Normally, the people of COVID-FREE LAND demand of 3000 sanitizers and 18000 toilet rolls. Suddenly, there is outbreak of covid-19 and demand for sanitizers and toilet rolls increased to 4,000 and 20,000 respectively. How could COVID-FREE land meets its new demand. Identify and comprehensively discuss at least three possibilities or ways.

Normally, the people of COVID-FREE LAND demand of 3000 sanitizers and 18000 toilet rolls. Suddenly, there is outbreak of covid-19 and demand for sanitizers and toilet rolls increased to 4,000 and 20,000 respectively. How could COVID-FREE land meets its new demand. Identify and comprehensively discuss at least three possibilities or ways.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter2: Economics: Eight Powerful Ideas

Section: Chapter Questions

Problem 12P

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Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID-19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.
Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet itsnew demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.
Why would a free market never operate at aquantity greater than the equilibrium quantity? Hint:What would be required for a transaction to occur at thatquantity?
After the devastating typhoon Haiyan in the Philippines, the government and donor agencies embarked on rehabilitating rice production to avoid hunger and starvation. As a result, Philippines experienced a rice bumper harvest which led to the equilibrium price to decrease to AUD 1.50 per kilogram. To reduce poverty, the government decided to increase the price of rice to AUD 2.00 per kg. Suppose the figure below represents rice production by Jane a farmer in rural Philippines, answer the questions below. Examine the effect of government price legislation on Jane a farmer in rural Philippines Calculate the price elasticity of demand using the midpoint formula for rice What is the price elasticity of demand for rice? Based on your answer, is rice a necessity? Explain your answer.
After the devastating typhoon Haiyan in the Philippines, the government and donor agencies embarked on rehabilitating rice production to avoid hunger and starvation. As a result, Philippines experienced a rice bumper harvest which led to the equilibrium price to decrease to AUD 1.50 per kilogram. To reduce poverty, the government decided to increase the price of rice to AUD 2.00 per kg. Suppose the figure below represents rice production by Jane a farmer in rural Philippines, answer the questions below. Examine the effect of government price legislation on Jane a farmer in rural Philippines Calculate the price elasticity of demand using the midpoint formula for rice. What is th elasticity of demand for rice? Based on your answer, is rice a necessity? Explain your answer.
If quotas lead to an increase in prices, people may be constrained to reduce their consumption of thecommodity subject to quotas or some other commodities. True False
Implementation of carbon pricing in the gasoline market would cause ______ shift of the supply curve, leading to a ______ equilibrium quantity of gasoline and a ______ equilibrium price. A. an outward; lower; higher B. an outward; higher; lower C. an inward; lower; higher D. an inward; higher; lower
if the equilibrium quantity is 50 units, show on a raph that the difference between the maximum buying price & minimum selling price is greater at 25 than at 33 units.
What is the effect of an increase in the number of people working at home on the market for deodorant, all else equal? Show and explain the impact on Dx, Sx, P, Qdx, and/or Qsx assuming a competitive market for deodorant.
Which of the following statements is correct? Select one: a. the use of tradeable permits and corrective taxes reduces the cost of environmental protection b. rich countries usually have cleaner environments than poor countries because a clean environment is like other normal goods in that it has a positive income elasticity c. clean water and clean air are goods to which the law of demand applies d. all of the above are correct
Suppose that new type of mining equipment replaces low-income miners, but require highly skilled technicians to operate and maintain. The new equipment will shift the demand curve for low-income workers to the ______ while shifting the demand curve for high-income workers to the _____.
The following table shows three demand schedules for a person who likes toplay football and/or go swimming. In scenario S1, his income is $100,000 per yearand swimming cost $18 each. In scenario S2, his income is also $100,000 peryear, but the price of swimming rises to $22 per round. And in scenario S3, hisincome increases to $140,000 per year while swimming cost $22 per round.A. Use data under S1 and S2 to calculate the cross elasticity of demand for footballat all three prices. (Use the midpoint formula) Is the cross elasticity the same at allthree prices? What type of goods are football and swimming? Why?b. Use data under S2 and S3 to calculate the income elasticity of demand forfootball at all three prices. (Use the midpoint formula) Is the income elasticity thesame at all three prices? Is football an inferior good? Why?Quantity DemandedPrice S1 S2 S3$100 30 20 3070 50 30 6040 80 40 100