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20.
Question 20 options:
--------------It is an attempt to create barriers to entry by gaining control over the source of material inputs into the down stream stage of a production process.
--------- are the factors that restrain markets from working perfectly.
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- 15. In the market for gold jewelry, products come in a range of designs, styles, and levels of quality. Which of the characteristics of a competitive market is violated in the jewelry market? What does this imply for consumers’ willingness to buy from different producers?20. Which of the following would increase the short-run supply for a business, regardless of market structure? A-An income tax on consumers. B-A transfer payment. C-A lump-sum production subsidy D-A per-unit production subsidy. E-An excise tax 21.How would the creation of an import quota affect the market for a good? A-Imported supply increases. B-Domestic supply decreases. C-Market price increases D-Consumer surplus increases. E-Producer surplus decreases1. In which of the changes to market conditions might we be certain that the market price will increase, but without knowing whether the quantity traded will increase or decrease?a) A cold winter increases the demand for energy, and the development of renewable energy supply increases the market supply.b) A hot summer increases the demand for ice cream, but an illness among dairy cows reduces the supply of milk for making ice cream.c) A renewed lockdown reduces the demand for the restaurant sector at the same time as increasing food prices reduces the market supply.d) Awareness of skin damage causes an increase in demand for sunscreen, at the same time as the cost of raw materials is falling. 2) We would expect the demand for a brand of coffee beans to be more price elastic than the demand for bags of coffee beans because:a) Not all consumers are able to grind coffee beans.b) The market for the brand of coffee beans is much smaller than the market for all coffee beans.c) There is a…
- 7 “Conflicts in Russia and Ukraine are likely to affect how much wheat is available for purchase in global market since Russia and Ukraine are major global wheat exporters. When there is a shortage of wheat, bread prices usually rise. Therefore, the price of bread and other bread based products would rise in different wheat importing countries globally.” Make a judgement about whether the argument is likely to be based on sound or false premises. Give reasons for your answersB. Contrary to part A, other economists believe that the world’s supply of oil never will run out. Separately answering as parts ((i) and (ii), explain two different reasons why most economists believe that a lack of petroleum never will cause the global oil industry to come to an end.Part 1: There is much discussion in the press about several states moving to legalizing marijuana, either for only medical purposes, or more extremely, for recreational purposes. Looking only at the economic impact (not moral implications) of such changes in the laws, discuss how the existing system of supply and demand for illegal marijuana will be changed with the new legalization. What will happen to existing supply avenues? Will legalization significantly change demand? How? Would one expect prices to change significantly? How? Part 2: What do you think most firms prefer, to have an elastic or inelastic demand for their products? Why would it be better to have an elastic/inelastic demand?
- 3. Effects of rent control Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. The future supply of rental housing units increases. Black markets develop. Efficient use of housing space results. Nonprice methods of rationing emerge.1.Suppose that the supply and demand for sunglasses are p=0.8q+6 p=-1.2q+14 Where P is the price in dollars and Q is the quantity in hundreds. A. Find the supply and demand (to the nearest unit) if sunglasses are sold for $7each. Discuss the stability of the sunglasses market at this price. B. Find the supply and demand (to the nearest unit) if sunglasses are sold for $11each. Discuss the stability of the sunglasses market at this price. C. Find the equilibrium price and quantity.1) The demand function is Q 5,000-10p, and the supply function is Q = 200+ 6p. Determine the equilibrium price and quantity. 2) Use supply-and- demand diagrams to illustrate the qualitative effect of the following possible shocks on the world coffee market. a) A new study shows significant health benefits from drinking coffee. b) An important new use for cocoa is discovered. c) A recession causes a decline in per capita income. d) A new coffee plant that allows for much greater output or yield without increasing cost is introduced into the market.
- urgent Question 3.Assume that a Swiss drug company holds the patent on a malaria medicine that has no closesubstitutes. If it charges the same price in every country where it sells this medicine, a price thatwill maximize its profits, that price will exceed what the vast majority of consumers in twentylower-income countries can afford to pay.a) Illustrate this situation using supply and demand curves.b) Use supply and demand curves to show how the Swiss company can sell at different prices ineach country and make a profit in each. Identify on the curves the profit the Swiss companymakes in a typical poorer country, and the profit it makes in a wealthier country.c) What condition is necessary for the Swiss company to be able to follow this strategy?A6 A functioning market exists when there is more than one firm on either the buying side of the selling side of the market for a particular product.. Demand, Supply, consumer surplus, Market Equilibrium Price floor. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum. QD = 80,000 – 20,000Px (Demand) QS = - 20,000 + 20,000Px (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Answer the following questions: A. What is the condition for market equilibrium? B Calculate the market equilibrium price and equilibrium output? C. What is the inverse demand curve P = f (QD)? D. Compute the consumer surplus at the equilibrium price. E. What is the inverse supply curve P = f (Qs)? F. Compute the producer surplus at the equilibrium price.