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- Consider the scenario. Explain using written and graphical analysis What will happen in the market for lobster if the government rises the income taxand lobsters are a normal good?Question 2 (a) Catherine buys and sells real estate. Two weeks ago, she paid $300,000 for a house on Pine Street, intending to spend $50,000 on repairs and then sell the house for $400,000. Last week, the city government announced a plan to build a new landfill on Pine Street just down the street from the house Catherine purchased. As a result of the city’s announced plan, Catherine is weighing two alternatives: She can go ahead with the $50,000 in repairs and then sell the house for $290,000, or she can forgo the repairs and sell the house as it is for $250,000. What should Catherine do? (b) Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets and accommodation for the weekend costs $300. Suppose also that restaurant food for the weekend will cost $75. Finally, suppose you have a weekend job that you will have to miss to go skiing, which pays you $120. Calculate the opportunity cost of going skiing? Do you need any other information about…Now consider a different situation. A flood has occurred at rural areas in Bangladesh, which has caused local people to sell their livestock (i.e. chicken, duck, cow, goat) at low price in the market. Because of this event, what would happen to the market of salad items? What would happen to the market of Kachchi biryani, Morog Polaw, and chicken biryanis? Explain (in details) with relevant diagrams/graphs.
- Please no written by hand solutions Jack paid $13.75 to buy 3 slices of pizza and 4 hot dogs at a concession stand. Sarah paid $9.75 to buy 2 slices of pizza and 3 hot dogs from the same concession stand. What was the price of a slice of pizza?Scenario 1: Directions: Read and analyze the situations then answer what is being asked on the given questions. In the year 2000, the high price of crude oil in the world market increased the production of renewable energy. Soya beans are an input in the production of renewable energy. Farmers have switched from producing wheat to soya beans. Due to the new market for soya bean the price of wheat increases in the market. A. Explain the impact of soya farming on the supply of wheat. (2 Marks) B. Why do you think that the farmers have switched to soya production? Justify your arguments. (2 Marks) C. Analyze the impact of renewable energy on the price of crude oil. (2 Marks) D. Examine the price of bread in the market. (2 Marks) E. What is market equilibrium? Explain your answer. (2 Marks)No written by hand solution Which of the following would be found in the goods market? a) Fibre optic cables or mobile phone masts for internet b) Low-earth orbiting satellites for internet c) A researcher in planetary and space science d) A monthly subscription fee for internet
- The green grass in the lawn covered with coconut shell for one week turned yellowgreen in color. Why? How can the yellow green colored grass recover?Scenario 1: Directions: Read and analyze the situations then answer what is being asked on the given questions. In year 2000, the high price of crude oil in the world market increased the production of renewable energy. Soya beans is an input in the production of renewable energy. Farmers have switched from producing wheat to soya beans. Due to the new market for soya bean the price of wheat increases in the market. A. Explain the impact of soya farming on the supply of wheat. B. Why do you think that the farmers have switched to soya production? Justify your arguments. C. Analyze the impact of renewable energy on the price of crude oil. D. Examine the price of bread in the market. E. What is market equilibrium? Explain your answer.Directions: Read and analyze the situations then answer what is being asked on the given questions. In year 2000, the high price of crude oil in the world market increased the production of renewable energy. Soya beans is an input in the production of renewable energy. Farmers have switched from producing wheat to soya beans. Due to the new market for soya bean the price of wheat increases in the market. 1. Explain the impact of soya farming on the supply of wheat. 2. Why do you think that the farmers have switched to soya production? Justify your arguments. 3.Analyze the impact of renewable energy on the price of crude oil. 4.Examine the price of bread in the market. 5. What is market equilibrium? Explain your answer
- 1A please follow instructions fill out graph. Assume that the hood being produced and sold is almonds measured in palettes. Follow word problem. Thanks show workChoices for lablled parts 1. Supply or quantity supplied 2. movement along or shift of 3. rightward shift of, leftward movement along, leftward shift of, rightward movement along 4. Less expensive to build, more fashionable, more expensive to build, saferA semiconductor is a key component in your laptop, cell phone, and iPod. The table provides information about the market for semiconductors in the United States. Producers of semiconductors can get $18 a unit on the world market. Price (dollars per unit) Quantity demanded Quantity(billions of units per year) Quantity supplied(billions of units per year) 10 25 0 12 20 20 14 15 40 16 10 60 18 5 80 20 0 100 Draw a graph (graph is for your own reference, not required to be attached in the answer sheet) to illustrate the U.S. supply and demand market for semiconductors. What is the price with free international trade? What is the quantity of semiconductors produced in U.S. and total quantity bought by U.S. people and the quantity exported from other countries? (3 marks) Due to loss of competitiveness brought on by appreciation of the exchange rate and the high production costs, U.S. government reduce the export (or limit the…