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- Match the non-price determinates of supply with the change in supply. There is only 1 change in quantity supplied.Florida, like several other states, has passed a law that prohibits “price gouging” immediately before, during, or after the declaration of a state of emergency. Price gouging is defined as “selling necessary commodities such as food, gas, ice, oil, and lumber at a price that grossly exceeds the average selling price for the 30 days prior to the emergency.” Many consumers attempt to stock up on emergency supplies, such as bottled water, immediately before and after a hurricane or other natural disaster hits an area. Also, many supply shipments to retailers are interrupted during a natural disaster. Assuming that the law is strictly enforced, what are the economic effects of the price gouging statute? Explain carefully.Use the demand and supply (D&S) model to demonstrate the change in the market conditions from Q3 2020 to Q3 2021 for the new car market and used car market in the US. Use two separate D&S diagrams corresponding to the two markets, and carefully label the curves and clearly indicate all equilibrium prices and quantities. For your price points, use values based on actual data where possible. Use hypothetical values (rough guesses) relying on intuition for quantities. What do you think the price elasticity of demand (PED) might look like for new or used cars in Q3 2021 compared to Q2 2020? In your answer, discuss a key determinant of PED.
- In the context of Pakistan’s society for each of the following products, indicate the correct type of price elasticity of demand or supply and also justify your answer: An expensive necklace to be sold at an auction. Demand for COVID-19 Vaccine. Production of gold mining. Demand for gold.If the demand curve moves to the right as the supply curve also moves to the right( at the same time), then a) Equilibrium price must increase, but equilibrium quantity may either rise, fall or remain unchanged. b)Equilibrium price and quanity must both go down c) The Equilibrium price may either rise, fall or remain unchanged, but the equilibrium quanity must increase. d) Equailibrium price and quanity must both go up. e) none of the aboveThe number of people willing to buy tickets to the Super Bowl is invariably greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is a.equal to the equilibrium price since the number of tickets bought equals the number sold. b.lower than the equilibrium price. c.higher than the equilibrium price. d.higher than the equilibrium price when the demand is inelastic but lower when the demand is elastic.
- At a price of $1.94 per bushel, the supply of corn is 9,800 million bushels and the demand is 9,300 million bushels. At a price of $1.82 per bushel, the supply is 9,400 million bushels and the demand is 9,500 million bushels. Find a price supply equation of the form p=mx+b. Find a price-demand equation of the form p=mx+b. Find the equilibrium point.The equilibrium price means that the supply and demand for a product are in balance.True or False
