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- 1. In which of the changes to market conditions might we be certain that the market price will increase, but without knowing whether the quantity traded will increase or decrease?a) A cold winter increases the demand for energy, and the development of renewable energy supply increases the market supply.b) A hot summer increases the demand for ice cream, but an illness among dairy cows reduces the supply of milk for making ice cream.c) A renewed lockdown reduces the demand for the restaurant sector at the same time as increasing food prices reduces the market supply.d) Awareness of skin damage causes an increase in demand for sunscreen, at the same time as the cost of raw materials is falling. 2) We would expect the demand for a brand of coffee beans to be more price elastic than the demand for bags of coffee beans because:a) Not all consumers are able to grind coffee beans.b) The market for the brand of coffee beans is much smaller than the market for all coffee beans.c) There is a…[9] Suppose an environmental regulator is concerned with efficient emissions control. The regulator uses its perception about the aggregate marginal abatement cost to determine the emissions tax. What tax rate does the regulator set? [10] Suppose there is uncertainty about firms’ marginal abatement costs. Describe the relationship between AMAC and MD in which taxes would lead to lower efficiency losses compared to permits.(2) Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand.
- Hello! Can you please answer the remaining questions? [9] Suppose an environmental regulator is concerned with efficient emissions control. The regulator uses its perception about the aggregate marginal abatement cost to determine the emissions tax. What tax rate does the regulator set? [10] Suppose there is uncertainty about firms’ marginal abatement costs. Describe the relationship between AMAC and MD in which taxes would lead to lower efficiency losses compared to permits.1. An increase in the expected price of oil would likely A. increase both the current demand and the current supply of oil. B. decrease both the current demand and current supply of oil. C. increase the current demand but decrease the current supply of oil. D. increase the current supply but decrease the current demand of oil. E. not affect the current demand nor current supply of oil. 2. Which of the following will not shift a supply curve of a good? A. A change in the price of relevant resources used to produce the good. B. A change in the good's price. C. A change in the technology used in producing the good. D. A change in the number of sellers of the good. E. A change in taxes affect this good's industry.1. Is scarcity of nonrenewable resources a major problem? What kinds of physical and economic measures are relevant to understanding this issue, and in what ways can some of the measures be misleading? What do you think are the main issues relating to nonrenewable use? 2. Do you expect mineral prices to continue to increase, as shown in Figure 11.4? Which factors do you think will determine future mineral prices?
- 1.- What is the expected result on total energy consumption (quantity) when there is an increase in energy efficiency? 2.- Explain the gov incentive/price control that causes demand curve to shift back (left) What is resultant market Price & Quantity?2 Describe the factors currently driving the world demand for oil; why has the price not fallen below the $20 level as many expected3. (a) What is the freight market? (b ) Explain how the following scenario impacts the freight market.Scenario: 2015 Market ReportExcess supply of shipping tonnage throughout the dry bulk sector has resulted in an increased level of scrapping. Levels of scrapping were not enough to bridge the gap between demand and supply and bring the sector back to balance. As a result, a large number of vessels are idle and where employment occurs, it is a limited capacity. (c ) Outline the set of market circumstances that indicate that a vessel is at the end of her economic life.
- You plan to purchase a car for $28,000. Its market value will decrease by 20% per year. You have determined that the IRS-allowed mileage reimbursement rate for business travel is about right for fuel and maintenance at $0.485 per mile in the first year. You anticipate that it will go up at a rate of 10% each year, with the price of oil rising, influencing gasoline, oils, greases, tires, and so on. You normally drive 15,000 miles per year. What is the optimum replacement interval for the car? Your MARR is 9%.Explanation of possible effects of higher oil prices on different types of firms and consumers.B. Contrary to part A, other economists believe that the world’s supply of oil never will run out. Separately answering as parts ((i) and (ii), explain two different reasons why most economists believe that a lack of petroleum never will cause the global oil industry to come to an end.
