Define the following terms: Law of demand Law of supply Ceteris paribus Complements Substitutes Price ceiling Price floor Normal good Inferior good Consumer surplus
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- Define the following terms:
Law of demand - Law of supply
- Ceteris paribus
- Complements
- Substitutes
Price ceiling Price floor - Normal good
- Inferior good
Consumer surplus
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- Mr.A who is the business of selling furniture has provided his demand and supply for hisproductsDuring the year 2018Price $ Demand supply12 0 3610 3 308 6 246 9 184 12 122 15 60 18 01.Draw the demand and supply graph and plot the equilibrium price and quantity2.Find the consumer and producer surplus3.Comment on below prices on whether it will lead to excess demand or supply10,4,12,04.The Government introduced a tax of 6 $.Show the impact in the graph5.Calcualte the consumer burden, supplier burden and Government revenueUse graphs to demonstrate the effect of ashift in supply or demand, and describe what causesthese curves to shiftUSA todays business section's top story reads "Agriculture Devasted by president's budget; governemnet cuts spending & funding how will the supply curve for vegetables such as soybeans and broccoli be affected
- Movie tickets and film streaming services aresubstitutes. If the price of film streaming increases,what happens in the market for movie tickets?a. The supply curve shifts to the left.b. The supply curve shifts to the right.c. The demand curve shifts to the left.d. The demand curve shifts to the right.explain the concept of inelastic demand while cproviding an exampleSuppose you are analysing the market for two goods - ice-cream and coffee.(i)Illustrate and explain the impact each of the following would have on demand orsupply of ice-cream. Also show how equilibrium price and quantity have changed.a. Cyclone Fani destroys part of the sugarcane crop and drives up the price ofsugarb. Consumer income falls because of a recession and ice cream is considered anormal good.c. Producers expect the price of ice cream to increase next month.d. The price of frozen yogurt, a substitute for ice cream, falls.e. Covid-19 protocol restricts the timing of opening and closureof productionunits in the country.
- illustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of thenewequilibrium, ineachofthefollowingsituations: a. The price of milk, a key input for cheese production,rises,sothatthesupplydecreasesby 80 pounds at every price. b. A new study says that eating cheese is good for your health, so that demand increases by 20% at every price.According to a researcher at the FDA, vegan foods are “the way if the future”. Morepersons have become health conscious and are looking for foods which will fit thislifestyle. One such food is the Beyond Burger, a plant-based alternative to beef. Notably,despite strong demand for beef burgers, the supply chain has seen a host of disruptionsthat are preventing producers from getting their products to market.Beyond Burger’s sales in Canada totaled $3.0 billion at the end of 2021, accounting for20% of all retail sales of burger patties (meat used in burgers), and 40% of the largermarket for vegan foods. By the end of 2025, sales of Beyond Burgers are projected to makeup 40% of all burger sales.i. Illustrate and explain the effect of the increased use of Beyond Burgers on (i) theburger patties market and (ii) the vegan market.Can you help me with this? Can you explain how to factor in consumer producer surplus is with substitute and complement goods? I thought that if bad weather reduce the orange harvest that would mean that supply would go down and that will increase the price of oranges. Can you explain this and also graph for me? I’m a visual learner. 
