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This year is expected to be a great one for selling walking shoes in Georgia. At very low prices, only the most efficient shoemakers are able to sell. There are two shoe producers that operate with the most cost-effective equipment and skilled personnel, each of which can put 1000 pairs of shoes in the market at $10.00.
At a higher price, eight more shoemakers will enter the market. Each producer makes 1200 pairs of shoes at $25.00 per pair.
If the price goes to $40.00 per pair, the existing firms increase production to 1400 pairs of shoes each, plus four small shops open, each of which produces 500 pairs of shoes.
Using the information above, graph the supply curve for walking shoes.
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- Over the past decade, the total amount of beer consumed in Japan has declined as the beer market has continued to shrink due to higher liquor taxes, changing the sales trend of alcoholic beverage products.In the same period, however, the market share of so-called craft beers has quadrupled, to about 2 percent of all beers.Four larger domestic breweries account for 98% of beer production, with smaller local breweries producing the rest (domestic market share: 39% asahi, 31% kirin, 16% suntory, 12% Sapporo and 2%).Imported beer accounts for only about 1% of the total beer market.Craft beer is expected to boost inbound visitors to the 2019 rugby World Cup and 2020 Tokyo OlympicsThe Japanese government is concerned about combined market power that may be exercised by The big four beer brewing companies in Japan. Drawing on economic principles, explain one policy the government could consider implementing to increase competition in the Japanese beer market. Briefly discuss why and how the…Coffee is now the second most traded commodity in the world after crude oil. Not only has demand for various coffee products risen sharply in Western countries in recent years, increasingly there is also greater taste for coffee drinks in developing countries such as China and India. In addition, by-products of coffee beans have become popular such as coffee leaves which can be used to brew a tea with known health benefits. However, as a natural produce, coffee plants are subject to weather conditions. Recently major producers such as Brazil have been plagued by droughts. Using the demand-supply model, explain the likely effects of these phenomena in the coffee bean market. How can a market analyst use this information to her advantage?The COVID-19 pandemic severely affected the Australian restaurant industry. Also, Government policy restricting the seating capacity of restaurants resulted in a drastic decline in the number of people dining in restaurants. As the number of COVID-19 cases is steadily decreasing, the government has removed the restriction and, in addition, offered adults in every household a $40 dining voucher to pay part of their restaurant bills. What would be the short-term impact of the government’s $40 dining voucher policy on the equilibrium price and quantity of restaurant meals? Assume that the restaurant industry is competitive and currently in long-run equilibrium. Illustrate your answer with either DIAGRAM A or DIAGRAM B.
- To make extra money at school, Sofia starts a house painting business. Sofia’s start-up costs are $480 (including permits and license fee). Additionally, Sofia must purchase painting supplies for each house at a cost of $520 per house. Sofia charges her customers $2,400 per house. It takes 48 hours of working time to paint a house. Sofia has 24 hours a week to dedicate to her painting business. She works every week for one year (52 weeks). Sofia can hire a maximum of 2 other painters to join her team. Each painter works 24 hours per week and she pays each painter $18 per hour. Assume there is only one team of workers (that always includes Sofia), and that her work is so good, she keeps getting offers for jobs. Assume Sofia does not pay herself a salary, but instead earns all profits of the business. *Working by herself, Sofia earns a profit of____? *Working with one employee, Sofia earns a profit of____? *Working with two employees, Sofia earns a profit of____?The population of China has grown at an annual rate of 1.1% since 1987, while over the same period fish consumption in China has grown at an annual rate of 8.9%. Speculate on the reasons behind China’s rapidly increasing consumption of fish.Ten years ago, the town of Easton decided to increase its annual spending on education so that its high school graduates would be able to earn higher wages. Now Easton has asked you to evaluate the effectiveness of the spending increase. Their data show that before the spending increase, the average annual salary of recent high school graduates was $25,000 and that now that average salary has risen to $28,500. Fortunately for your analysis, a neighboring community (Allentown) did not change its annual spending on education. Ten years ago, recent Allentown high school graduates earned an average of $22,500, and now that average is $23,750. (a) Use a difference-in-differences estimator to determine whether Easton’s spending increase caused the wages of their high school graduates to increase. (b) What underlying assumption do you have to make in order for your estimate to be valid? What might cause your underlying assumption to be invalid? (c) This data set contains only two…