A rightward shift of the supply curve for oil in the United States is most likely to result from? a) A decrease in the costs of exploration and drilling for oil b) An increase in the world price of oil O c) An increase in the fees that oil companies must pay for drilling licenses d) A decrease in the subsidy for oil exploration and drilling
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- Which one of the following will not lead to an increase in the supply of precast concrete walls, illustrated by a rightward shift of the supply curve?A. A decrease in wage rates in the industry.B. A decrease in the price of concrete.C. A decrease in the price of cement.D. An increase in the price of precast concrete walls.E. An improvement in technology pertaining to the manufacture of precast concrete wallsBrewed coffee is one of the most popular drinks in the world and a big market in Singapore. In recentyears Singaporean consumers have become concerned that coffee farmers often receive very lowprices by large coffee companies buying their beans and selling them in international markets. Forthis reason, fair trade coffee has reached supermarket shelves and coffee shops. Because producingfair trade coffee includes providing extra income for the farmers, this product is more costly to makethan other coffee types of comparable quality. Using the demand-supply model, analyse this changein consumer preferences. Examine the likely consequences in one or two markets of your choice. Limits 500 wordsWhat effect will each of the following have on the supply of auto tires?d. The expectation that the equilibrium price of auto tires will be lower in the future than currently. e. A decline in the price of the large tires used for semi trucks and earth-hauling rigs (with no change in the price of auto tires). f. The levying of a per-unit tax on each auto tire sold. g. The granting of a 50-cent-per-unit subsidy for each auto tire produced. please make sure the answer is correct 100%
- An agreement is reached by OPEC to reduce the supply of oil on world market for oil. Usedemand and supply curves to illustrate and explain the impact this will have on the marketfor oil. How will it affect the equilibrium price and quantity of oilGive typing answer with explanation and conclusion The demand for pear is given by Q(P D)=200-4P D and the supply is Q(P S)=2Ps -40 where P D is the price paid by demanders and P s is the price received by suppliers measured in dollars per kg. What is the equilibrium price (P) and quantity (Q)?Demand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.
- Electricity consumers have different behaviors when consuming powera). Explain at least three principles that are needed to satisfy their behavior in the electricity market (b) Differentiate supply and demand laws. Support with equations(c) Explain briefly the electricity market price equilibrium of supply and demandSuppose you are given the following supply and demand equations for your company's product, executive fountain pens: Qd = 12,000 - 2P + 3Py - 5Pn - 2Pk + 4M + 3A Qs = 8,000 + 4,000P - 7Pm - 3Pw where: Qd = quantity demanded of fountain pens Qs = quantity supplied of fountain pens P = price per unit of fountain pens Py = price per unit of pencils Pn = price per unit of notebooks Pk = price per bottle of ink M = consumer income A = number of units of advertising purchased by the company Pm = cost of purchasing materials (inputs) for fountain pens Pw = cost of hiring a worker (wage rate) a) given the signs of the coefficients in the demand equation, how does the demand for fountain pens react to each variable (i.e., substitutes, complements, normal good, inferior good)? b) given the signs of the coefficients in the supply equation, how does the supply for fountain pens react to each variable? c) suppose you are given the following data: Py = $10 Pn = $15 Pk = $8 M = $20,000 A =…Market research has revealed the following information about the market for lamps: The demand schedule can be represented by the equation QD = 24 - 3P, where OD is the quantity demanded and P is the price. The supply schedule can be represented by the equation Os-4 + 2P, where Qs is the quantity supplied. (Show all your work). a) Sketch the demand and supply curves, carefully labeling your intercepts. b)Calculate the equilibrium price (P*) and quantity (Q*) in the market for lamps. c) If the market price was artificially set at P-$6, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much? d) If the market price was artificially set at P-$2, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much?
- Which one of the following will result in a decrease in the quantity of precast concrete walls supplied, illustrated by a downward movement along the supply curve?A. An increase in wage rates in the industry.B. A decline in productivity in the industry.C. An increase in the price of cement.D. A decrease in the price of precast concrete walls.E. An increase in the cost of equipment required to manufacture concrete slabs.Indicate how each of the following will affect the current supply (Increase supply or Decrease Supply) for personal computers. a) A rise in wage ratesb) An increase in the number of sellers of computersc) A tax placed on the production of computersd) A subsidy placed on the production of computersMarket equlibrium price for strawberries is 5 dollar per kg if demand increase why would not 5 dollar per kg be the equilibrium price anymore draw a diagram