Explain whether each of the following events will increase, decrease, or have no effect on long run aggregate supply of your country. a. Your country experiences a wave of immigration. b. The minimum wage is raised to $10 per hour.
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- Whether the product market or the labor market, what happens to line equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply; and decrease in supply.I. How had the Russia-Ukraine war impacted the oil market? Draw a supply-demand graph to briefly explain your answer. Please label the vertical and horizontal axes and show whether the supply or the demand curve had shifted. 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 sure.interpret the long-run and short-run elasticities
- Question 1: QUESTION d Read the scenario and determine if it wil change the supply or the demand of the market listed. Will equilibrium price increaseor decrease ? Will equilibrium quantit increase or decrease? Market: Sugar produced in the United State Scenario: Tarifts on imported sugar lead U.S, sugar to buy more from U.S, sugar producers. Supply or demand? Equilibrium price? Equillbrium quanity? Market: Chunky Monkey Icecream Scenario: Social Media Influencer Addison Rae advertises Kemps vanilla frozen yogurt to her 100 million followers. Supply or demand? Equilibrium Price? Equilibrium Quanity? Market: New computer Scenario: U.S treasury announces new stimulus check that would be sent to all households. Supply or demand? Equillibrium Price? Equillibrium Quantiy? Market: Trucking Service Scenario: OPEC announces a massive oil production increase driving down the cost of gas Supply or demand? Equilibrium Price? Equilibrium Quantity?Skii resorts have an inelastic supply, and motorcycles have an clastic supply. Suppose that a rise in population doubles the demand toboth products (that is, the quantity demanded at each price is twice what it was) a.What happens to the equilibrium price and quantity in each market?b. Which product experiences a larger change in price?c. Which product experiences a larger change in quantity?d. What happens to total consumer spending on cach product?Consider the world market for wheat, in which Russia is a larger producer. Suppose there is a major failure in Russia's wheat crop due to a severe drought. Explain the likely effect on the equilibrium price and quantity in the world wheat market. Also, explain why Canadian wheat farmers certainly benefit from this drought
- Consider the following scenario: “Corn is mostly grown in the Great Plains region of the United States. Suddenly, the drought hits the Great Plains one summer, so that99% of all corn producers in the United States are only able to produce half of the usual amountof corn.“ Illustrate on the graph what happens to supply of corn in the given economy. Make sure to clearly label the graph. Also, clearly state how the drought is a supplyshifter in the given case. Clearly state what would happen to the equilibrium price and quantity of corn in the given economy.Before pandemic, face masks are only used in certain hospitals handling highly contagious pulmonary diseases such as San Lazaro Hospitals and the ICUs of every hospital. However, studies and other health organizations and agencies talk about it’s effectivity to prevent people from contacting the virus. Which of the following non-price determinants will affect the supply and in what way? How will it affect the country’s economy?Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption. If the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. Explain how will this impact the revenues for sugar growers, rum producers and whiskey producers?
- Question 2For each of the events describe below, you are required to explain:1. The market you are evaluating (e.g., labour market, automotive market, etc).2. Does the event act on the demand side, supply side, or both sides of the market?3. Does the event lead to a quantity or price change? Or does the event lead to a shift indemand, supply, or both?Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply (when plotting your demand and supply, describe whether you are assuming an elastic or inelastic demand/supply).a) A concerted reduction in the total production level in oil markets.b) The implementation of a minimum wage.c) The implementation of subsidies to agricultural production in AustraliaExplain whether each of the following eventsincreases, decreases, or has no effect on long-runaggregate supply.a. The United States experiences a wave ofimmigration.b. Congress raises the minimum wage to$15 per hour.c. Intel invents a new and more powerfulcomputer chip.d. A severe hurricane damages factories along theEast Coast.Which of the following scenario is caused by a movement alang the supply curve. O Americans companies exbort more lobsters as a result of rising prices. O After discovering a new technology that can extract more meats frorn tuna flesh, more cans of tuna arrive on the shelves at all major grocers O MintMcbile decides to ioin the Smartphone market O Americans purchases more salmon to take advantage of an unexpected price drop
