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With the aid diagrams show the differences between the following:
I. Increase in
II. Decrease in supply and decrease in quantity supplied
III.
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- b. With the aid diagrams show the differences between the following: i. Increase in demand and increase in quantity demand ii. Decrease in supply and decrease in quantity supplied iii. Price ceiling and price floorCountry A raises the wage of workers. Many workers lose their jobs and move to Country B. How would this affect the supply and demand graph?Price Floor The Agricultural Society persuades the government, in the interest of food security, to impose a price floor on local carrots in order to keep carrot farmers in the business. (a) Assess the welfare implications of this measure. (b) Assess the effectiveness of this measure in keeping farmers in carrot farming.
- Markets seek equilibrium, and the demand for goods and services will come to an equilibrium with supply of goods and services. When markets are not in equilibrium, surpluses and shortages, as well as underground markets, can exist. Sometimes, the government may want to intervene in markets to try to help reduce economic hardships. Analyze the impact of an increase in the minimum wage from the current level to $15 per hour. How would the following be affected? a. employment of people previously earning less than $15 per hour b. the unemployment rate of teenagers c. the availability of on-the-job training for low-skilled workers d. the demand for high-skilled workers who are good substitutes for low-skilled workers Review the mechanics of price floors and price ceilings. Why does a price floor lead to surpluses? Why does a price ceiling lead to shortages? Review consumer and producer surplus. A price floor will lead to a transfer of consumer surplus to producer…An effective price floor causes the quantity exchanged to _______ and the price of the product to ______ compared to the market equilibrium. Question 4Answer a. decrease, decrease b. increase, increase c. increase, decrease d. decrease, increase18. Which of the following will be carried out by the government when there is price floor __________. a. Export of goods. b. Hoarding of goods c. Import goods. d. Selling of goods to customers
- Assess the effects of Price floor (Hint: Government policies and intervention) please provide detailed answerWhen a government imposes a price ceiling, it will be forced to __________. a. Import goods. b. Buffer stock of goods c. Hoarding of goods d. Export of goods.50. All the governments in the world are using price floor for farmers because____________. a. it gives good income to the farmers b. it makes farmers continue to produce the same farm product c. it ensures supply of farm products d. All of these
- Suppose one thousand (1000) units of product Aare produced by XYZ limited and the quantity demade for the product is two thousand (2000)units .All other things remaining constant,$18 change in price of product A results in change quantity demaded and supplied of 6 and 9 respectively.XYZ limited has a work force of 500 people who Pay income tax of $200 each . Calculate the equilibrium price and equilibrium quantity.In year 1 the price of good X is $10 and 100 units are bought and sold. In year 2 the price of good X is $13 and 230 units are bought and sold. What can explain this? a. The supply of good X was higher in year 2 than in year 1 and the demand for good X was the same in year 2 as in year 1. b. The demand for good X was higher in year 2 than in year 1 and the supply of good X was the same in year 2 as in year 1. c. Both the demand for, and supply of, good X were higher in year 2 than in year 1. d. b or c e. a, b, or c1. If a company introduces a new program and finds that orders from wholesalers far exceed the number of units that are being produced, there is an ____demand and price can be expected to _. 2. Russia was affected by a significant draught. Russia is a major producer and exporter of several agricultural commodities. As a result of the draught, Russia reduced some of its agricultural exports. In the context of the world supply/demand model for the affected agricultural commodities we should observe: supply and ______demand. Explain the answer
