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I want the answer of the last subpart that is J.
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- Consider the market supply of cereal. Complete the following table by indicating whether an event will cause a movement along the supply curve for cereal or a shift of the supply curve for cereal, holding all else constant. Event Movement Along Shift A decrease in the price of cereal A change in technology that makes it less costly to produce cereal A decrease in the price of oats (used in the production of cereal)Identify any two factors that will cause a shift to the supply of dollars curve.Explain the three functions of the price mechanism in an economy!
- Explain price determination in a competitive market, and show how equilibrum changes in response to changes in determinants of demand and supply.Evaluate the effect of changes in supply and demand on theequilibrium price and quantity.Consider the following data on Prices and Quantities of orangesand VCRs. From a. – k Calculate the total value of goods and services at current prices in thiseconomy in 1998.b. Calculate the total value of goods and services at current prices in thiseconomy in 1999. using the image
- If the price of sodium-sulfur batteries decreases, the price of lithium batteries willDue to several supply-chain issues the price of computer chips has risen in recent months (this part is true and there is no need to prove it to be so). The result of this change would be to increase the price of automobiles that require many computer chips in their manufacture. Explain why each of the following statements is True, False, or Uncertain according to economicprinciples. Use diagrams where appropriate. Unsupported answers will receive no marks. It is theexplanation that is important.Using the table, for each line item and its associated column, describe how the market for each specific product will be affected by the associated event indicating whether it will rise, fall, or no change. For example, in the first line item for the market of corn, based upon the event of a severe drought, the price will either rise or fall or no change, demand curve will shift left (fall) or right (rise) or no change, supply curve will shift left (fall) or shift right (rise) or no change, quantity demanded will rise, fall, or no change, and quantity supplied will either rise, fall, or no change. Event Market for: Price Demand Curve Supply Curve Quantity Demanded Quantity Supplied A severe drought hits the Midwest corn growers Corn The U.S. government reduces taxes on imported lumber New Home Building The federal government raises the minimum wage from $7.25 per hour to $11.00 per hour Minimum wage jobs…
- What do price level changes affect when dealing with demand and supply curves?Analysts say that the increase in gasoline prices comes a drop in SUV sales and trade-in values at dealerships.The U.S. Department of energy said that during the past week, U.S. gasoline topped $3 a gallon - the highest level since October 2008. According to Alec Gutierrez,lead analyst for vehicle evaluation at Kelley Blue Book, SUV sales have decreased about 1 percent since the last major gasoline price hike in spring 2008. He doesn't believe that SUV sales will decrease significantly unless prices reach $3.50 to $4 per gallon. if a gasoline price hike of 5 percent caused the SUV sales drop described, what is the cross-price elasticity of demand between gasoline and SUVs?Explain with the help of a graph how production and consumption of cloth are affected when the relative price of cloth increases.
