Both supply and demand increase. What will happen to the price of equilibrium in the market? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a price will increase price will decrease price will not change M We cannot tell without more information. b C d
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- The rent for apartments in Bridgetown has seen a significant increase duringthe pandemic. However demand has also seen a sharp increase. This conflictwith the law of demand says that higher prices should lead to lower demand.Do you agree or disagree? Explain your answer.Explain how supply and demand interact to drive markets toequilibriumIf a 20% change in price results in a 15% change in quantity supplied, then the priceelasticity of supply is about ?
- Suppose the government decides that public health requires that people can get cheap condoms. Congress passes a law saying that condoms cannot be priced higher than $0.20 each. a. Show (with supply/demand) and explain how this law will affect the market for condoms. Show (with supply/demand) and explain how this will affect rates of sexually transmitted infections, teen pregnancy, or abortion (you pick whichever one you want).A story in the news predicts the price of gas will increase next week. This is liekly to cause . Next weeks demand for gas to increase Todays demand for gas to increase Todays demand fpr gas to decrease Tpdays supply of gas to increase.Evaluate the effect of changes in supply and demand on theequilibrium price and quantity.
- https://www.investopedia.com/ask/answers/033115/how-does-law-supply-and-demand-affect-prices.asp#:~:text=There%20is%20an%20inverse%20relationship,quantity%20of%20goods%20and%20services. review the following article found in Investopedia, Kramer, L. (April 29th, 2021). How does the law of supply and demand affect prices? Investopedia. Most goods respond to the relationship between price, supply, and demand. What happens when price controls are put in place such as for gasoline in the 1970s? Why? When does the Fed reduce interest rates and why? When does the Fed increase interest rates and why?Assume that you are able to determine that the equilibrium price for a good will definitely decrease, and the equilibrium quantity will definitely increase. Which of the following MUST have occurred for you to be able to make these conclusions?a. Demand decreased and supply decreasedb. Demand increased.c. Demand decreased and supply increased.d. Demand increased and supply decreased.e. Supply increased. When demand and supply both change in the same direction (for example, they both decrease), the change in the equilibrium quantity can be predicted with certainty.a. Trueb. False Consider the market for wood flooring. The economic downturn has caused many firms selling wood flooring to go out of business. At the same time, consumers are expressing a preference for wood flooring over alternatives like carpet and tile. Based on this information, what would you expect to happen to the price of wood flooring?a. The price will definitely stay the same.b. More information is needed to…Hi, can you explain why number 4 in the attached screen shot is answer B and not A? Why is supply inelastic and how do we know that supply is inelastic?Thank you
- I need help with 5.1 A only . Question is … Tustrate the following with supply and demand curves: 8. With increased access to wireless technology and lighter weight, the demand for 2-in-1 laptop computers has increaked wuhstantially. 2-in-1 laptops have also become easier and cheaper to produce as new technology has come online, Despite the shift of demand, prices have fallen. 5.1 A chapter 3 page 72 from the macroeconomics book thirteen edition .Question 4 The demand for pancakes is given by Qd = 40 – 5P and the supply is given by Qs = 10P – 20, where P = price What is the equilibrium price and equilibrium quantity? The price for iPhones in Barbados has increased significantly. Demand for the cellular device has also increased. This is contrary to the law of demand. Do you agree or disagree? Explain your answer. Identify the flaw in this analysis: “If more Jamaicans become vegetarians, the demand for beef will fall. The decrease in the demand for beef will cause the price of beef to fall. The lower price, however, will then increase the demand. In the new equilibrium, Jamaicans might end up consuming more beef than they did initially.” Question 5 The total utility schedule of Sharon is given below for the number of shoes she consumes. Calculate Sharon’s marginal utility schedule. Plot a graph of total and marginal utility. What is the maximum number of shoes that Sharon will consume? Explain Number of Shoes…Go to Yahoo Finance, and create a graph for the price of bitcoin going back at least twoyears. Is the price driven more by changes in demand or changes in supply? Explain.2. What was the price of crude oil in April 2020? In June 2022? And recently? Why does theprice of crude oil fluctuate so much