Are predictions using the supply-and-demand model likely to be reliable in each of the following markets? Why or why not? a. Apples. b. Convenience stores. c. Electronic games (a market with three major firms). d. Used cars
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Are predictions using the supply-and-
model likely to be reliable in each of the following
markets? Why or why not?
a. Apples.
b. Convenience stores.
c. Electronic games (a market with three major
firms).
d. Used cars
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- Are predictions using the supply-and-demand model likely to be reliable in each of the following markets ? a) Apples b) Convenience storesc) Electronic games ( a market dominated by a few firms)d) Used carsExplain how we can use the Supply and Demand Model to explain price and quantity fluctuations in real life.In summer, more people want to buy ice cream. What effect would this have on the equilibrium price and equilibrium quantity for ice cream in the basic demand and supply model? Group of answer choices 1) price and quantity both decrease 2) price decreases, quantity increases 3) price and quantity both increase 4) price increases, quantity decreases
- Consider the market for minivans. For each of the events listed, determine whether demand or supply would be affected and whether the demand or supply would increase or decrease? A strike by steelworkers raises steel prices.? Engineers develop new automated machinery for the production of minivans.? The price of sports utility vehicles rises? A stock-market crash lowers people's wealth?Using the table, for each line item and its associated column, describe how the market for each specific product will be affected by the associated event indicating whether it will rise, fall, or no change. For example, in the first line item for the market of corn, based upon the event of a severe drought, the price will either rise or fall or no change, demand curve will shift left (fall) or right (rise) or no change, supply curve will shift left (fall) or shift right (rise) or no change, quantity demanded will rise, fall, or no change, and quantity supplied will either rise, fall, or no change. Event Market for: Price Demand Curve Supply Curve Quantity Demanded Quantity Supplied A severe drought hits the Midwest corn growers Corn The U.S. government reduces taxes on imported lumber New Home Building The federal government raises the minimum wage from $7.25 per hour to $11.00 per hour Minimum wage jobs…How can we apply the supply and demand analysis to a competitive market? What is a real-life example of an increase in the number of consumers in the market or an increase in the number of sellers/buyers in the market (competitive market)?
- What do price level changes affect when dealing with demand and supply curves?Explain price determination in a competitive market, and show how equilibrum changes in response to changes in determinants of demand and supply.Use the supply and demand model to explain the price change indicated. You will likely have to do some research to find the supply and/or demand shifters. NOTE: These price changes are meant to be a little more challenging than those in the first discussion so you are probably missing something if you stop with a simple solution. Post your solutions including graphs and a detailed explanation of your reasoning
- PLEASE SOLVE ONLY PART "F" & "G" 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).Draw the supply and demand curves based on the following schedules.Price Quantity Demanded Quantity Supplied$10 100 0$12 80 20$14 60 40$16 40 60$18 20 80$20 0 100 a. What is the market equilibrium price? b. From the Keynesian view, what condition will prevail at the price of $12?How about from the Classical view? c. Why Keynesians believe markets usually do not clear? d. Why Keynesians believe economies usually operate below their productionpossibilities frontierGiven the products and conditions below, indicate how the events affect the demand, supply, equilibrium price and quantity of the goods. (a) Videotapes specifically . The price of DVDs and DVD players decreases. New technology makes videotapes easier to produce. The shift in demand is greater than shift in supply. (b) Tomatoes. FDA publicly announces that eating tomatoes and tomato-based products can significantly reduce one’s risk of developing cancer. An unexpected freeze late in the tomato season destroys a significant portion of this year’s crop. The shift in supply is greater than shift in demand.