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- Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following events: The price of petrol in the market comes down. Consumers Income falls during government imposed Lockdowns due to health concerns.Which of the following statements is TRUE? (a) Change in demand and change in quantity demanded are just different names for the same thing. (b) A change in quantity demanded represents a change from one price and quantity demanded to another price and quantity demanded on the same demand relationship. (c) A change in quantity demanded is caused by a change in the price of the good and as such is an entirely endogenous change. (d) A change in demand is caused by a change in an exogenous factor. (e) A change in demand means that quantity demanded will change at every price and the demand curve representing tire demand relationship will shift. (f) A change in quantity demanded can result from a change in supply. (g) A change in demand can result from a change in supply. (h) There is no difference between a change in supply and a change in quantity supplied (i) A change in quantity supplied is caused…Which of the following statements is incorrect regarding equilibrium in the demand/supply model? a. At the equilibrium price, there is no shortage and there is no surplus. b. Below the equilibrium price there is a shortage and a pressure for the price to increase. c. None of the statements listed here is incorrect. d. At the equilibrium price, quantity demanded equals quantity supplied. e. Above the equilibrium price there is a surplus and a pressure for the price to decrease.
- Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following events: The Monsoon rains adversely affect the Apple Harvest. The government announces increase in Wages of workers. The price of petrol in the market comes down. Consumers Income falls during government imposed Lockdowns due to health concerns.Draw a demand and supply graph for each of the following questions. For each question, start by drawing a correctly labeled graph of the market for cookies in equilibrium. Your starting graphs should each have correctly labeled axes and demand and supply curves. Label the equilibrium price and quantity as p1 and p2 on the axes of each of the starting graphs. Show the effect on the equilibrium price and quantity in the market for cookies if the price of flour decreases. Determine which curve is affected by the change in the price of flour and whether it increases or decreases. On your graph, draw a new curve indicating the shift—either to the right or the left. Label the new equilibrium price and quantity as p2 and q2.Answer the given question with a proper explanation and step-by-step solution. Which of the following statements is/are correct? i. An increase in the price of kettles will result in an increase in the supply of kettles. ii. An increase in the price of any of the factors of production will result in a leftward shift of the supply curve. iii. An increase in the wages of workers at Mr Juicy drink factory in Durban will result in a movement along the supply curve of Mr Juicy drinks, ceteris paribus. iv. In their supply decisions, producers take account of the prices of all the alternative products they can produce. a) Only i, ii , iii and iv. b) Only ii and iv. c) Only ii and iii. d) Only i, ii and iv.
- Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following events: Suppose the Doctors recommend eating Apples every morning. The Monsoon rains adversely affect the Apple Harvest. The government announces increase in Wages of workers. The price of petrol in the market comes down. Consumers Income falls during government imposed Lockdowns due to health concerns. kindly answer all the partsDraw a demand and supply graph for each of the following questions. For each question, start by drawing a correctly labeled graph of the market for cookies in equilibrium. Your starting graphs should each have correctly labeled axes and demand and supply curves. Label the equilibrium price and quantity as p1 and p2 on the axes of each of the starting graphs. Show the effect on the equilibrium price and quantity in the market for cookies if the price of milk increases. Determine which curve is affected by the change in the price of milk and whether it increases or decreases. On your graph, draw a new curve indicating the shift—either to the right or the left. Label the new equilibrium price and quantity as p2 and q2. Show the effect on the equilibrium price and quantity in the market for cookies if the price of flour decreases. Determine which curve is affected by the change in the price of flour and whether it increases or decreases. On your graph, draw a new curve indicating the…Given the equations for demand and supply below, solve for the equilibrium price P* and quantity Q*. Show your work. (The steps for solving supply and demand equations are shown at the end of Lecture 3 on supply and demand.) Demand: Q(d) = 1000 – 100P Supply: Q(s) = 100 + 200P
