a) How this event affects the price of Sugar? b) If sugar and ice cream are compliments then how the supply of ice cream would be affected? c) Keeping the conditions of part (b), Explain whether there is a shift or movement in supply curve of ice cream d) As a result of increased supplies of sugar, whether there is a shortage or ice cream or surplus of ice cream in the market economy and why? e) If the new equilibrium is formed, what happened to new price and new quantity? whether they are different from previous values of equilibrium quantity and equilibrium price or not? Regards....1) Plastic and steel are substitutes in the production of body panels for certain automobiles. If the price of plastic increases, with other things remaining the same, we would expect: A) the price of steel to fall. B) the demand curve for steel to shift to the right. C) the demand curve for plastic to shift to the left. D) nothing to happen to steel because it is only a substitute for plastic. E) the demand curve for steel to shift to the left. Don't use chatgpth. how many bushels will be sold if the market price is US$14 per bushel? i. if the market price is US$ 16 per bushel , what must happen to restore equilibrium in the market ? Explain