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- Describe the situations under which a firms capacity must lag and lead to the demand ?Explain the reasons behind the backwards slopping demand curve.A) Consider the bicycle market- determine whether the events listed below cause a movement along or a shift in the demand or supply in the short-run. If the event causes a shift, draw and describe whether demand or supply shifts and which direction the curve shifts in (left/right). Outline what happens to equilibrium price and quantity, if applicable (i) An increase in the number of bicycle users due to the environmental pollution caused by motorcycles/cars. (ii) A decrease in the price for iron and steel (iii) The prices of petroleum rise (iv) The prices of motorcycle increase
- Read each article linked below and summarize the implications of the events being discussed using the tools of supply and demand. Identify the following: • What has changed or is expected to change? • Explain how the supply curve and/or the demand curve are affected by the change(s)? • What would you expect to be the impact on the price and quantity? You should illustrate your answer with a diagram. Be sure to give each diagram a title, and to label the axis and curves in your diagram. Text of the article America is in love with avocados. The country's appetite for the creamy versatile fruit (yes, avocados are fruit) has grown just about every year for the past 15 years, according to data from the Hass Avocado Board, invadingkitchens and menus across the country. The rise is such that sales of Hass avocados, which make up more than 95 percent of all avocados consumed in the United States, soared to a record of nearly 1.9 billion pounds (or some 4.25 billion avocados) last year, more…Read each article linked below and summarize the implications of the events being discussed using the tools of supply and demand. Identify the following: • What has changed or is expected to change? • Explain how the supply curve and/or the demand curve are affected by the change(s)? • What would you expect to be the impact on the price and quantity? You should illustrate your answer with a diagram. Be sure to give each diagram a title, and to label the axis and curves in your diagram. Include any shifts in the supply or demand curve and show both the original and the new price and quantity. Make sure that you explain why curves shift and why the price and quantity change. Answers must be typed. However, you can hand-draw, scan and insert figures. There is a page limit of one page single spaced (12 point font and at least 1 inch margin all around) for each question, including your diagram(s). Article link…In 2016, Netflix increased prices for their U.S. subscribers from $7.99 to $9.99 per month.1Following the price increase, the rate of subscription growth decreased significantly, from 1.56 (in the fourth quarter of 2015, before implementing the price increase) to 0.40 (in the third quarter of 2016, after implementing the price increase). In addition, the stock price of the company fell by about 16% (price dropped in July 2016, after releasing the second quarter earnings, to $85.84 per share, from $102.23 on March 31, 2016). How much is the price elasticity of demand for Netflix subscription in this case, using the midpoint method when calculating the percentage change.
- 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.4. Use the graph to answer the question that follows. What is the price elasticity of demand going from 24 units to 30 units of Product Z? 0.1 0.5 2 3 5 3-If marginal product increased from 50 to 60 when the quantity of labor increased from 200 to 205, then what must be true of costs over this range of output? Marginal costs are decreasing. Marginal costs are increasing. Average total costs are increasing. Average fixed costs are increasing. Average variable costs are decreasing.part 3 4 A) Consider the bicycle market- determine whether the events listed below cause a movement along or a shift in the demand or supply in the short-run. If the event causes a shift, draw and describe whether demand or supply shifts and which direction the curve shifts in (left/right). Outline what happens to equilibrium price and quantity, if applicable (i) An increase in the number of bicycle users due to the environmental pollution caused by motorcycles/cars. (ii) A decrease in the price for iron and steel (iii) The prices of petroleum rise (iv) The prices of motorcycle increase
- Articles – Avocado Industry How have farmers responded to the growing demand for avocados? How has it affected them positively and negatively? How has it affected U.S. businesses and U.S. consumers of avocado dishes? The articles are in the Modules section under Reading Material.Use the graph to answer the following question: Is the running shoes market in long run equilibrium? Explain.Two months after launching the 8 GB iPhone in 2007Applereduced its price from $599 to $399 Unit sales not only increased , they soared, Front Page After iPhone Price CutSales Are Up by 200 Percent reports Refer to the and this price-cut information to answer one question FRONT PAGE iPhone Price Sales Up by 200 Piper Gene Munster, the person for a survey dedicated to Apple in which he estimated number of iPhones were sold, has come up with yet another interesting theory According to Munster and the week Apple announcement about 1 Phones the take the that the price sales increased to percent By Apple and AT&T were an average of 9,000 Phones a day before the price reduction, which would have put their quarterly sales as of September the end of the , he believes Apple will have of 2007 What was the quarterly price elasticity of demand for iPhones in 2007
