If for whatever reason, in the short run output is above potential output, over time, as prices become flexible, prices will ,and output will increase; increase decrease; decrease increase; decrease decrease; increase
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- Suggest plausible factors which could have an impact on the demand and supply of oil in the near term.o Argue whetheron balance these effects are expected to push oilprices up, down, or keep them stable.o Include diagrams as appropriate.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 increaseMa3. 15) The US. has run down the nation's SPB, Strategic Petroleum Reserve, to levels not seen it since March 1984! At1.0million bbls per day, what was the impact on the global oil price if there was no countermeasure employed by OPEC+? Knowing that Russian oil production has declined and is expected to be1.1million bbls per day less than prewar levels AND the 1.0 million bbls per day that are coming off the market due to the end of the SPB release-let's say in March 2023. What do you expect to happen to the price of oil?
- A firm's individual demand for good x satisfies, InQ1-8.2/nP +(0.9)InP, +(1.42)InM+ (0.3)/n4 S A new ad campaign for Y has increased P by 7% (%ΔΡ = 7%). By what percent will this change quantity demanded of x ? (It could be positive or negative.) % A recession is expected to drive income down by 5% next year (% AM = -5%). By what percent will this change quantity demanded? (It could be positive or negative.) %Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q Draw the graph for items 2-3 What is the Ps? Compute for the DWL (Black)The short run market demand and supply for kente cloth are expressed as follows: demand: P=40-0.25Q suppl: P=5+0.05Q marginal cost: -20+4Q answer the following questiong 1. The equilibrium quantity of kente cloth is ...... metres? 2. The equilibrium price of kente cloth is .... rand? 3. The short run level of output is .... metres?
- Identify the most accurate statement. A price floor will have live largest effect if it is set: substantially above the equilibrium price slightly above the equilibrium price slightly below the equilibrium price substantially below the equilibrium priceAnnual demand and supply for a Company is given by: QD = 19500 – 100P , and Qs=-5000 + 100P %3D 1.Find the equilibrium price and quantity? 2. If price are $100, 110, 130, 180 calculate the value of surplus or shortage in supply at each given price levelProject this supply/demand schedule onto your graph.Be certain to properly label all parts!Be certain to properly label both axes. Help plz
- a. Explain the main reasons that caused a fall of the oil price started in 2015. b. Is the elasticity of demand and supply for oil in the short-run elastic or inelastic? Explain why? please make sure the answer is correct 100% and to answer in your words.qD = 100 – 0.5p, qS = 2p – 20 What is the price elasticity of supply? Is the situation modeled here more likely to be reflecting a short- or long-run equilibrium? Why?for the production of versace wallets the prices of input have increased. Simultaneously,for the past four(4) market-periods preferences including taste has shown to favored this brand-of-wallets.Using the list of options of possible impacts, select what is happening in the following markets. Select the impact if any on:i.Supplyii.Priceiii.Quanityiv.Demand