1. 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 good
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1. 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 good
Step by step
Solved in 3 steps
- Choose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic system4. Identify the point or points for which the following is true: More can be produced of both pizza and beer, without an increase in resources or improvement in technology.17. Currently you purchase six packages of hot dogs a month. You will lose your job and will have no income from January 2. You have no plans to purchase hot dogs in January. What are hot dogs for you? a. a "college-only" good b. a normal good c. an inferior good d. a producer's input
- 1. These are factors affecting the supply to increase and decrease, except one. A. Technology C. Producers Tastes B. Producer Preferences D. Consumer preferences 2. These are factors affecting the demand to increase and decrease, EXCEPT one. A. Raw materials C. Consumer Tastes B. Producer Preferences D. Price of related goods17. is a schedule that shows various amounts of a good or service a seller is willing and able to sell at each possible price during a particular period. A. Production possibilities curve B. Capacity utilization C. Demand D. SupplyIV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?
- 1. Mary buys three goods: A, B, and C. When her income rises she buys less of good B and more of goods A and C. When the price of good C rises she buys more of good A and less of good B. Which goods are normal? a. A and C b. B c. all of them d. C and B 2. The price of a good has gone down. What would be a good explanation of this? a. the cost of a key input used to produce the good has declined. b. there are now fewer firms selling the good. c. the price of a substitute good has gone up. d. there was an excess demand for the good in the market. 3.Under what circumstances is the production possibilities frontier a straight line? a. when there are constant opportunity costs of production b. the production possibilities frontier is always a straight line c. the production possibilities frontier is never a straight line d. when there are increasing opportunity costs of production10. What is the willingness and ability of producers to offer a good for sale referred to as? A) Private enterprise B) Supply C) Free market economy D) Law of supply 11. A key to business success is to decide in advance how to respond to the issues that underlie all questions of ethics and A) personnel complaints B) compensatory damages. C) governmental support D) social responsibilityA 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…
- Now consider a different situation. A flood has occurred at rural areas in Bangladesh, which has caused local people to sell their livestock (i.e. chicken, duck, cow, goat) at low price in the market. Because of this event, what would happen to the market of salad items? What would happen to the market of Kachchi biryani, Morog Polaw, and chicken biryanis? Explain (in details) with relevant diagrams/graphs.16. Which of the following statements about the use of resources is not one of the key questions in economics? a. How are resources used? b. Location where resources are used? c. For whom are resources used? d. For what are resources used?Scenario 1: Directions: Read and analyze the situations then answer what is being asked on the given questions. In year 2000, the high price of crude oil in the world market increased the production of renewable energy. Soya beans is an input in the production of renewable energy. Farmers have switched from producing wheat to soya beans. Due to the new market for soya bean the price of wheat increases in the market. A. Explain the impact of soya farming on the supply of wheat. B. Why do you think that the farmers have switched to soya production? Justify your arguments. C. Analyze the impact of renewable energy on the price of crude oil. D. Examine the price of bread in the market. E. What is market equilibrium? Explain your answer.