Prices reveal the value of goods in different parts of the world. When the price is higher is one country compared to the rest of the world, this signals the world that a particular good is more valuable in one country compared to the rest of the world. In Burma after the Typhoon, the demand for roofing and nails increases (riş and the supply of [ Select ] rice increases (right shift of demand curve] roofing and nails increases (right shift of demand curve] rice fell (left shift of supply cu v In the markets for rice, nails and roofing, prices rose dramatically.
Prices reveal the value of goods in different parts of the world. When the price is higher is one country compared to the rest of the world, this signals the world that a particular good is more valuable in one country compared to the rest of the world. In Burma after the Typhoon, the demand for roofing and nails increases (riş and the supply of [ Select ] rice increases (right shift of demand curve] roofing and nails increases (right shift of demand curve] rice fell (left shift of supply cu v In the markets for rice, nails and roofing, prices rose dramatically.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 6SQP
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2. rice fell (left shift of supply curve) /roofing and nails fell (left shift of supply curve)
3. rose/ fell
4. rice/roofing and/or nails
5. rice/roofing and/or nails
6. Owners of rice, roofing or nails in the Rest of the World shipping goods to Burma./The supply of rice, roofing or nails increasing in Burma as rice, roofing, and nails arriving in Burma.
7. The supply of rice increasing in Burma as rice arrives in Burma. /Owners of rice in the Rest of the World shipping rice to Burma.
8. Owners of roofing or nails in the Rest of the World shipping goods to Burma. /The supply of roofing or nails increasing in Burma as roofing, and nails arrive in Burma.
![Prices reveal the value of goods in different parts of the world. When the price is higher is one
country compared to the rest of the world, this signals the world that a particular good is more
valuable in one country compared to the rest of the world.
In Burma after the Typhoon, the demand for roofing and nails increases (riş v
and the supply of
[ Select]
rice increases (right shift of demand curve]
roofing and nails increases (right shift of demand curve]
rice fell (left shift of supply cu v
In the markets for rice, nails and roofing, prices rose
dramatically.
When prices are higher in one part of the world, there is an opportunity for owners of a good to
make themselves better off by reallocating the existing supply of a good from areas of low value to
areas of high value. This involves physically reallocating supplies of the good from areas where the
price is low to areas where the price is high.
Consider the two sets of markets. The A-graphs is/are the markets for
rice
The B-graphs are/is the market(s) for
roofing and/or nails
On both sets of markets, the shift from S2 to SAfter Shows
Owners of rice, roofing or nai v
The shift from STyphoon to SAfter Shows The supply of rice increasing i v
The shift from S1 to SAfter shows
Owners of roofing or nails int v](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c83c866-5b58-4f8c-be47-02a01cda76d6%2F5fa325e9-ee0a-41bc-99c3-5c7836567724%2Fh32gvij_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prices reveal the value of goods in different parts of the world. When the price is higher is one
country compared to the rest of the world, this signals the world that a particular good is more
valuable in one country compared to the rest of the world.
In Burma after the Typhoon, the demand for roofing and nails increases (riş v
and the supply of
[ Select]
rice increases (right shift of demand curve]
roofing and nails increases (right shift of demand curve]
rice fell (left shift of supply cu v
In the markets for rice, nails and roofing, prices rose
dramatically.
When prices are higher in one part of the world, there is an opportunity for owners of a good to
make themselves better off by reallocating the existing supply of a good from areas of low value to
areas of high value. This involves physically reallocating supplies of the good from areas where the
price is low to areas where the price is high.
Consider the two sets of markets. The A-graphs is/are the markets for
rice
The B-graphs are/is the market(s) for
roofing and/or nails
On both sets of markets, the shift from S2 to SAfter Shows
Owners of rice, roofing or nai v
The shift from STyphoon to SAfter Shows The supply of rice increasing i v
The shift from S1 to SAfter shows
Owners of roofing or nails int v
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