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- Write down the factors affecting supply. Which of the following factors will cause the following products to increase or decrease? Crude oil Beef Hotel rooms Fast food outlets Credit cards issued by financial institutions Laptop computersDiscuss price continuity as a characteristic of well-functioning market?Pundits often complain about gasoline price increases at the pump during periods of market oil price increases, stating that the gasoline at the gas station was purchased prior to oil market price increases. “Why should gas that is purchased and held in inventory, prior to market price increases, be increased in price? Price gouging!” are typical comments.
- Case study “PRICE CUTS FOR MEDICINES: CHEMISTS AT RISK AS PRICES ARE SLASHED” and answer the following questions: PRICE CUTS FOR MEDICINES: CHEMISTS AT RISK AS PRICES ARE SLASHED by Nigel Hawkes, health editor.Big price cuts on a wide range of medicines and vitamins were promised by the supermarket chains yesterday as 30 years of price-fixing were swept aside. Many popular products, including painkillers, cough medicines, indigestion tablets and nutritional supplements are being halved in price from last night, with reductions of between 20 and 40 per cent on many others. The Office of Fair Trading called it excellent news for consumers but the body representing small pharmacies said that many would close, threatening community services. The big supermarkets trumpeted ‘millions of pounds-worth of savings’ as they competed to offer the biggest reductions. At Asda, a packet of 16 regular Anadin will be 87p, instead of £1.75, and Nurofen tablets will cost £1.14 for 16, rather than £2.29.…Write down the factors affecting demand. Which of the following factors will cause the following products to increase or decrease? Convenience food (sold in food shops and supermarkets) Products purchased in the internet Mobile phones Pay-per - view- television programming Books Airline travel within Us; air travel with UKWhat are your views on the relationship between price and demand? How can a company determine the right price for their products and/or services? What are some of the most important factors that companies should consider when setting prices for their products or services, and how can they strike the right balance between capturing customer value and maximizing profits?
- The federal government imposes a $5 tax per game on the manufacturers of the electronic games. Graphically show what will happen. Make sure you label the initial P and Q and the resulting P and Q.Label axes clearly. What happens to the equilibrium price of electronic games? What happens to the equilibrium quantity?Consider the market for accountants' services. Using standard notions of demand and supply, for each of the following scenarios, identify whether it could be illustrated by shift of the demand or supply curve (left or right?) and explain how the equilibrium price and quantity would change if the following things happen, ceteris paribus; a. in reaction to corporate financial scandals in the USA, the UK government forces all companies to impose stricter financial and accounting controls. b. The UK Chartered Accountants decides to limit the number of accountants entering the market by making the Board exam particularly difficult. c. More students at university graduate with accounting degrees because they believe that accounting earn higher salaries than anyone else.Why does a degree in price dispersion suggest that we do not have a perfect market?
- starting from an initial equilibrium in the market for large gas-guzzler cars, determine the effect on the effect on the equilibrium price and the equilibrium quantity of gas-guzzler cards, resulting from steep increases in the price of gasoline. Illustrate with a demand and supply diagram Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sureWhat effect will each of the following have on the supply of auto tires? A technological advance in the methods of producing tires.Real estate is said to have inelastic short-term supply and elastic long-term supply. Explain why elasticity is different in the short-run and the long-run. Discuss the physical, political and economic reasons for the different supply response over time.
