1a. Draw supply curve for auto tires. Label axes. b. Show effect of: i. Decline in number of tire producers. ii. Increase in price of rubber. iii. Expectation of lower future price of tires.
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- a) What is the role of price in quantity demand & supply and what is the market equilibrium?b) What is system of linear equation and its possible solution method and types of solution set.2a. Graphic and describe the market for Specially Processed American Meat (Spam). 2b. Graph and describe what happens in this market when people's incomes fall. (Include this in the graph for 2a).a) What is the value of the slope of the demand curve? A: (5.5, 38.5) B: (11, 33) C: (33, 11) D: (38.5, 5.5) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- 3. the outbreaks of war in the middle east raises the price of petrol.use supply and demand diagram to ilustrate how this increase in the price of petrol affects the price and quantity of used hybrid car.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, fall1. ENUMERATE SOME ADVANTAGES AND DISADVANTAGES OF LEARNING THE CONCEPT OF DEMAND AND CONCEPT OF SUPPLY. Give 5 each
- 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) Draw a demand curve for cars. What happens to it in each of the following scenarios? Why? Car dealerships slash prices by 10% Prices of public transportation goes down A recession leads to falling household incomes b) Other things remaining the same, what would happen to the supply of a particular commodity if the following changes occur? 1. The price of the commodity decreases. 2. The prices of inputs used to produce the commodity increase. 3. The price of a commodity that is a substitute in production decreases.Supply and Demand: End of Chapter Problem a. When the price of olive oil goes up, what probably happens to the demand for corn oil? The demand for corn oil . b. When the price of petroleum goes up, what probably happens to the demand for natural gas? To the demand for coal? To the demand for solar power? The demand for natural gas . The demand for coal . The demand for solar powe
- Enumerate some (a) advantages and (b) disadvantages of learning the concept of demand and concept of supply.Question 1 - Plot the supply curve from the supply schedule information provided price Quantity supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change Requesting solution forsubsection (d)(KEY QUESTION) Consider the market for station wagons. For each of the events listed below,identify which of the determinants of demand or supply are affected. Also indicate whether demandor supply is increased or decreased.a. People decide to have more children.b. The price of mini-vans rises.c. A strike by steelworkers raises steel prices.d. Engineers develop new automated machinery for the production of station wagons.e. A stock market crash lowers people's wealth.f. IMPORTANT: In all the above cases, is the change in equilibrium quantity less, more, orequal to the initial change in demand or supply? Why is this? (recall our discussion in thelectures, you can check slides 3-6 from week 5 or the lecture recordings.g. IMPORTANT: Now assume the changes in parts a. and c. happen simultaneously. Show themon the diagram and explain what will/may happen to the equilibrium price and quantity (Iencourage you to try this for combinations of the other changes too) PLEASE ANSWER SUBQUESTIONS D…