Based of the 2012 case of Hurricane Sandy, *how can the market forces of supply and demand be applied to analyze other similar issues like rice shortage in Malaysia, or rent controls in large cities like NYC or LA *and the policy responses to solve them?
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Note: this is an economics questions
Based of the 2012 case of Hurricane Sandy, *how can the market forces of
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- After defining a ‘market mechanism’ and the ‘law of supply and demand’, explain how higher education can be affected by market changes, and how economic theory can understand such changes (Duff, 1997).Suppose that turmoil overseas increases gasoline prices in cities across the United States. Using the urban model with agricultural land, answer the following questions. Assume that all individuals are identical, that the supply-demand equilibrium holds, and that the city’s population must fit within its boundary. What happens to the building heights near the CBD? Do they become taller? Smaller? And why? What happens to dwelling sizes near the CBD? Do they become taller? Smaller? And why? What happens to population density in the suburbs? Increase? Decrease? Why?Suppose you are asked to do a market analysis in an area in which a natural disaster has recently occurred. (An example might be Nashville after the spring floods or New Orleans after Hurricane Katrina.) Other than building supplies (which is too easy :), choose a market for a good or service that will be affected. Will demand or supply be affected? (Even if it might be both, just choose one or the other to keep it simpler). What happens to equilibrium prices and output in this market? Draw a supply and demand graph for your own use, and then explain the process in detail. Choose a market that has not already been chosen by a classmate. Be creative and thoughtful!
- During natural disasters such as the flooding in Burma one policy choice is to do nothing, i.e. let prices rise and fall according to increases and decreases in supply and demand. A second policy choice is to interfere in the market, regulate prices, and prevent the price of goods such as corrugated steel roofing, gasoline, nails, water, food, etc. from rising. The argument frequently made to justify regulating prices is that owners of scarce goods are taking advantage of people in need----taking advantage of innocent people's misfortunes to steal their money and enrich themselves. This is immoral behaviour and should not be allowed. This second policy usually includes a reliance on government rather than the free market to bring in supplies of scarce goods and distribute them for free or at below market prices to alleviate shortages.Note: This is an economics question. *How can you use supply and demand to analyze shortage issues and policy responses to them? *ExplainGenerally speaking, what must occur in order for demand to shift? Supply to shift? How does the concept of the invisible hand help explain how markets reach equilibrium?
- Consider a competitive market in which we can analyze the market using our standard demand and supply framework (i.e., downward sloping demand, upward sloping supply, and the market price adjusts to keep the market in equilibrium). If the producers in this market all got an improvement in technology that lowered their marginal cost of producing any given level of output, then we would expect to see Group of answer choices a) an increase in supply (rightward shift). b) a decrease in demand (leftward shift). c) a decrease in supply (leftward shift). d) an increase in demand (rightward shift). e) no shift in either the supply curve or the demand curve.Define the basic concepts of economics • Discuss the core principles that economists use to understand observed phenomena • Demonstrate how observed economic phenomena exemplify the core principles of economics through examples • Examine how individuals, firms and households make decisions, by reviewing market models • Analyze the forces of demand and supply and how they interact to determine an equilibrium price • Predict how and why equilibrium prices might change and their impact on resource allocation • Explain and analyze the market modelA key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. With this assignment, you get a chance to demonstrate your ability to apply what you have learned to the coffee market. Be sure to answer all parts of each of the scenarios below. Students may utilize Paint, Word (the shapes tool), or hand draw the graphs. Scenario 2: Suppose the National Institute of Health publishes a study finding that coffee drinking reduces the probability of getting colon cancer. How do you imagine this will affect the market for coffee? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same axes. How will this change affect the equilibrium price and quantity of coffee? Explain your reasoning.
- Explain in pictures only, without words on the principles of economics (Theory of demand and supply)Note: this is an economics question forcused on supply/demand, price ceilings and rationing *Who was affected by Hurricane Sandy Give few examples (not more than 4) and *explain how each is affected.Explain how demand and supply interact to determine the prices of goods and services and the quantities exchanged. Apply demand and supply analysis to a variety of topics in a market economy, including problems of price controls and rent controls, minimum wage laws.