Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth
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Question 1 - Learning Activity 4.4
Consider the market for minivans. Indicate the impact if any on
(a) People decide to have more children.
(b) A strike by steelworkers raises steel prices.
(c) Engineers develop new automated machinery for the production of minivans.
(d) The price of station wagons rises.
(e) A stock-market crash lowers people’s wealth
Question 2 - Learning Activity 4.5 ---- Q#2
Given QD = 40 – 0.02P and QS = -50 + 0.1P, Calculate:
(a)
(b)
(c) Producer surplus
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- Question 1 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth sub section (D) and (E)Question 1 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealthA key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. With this assignment, you get a chance to demonstrate your ability to apply what you have learned to the coffee market. Be sure to answer all parts of each of the scenarios below. Students may utilize Paint, Word (the shapes tool under Insert), OneNote (Draw tab), or hand draw the graphs. Scenario 1: Suppose that the FDA increases regulations for coffee. Will this affect the supply or demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same axes. How will this change affect the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: Suppose the Mayo publishes a study finding that the caffeine in coffee increases the probability of getting Alzheimer’s. How do you imagine this will affect the market for coffee? Which determinant of demand or supply is being affected? Show…
- Economics QUESTION 3 Ceteris paribus, assuming at the same time as the demand for electric car was increasing the federal government of Malaysia imposed a tax on electric car suppliers. Use demand and supply analysis to graphically represent and explain the impact on price and quantity in the market for electric cars in Malaysia. (HINT: there is more than one outcome to the changes in price and quantity).(KEY QUESTION) Consider the market for station wagons. For each of the events listed below,identify which of the determinants of demand or supply are affected. Also indicate whether demandor supply is increased or decreased.a. People decide to have more children.b. The price of mini-vans rises.c. A strike by steelworkers raises steel prices.d. Engineers develop new automated machinery for the production of station wagons.e. A stock market crash lowers people's wealth.f. IMPORTANT: In all the above cases, is the change in equilibrium quantity less, more, orequal to the initial change in demand or supply? Why is this? (recall our discussion in thelectures, you can check slides 3-6 from week 5 or the lecture recordings.g. IMPORTANT: Now assume the changes in parts a. and c. happen simultaneously. Show themon the diagram and explain what will/may happen to the equilibrium price and quantity (Iencourage you to try this for combinations of the other changes too) PLEASE ANSWER SUBQUESTIONS D…(KEY QUESTION) Consider the market for station wagons. For each of the events listed below,identify which of the determinants of demand or supply are affected. Also indicate whether demandor supply is increased or decreased.a. People decide to have more children.b. The price of mini-vans rises.c. A strike by steelworkers raises steel prices.d. Engineers develop new automated machinery for the production of station wagons.e. A stock market crash lowers people's wealth.f. IMPORTANT: In all the above cases, is the change in equilibrium quantity less, more, orequal to the initial change in demand or supply? Why is this? (recall our discussion in thelectures, you can check slides 3-6 from week 5 or the lecture recordings.g. IMPORTANT: Now assume the changes in parts a. and c. happen simultaneously. Show themon the diagram and explain what will/may happen to the equilibrium price and quantity (Iencourage you to try this for combinations of the other changes too)
- Question 2 A) For each of the following statements, illustrate the effect of each event on the market for red snapper fish and indicate the effects on the equilibrium price and quantity. A surgeon general warns that high-cholesterol foods such as beef cause heart attacks. A new fishing wire reduces the time taken to harvest fish while at the same time there is a report that persons have developed food poisoning from consuming fish. B) The Trinidad and Tobago government administers two programs that affect the market for cigarettes. Advertisements and labeling requirements which are aimed at making the public aware of the dangers of cigarettes. At the same time, the Ministry of Agriculture limits the amount of land that can be devoted to tobacco production. Are these two programs useful in the goal of reducing cigarette consumption? As part of your answer, illustrate graphically the effects of both policies on the market for cigarettes. Question 3 Explain whether each of the…4 . Individual Problems 8-1 The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $22, $12, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $12, $22, $30, and $38 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $2 $4 $8 $12 $22 $30 $38 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be widgets.QUESTIONS: Scenario 1: As part of an international trade agreement, the Oman government reduces the tax on imported coffee. a. Will this affect the supply or the demand for coffee? Why? b. Which determinant of demand or supply is being affected? Explain. c. Show graphically the effect of changes in demand or supply. d. How will this change the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: The Ministry of health publishes a study finding that coffee drinking reduces the probability of getting cancer. a. How do you imagine this will affect the market for coffee? Why? b. Which determinant of demand or supply is being affected? Explain. c. Show graphically the changes in demand or supply. d. Will this change the equilibrium price and quantity of coffee? Explain your reasoning.
- Question1 (i) There are a total of 100 vegetable farmers. Because of the recent typhoon, 50 of the farmers’ lands are badly damaged. Which of the following will likely happen to the supply curve of vegetables? A: The supply curve will shift to the left. B: The supply curve will shift to the right. C: The supply curve will not shift as the price will rise along the supply curve. D: The supply curve will not shift as the price will fall along the supply curve. (ii) The law of supply states that when the price of cookies changes the supply curve for cookies: A: will not shift because the movement is along the original demand curve. B: will not shift because the movement is along the original supply curve. C: will shift and the demand curve will also shift. D: will shift but the demand curve will not shift.Subject: Business economics Question 1: Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events. The market for newspapers in your town Case 1: The salaries of journalists go up. Case 2: There is a big news event in your town, which is reported in the newspapers.(KEY QUESTION) Consider the market for station wagons. For each of the events listed below,identify which of the determinants of demand or supply are affected. Also indicate whether demandor supply is increased or decreased.d. Engineers develop new automated machinery for the production of station wagons.e. A stock market crash lowers people's wealth.f. IMPORTANT: In all the above cases, is the change in equilibrium quantity less, more, orequal to the initial change in demand or supply? Why is this? (recall our discussion in thelectures, you can check slides 3-6 from week 5 or the lecture recordings.g. IMPORTANT: Now assume the changes in parts a. and c. happen simultaneously. Show themon the diagram and explain what will/may happen to the equilibrium price and quantity (Iencourage you to try this for combinations of the other changes too)