Discuss the followings in detail: a) What is the role of price in quantity demand & supply and what is the market equilibrium? b) What is system of linear equation and its possible solution method and types of solution set.
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Discuss the followings in detail:
a) What is the role of
b) What is system of linear equation and its possible solution method and types of solution set.
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- Consider each scenario independently. In each of the following cases state, using verbal and graphical analysis Show the correct increase / decrease in the demand or supply Show correct labels Show what will happen to the equilibrium price Show what will happen to the equilibrium quantity Show a brief explanation (a) What will happen in the market for wine if the price of cheese increases (wine and cheese are complements)? (b) What will happen in the market for brewed coffee if the price of coffee beans decreases? (c) What will happen in the market for lobster if the government reduces the income tax and lobsters are a normal good?Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (QD) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qd) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change? Question 1 - Learning Activity 4.4 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated…
- a) What is the role of price in quantity demand & supply and what is the market equilibrium?b) What is system of linear equation and its possible solution method and types of solution set.THIS IS FOR MATHEMATICAL ECONOMIC : Question (2): The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p. Find the equilibrium price and quantity. Suppose that a new technology has emerged that will enable firms to mass produce the cell phones at a reduced cost. Which curve will be affected and what will be the general outcome? Going back to question (b), if the new equilibrium price of a disposable cell phone is $11.25, how many disposable cell phones will be demanded by consumers? Derive the new function based on your analysis. Suppose that more consumers prefer the disposable cell phone over the smart phone because the disposable cell phone is more durable than the smart phone. This latest news comes after the fact that firms that manufacture disposable cell phones have the latest technology integrated into their production facilities. What will be the market effect? Going back to question (d), suppose that the price of a disposable cell phone is now set at…QUESTIONS: Scenario 1: As part of an international trade agreement, the Oman government reduces the tax on imported coffee. a. Will this affect the supply or the demand for coffee? Why? b. Which determinant of demand or supply is being affected? Explain. c. Show graphically the effect of changes in demand or supply. d. How will this change the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: The Ministry of health publishes a study finding that coffee drinking reduces the probability of getting cancer. a. How do you imagine this will affect the market for coffee? Why? b. Which determinant of demand or supply is being affected? Explain. c. Show graphically the changes in demand or supply. d. Will this change the equilibrium price and quantity of coffee? Explain your reasoning.
- A 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.Demand theory is an economic principle relating to the relationship between consumer demand for goods and services and their prices in the market. In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded.An increase in the price of a good may arise from an increase in the price of its substitute, ceteris paribus.’ Explain this statement using an example from the leisure or tourism sector.CAREFULLY EXPLAIN WHAT IS HAPPENING IN THE FOLOWING MARKETS. INDICATE THE IMPACT IF ANY ON THE PRICE, QUANTITY, DEMAND AND SUPPLY IN THE MARKET FOR AIRLINE TICKETS, AIRLINE CARRIERS HAVE DRASTICALLY CUT FARES FOR INTERNATIONAL AIR TRAVEL RESULTING IN A 3% TICKET SALES. MEAN WHILE RECENT HEALTH CONSIDERATION DUE TO COVID-19 HAVE CAUSED AN 11% REDUCTION IN THE DEMAND FOR INTERNATIONAL TRAVEL. IMPACT OF DEMAND IIMPACT OF SUPPLY IMPACT OF PRICE IMPACT OF QUANTITY
- Consider each scenario independently. In each of the following cases tell me, usingwritten and graphical analysis (a - g). For Question 1. – 7. please see details below:Include the correct increase / decrease in the demand or supply include correct labelsinclude what will happen to the equilibrium priceinclude what will happen to the equilibrium quantityInclude a brief explanation What will happen in the market for tomatoes if a new study is released that showsthat pesticides used on tomatoes contain cancer forming agents.Suppose during a summer , unexpected rains and subsidized fertilizers allows the crop of sugar cane to be higher than usual. This leads to increased supply of sugar in the market economy.Considering this scenario, answer the questions a) How this event affects the price of Sugar? b) If sugar and ice cream are compliments then how the supply of ice cream would be affected? c) Keeping the conditions of part (b), Explain whether there is a shift or movement in supply curve of ice cream d) As a result of increased supplies of sugar, whether there is a shortage or ice cream or surplus of ice cream in the market economy and why? e) If the new equilibrium is formed, what happened to new price and new quantity? whether they are different from previous values of equilibrium quantity and equilibrium price or not? Regards....“There is constantly a shift in supply and demand curves and markets are never at equilibrium. As a result, there is no purpose of the concept of equilibrium.” Do you agree/disagree with this statement. DEFINE ANY IMPORTANT TERMS.
