12. The pattern below would probably: c. Go flat trend f. Cannot be used to predict future price Go down trend b. Go up trend e. Go down and up again Go up and down again
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- Consider the market supply for pizza, indicate a movement along the supply curve for pizza or a shift along the supply curve for pizza. 1. Increase in pizza? 2. A change in technology that makes it more costly to produce pizza? 3. A change in expectations about the future price of pizza?Q2. a. What is the law of demand? Give two examples of how you have observed the law of demand at work in the “real world.” How is the law of demand related to the demand curve?b. What variables influence the demand for a normal good? Explain why a reduction in the price of a normal good does not increase the demand for that good.Q4. What is econometric forecasting? If econometrics forecasting is considered the bestforecasting technique, what usefulness remains over other forecasting techniquesAnswer the question(s) or solve the problem(s) below. Show your work if it involvescalculation or graphing and submit it for grading as required.1. If the absolute price of good X is $10 and the absolute price of good Y is $14,then what is ---------------------? (a) the relative price of good X in terms of good Y? (b) the relative price of good Y in terms of good X?
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- suppose the price of orange juice rises and the apples falls. what would you expect ti happen to the price and quantity of apple juice? why would the equilibrum quanity increase while the impact onbthe equilbrum price be uncertain?2. Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. a. People decide to have more children. b. A stock market crash lowers people’s wealth.b. Suppose that prices of some goods increase while prices of other goods remain constant. The cost of living will rise for some consumers and fall for others. Explain whether this statement is true or false.
- Denise has $20 and plans to spend it on beers and burgers. Beers and burgers both cost$4. What is the sequence of her purchases? Also, fill-out the blank columns in the tablebelow.Assume money supply increases at rate z. Explain what seigniorage is. Use formulas. What are the factors that can increase the seigniorage?explain why: a)the price of oil could have increased between 2004 and 2008. b) the price of oil could have fallen in 2008.