Question 1d Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity: (d) Electricity is a major input into the production of aluminium, and aluminium is a substitute in supply for steel. In the market for steel, the effect of an increase in price of electricity Impact on demand No impact Impact on supply Shift outwards/ to right Impact on price Decrease equilibrium price Impact on quantity Choose. Please answer all pa Choose. Increase equilibrium quantity Next page No impact

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
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ECON1000 - Principles of Economics | S1 20/21
Question 4
Question 1d
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Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity:
answer
Marked out of
(d) Electricity is a major input into the production of aluminium, and aluminium is a substitute in supply for steel. In the market for steel, the effect of an increase in price of electricity.
6.00
Remove flag
Impact on demand
No impact
Impact on supply
Shift outwards /to right
Impact on price
Decrease equilibrium price
Impact on quantity Choose..
Please answer all pa Choose...
Increase equilibrium quantity
Next page
No impact
Previous page
Change in price uncertain
Excess supply
Increase equilibrium price
Decrease towards equilibrium
Decrease equilibrium price
Increase towards equilibrium
Change in quantity uncertain
Shift inwards / to left
Excess demand
Decrease equilibrium quantity
Shift outwards / to right
A
W
Transcribed Image Text:ECON1000 - Principles of Economics | S1 20/21 Question 4 Question 1d Incomplete Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity: answer Marked out of (d) Electricity is a major input into the production of aluminium, and aluminium is a substitute in supply for steel. In the market for steel, the effect of an increase in price of electricity. 6.00 Remove flag Impact on demand No impact Impact on supply Shift outwards /to right Impact on price Decrease equilibrium price Impact on quantity Choose.. Please answer all pa Choose... Increase equilibrium quantity Next page No impact Previous page Change in price uncertain Excess supply Increase equilibrium price Decrease towards equilibrium Decrease equilibrium price Increase towards equilibrium Change in quantity uncertain Shift inwards / to left Excess demand Decrease equilibrium quantity Shift outwards / to right A W
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