) Show graphically, in one graph, what would happen to the demand for bananas if it was recently discovered that they shortene colds, eliminated cancer, and could be used for clean burning fuel in a Volkswagen yellow convertible bug.
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- Graphically show how each of the following affects the demand curve. Also explain which factor of demand is being affected in each case: Salt is a “Neutral Good”. If income increases, how does it affect the demand for salt? What happens to the demand for Bus Rides when the Metro Rail starts running?Suppose you are asked to do a market analysis in an area in which a natural disaster has recently occurred. (An example might be Nashville after the spring floods or New Orleans after Hurricane Katrina.) Other than building supplies (which is too easy :), choose a market for a good or service that will be affected. Will demand or supply be affected? (Even if it might be both, just choose one or the other to keep it simpler). What happens to equilibrium prices and output in this market? Draw a supply and demand graph for your own use, and then explain the process in detail. Choose a market that has not already been chosen by a classmate. Be creative and thoughtful!Graphically show how each of the following shifts the supply curve. Also identify which factor of supply is being affected in each case. d) What happens to the supply of Spices if the US government withdraws an embargo on imported Spices from Iran? e) Wheat and Corn are substitutes in production. If the price of Corn increases, what happens to the supply of Wheat? f) What happens to the supply of Chocolates when the number of sellers decrease?
- Scenario 1: Because of a recent international trade agreement, the Indian government reduces the tariff on imported coffee. Do you think a reduction of tariff by the government affect the supply or the demand for coffee? If yes, why do you think so? Which determinant of demand or supply is being affected? How will this change the equilibrium price and quantity of coffee? Explain your reasoning and show the changes graphically. Scenario 2: Suppose the National Institutes of Health (NIH) publishes a study finding that coffee drinking reduces the probability of getting colon cancer. Do you think this will affect the market for coffee? If yes, why do you think so? Which determinant of demand or supply is being affected? How will this change the equilibrium price and quantity of coffee? Explain your reasoning and show the changes graphically. Scenario 3: Now, combine both the scenarios. In case if the Indian government reduces the tariff on imported coffee, and the recent study published by…The data in the table above represent the market demand and supply for strawberries over a range of prices. Price(Cents) Quantity Demand(Million tin/ year) Quantity supplied(Million tins/year) 10 90 30 20 80 50 30 70 70 40 60 90 50 50 110 1.Plot on a single diagram the demand and supply curve. 2.What would be the excess demand or supply if price were set at 10 cent? 3.What would be the excess demand or supply if price were set at 40 cent? 4.Define the equilibrium of a market. Find the equilibrium price and quantity. 5.Suppose that an increase in consumers’ income results in an increase of strawberries’ demand.The demand of strawberries rises by 30 million tins/year at each price level. Find the new equilibrium price and quantity.Graphically show how each of the following shifts the supply curve. Also identify which factor of supply is being affected in each case. What happens to the supply of Spices if the US government withdraws an embargo on imported Spices from Iran?
- During the spring when demand for lobster is relatively low, Maine lobster fishermen are able to sell their lobster catches for about $4.50 per pound. During the summer when demand for lobster is much higher, Maine lobster fishermen are able to sell their lobster catches for only about $3.00 per pound. It may seem strange that the market price is higher when demand is low than when demand is high. Can you resolve this paradox with the help of a demand and supply graph? [You can attach your graph to your posting.] Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Using both words and graphs, determine what would happen in the market for hamburgers made of beef if: A- The price of hot dogs (made of Turkey) increases B- A disease develops that kills a large proportion of cattle of cows C- A new breed of cattle of cows is developed with much faster growth D- Medical research proves that cattle of cows results in hamburgers with less cholesterol than hamburgers from sheep E- direct subsidy on each head of cattle is given to farmers raising cattle. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Using both words and graphs, determine what would happen in the market for hamburgers made of beef if: A- The price of hot dogs (made of Turkey) increases B- A disease develops that kills a large proportion of cattle of cows C- A new breed of cattle of cows is developed with much faster growth D- Medical research proves that cattle of cows results in hamburgers with less cholesterol than hamburgers from sheep E- direct subsidy on each head of cattle is given to farmers raising cattle.
- Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for coffee? Why?The following graph depicts the market for candy bars, currently in equilibrium. Suppose there is rapid economic growth. Shift either the supply curve or demand curve on the following graph to depict this rapid economic growth, then answer the questions that follow. PRICE ($ per candy bar) 10 9 8 1 0 0 3 Supply Demand 21 24 6 9 12 15 18 QUANTITY (Thousands of candy bars) 27 30 Demand Supply As a result of the rapid economic growth, the equilibrium quantity of candy bars has (decreased or increased?) and the equilibrium price has (decreased or increased?) Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.Suppose the annual demand for gasoline as motor fuel in the US can be represented by the demand curve: Qd=125 - 10*P, where Qd is the quantity measured in billions of gallons, P is the price in dollars per gallon, and the supply curve is: Qs=-100 + 40*P . A) First, solve each equation for P, so that you can represent the inverse demand and the inverse supply on a graph with P on the vertical axis B) Now, draw the supply-demand graph, with P on the vertical axis. C) What is the equilibrium quantity of gasoline, in billions of gallons per year? The equilibrium quantity is D) What is the equilibrium price of gasoline? E) What is the amount of consumer surplus (CS), in billions of dollars, at the equilibrium price? F) What is the amount of producer surplus (PS), in billions of dollars, at the equilibrium price G) What is the total surplus (TS)?