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Suppose that a consumer in Germany buys a Ford Mustang for a price of $30,000. Do U.S. exports increase by $30,000? Briefly explain.
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- According to a 2018 article in the Wall Street Journal, proposed tariffs on imported steel could cause the price to consumers of new cars to increase by as much as $300. Use a graph to illustrate the impact of this on the current demand curve for new cars in the United States.The following graphs show the relationship between the price of peaches and the quantity of peaches supplied in two different regions, the North and the and South. Assume that the two lines are parallel. In the North, if the price goes down by $0.40 per pound, then the quantity supplied in the North goes down by 600 pounds per year. If the price of peaches goes down by $0.40 in the South, what will happen to the quantity supplied? A. There is not enough information given to determine the supply change in the South. B. The quantity will decrease by 600 pounds per year. C. The quantity will increase by 600 pounds per year. D. The quantity will increase by 300 pounds per year.Consider the economy of Russia, which produces oil and cars that are sold both domestically and internationally. Suppose an increase in foreign income causes an increase in the world demand for oil, whereas the supply does not change. The following graph shows the market for oil in Russia. Adjust the following graph to show the effect of a higher demand for oil on the economy of Russia. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
- In early 1998, Luis Tellez, Mexico’s oil minister, held a secret meeting with his Saudi Arabian counterparts. As a government official, he decides how many barrels of oil Mexico would produce and sell to other countries. The purpose of a secret meeting was to increase earnings, or revenues, from selling oil by raising world price of oil, which had fallen 50% over the previous two years. The low oil price was creating serious problems for both governments. A plan to increase oil price will not succeed unless other oil-exporting countries were willing to reduce oil production. Why? Why not just raise prices? To make the plan work, Tellez had to persuade his fellow oil ministers to produce less. But how much less? What information he needs to know in order to answer this question?The following is an excerpt from an article in the Singaporean newspaper, the Straits Times: Singaporeans with a sweet tooth could soon find themselves paying more for their favourite treats, as bakers and confectioners buckle under soaring sugar prices. Since March last year, the price of white sugar has shot up by 70 per cent, according to the New York Board of Trade. As if that didn’t make life difficult enough for bakers, butter and cheese prices have also risen, by 31 per cent and 17 per cent respectively. The increases have been caused by various factors: a steep drop in Thailand’s sugarcane production due to drought, higher sea freight charges, increasing demand from China’s consumers for dairy products and the strong Australian and New Zealand dollar. For the consumer in Singapore, what this may eventually boil down to is a more expensive bag of cookies, with prices at some bakeries expected to rise between 10 and 20 per cent. [The owner of a Singapore…) A newspaper article mentions that two of South Korea’s largest semiconductor manufacturers, - Samsung Electronics Company and Hynix Semiconductor - would suspend all their memory chip production for some time. The article goes on to say that another large semiconductor manufacturer was likely to follow suit. Collectively, these chip manufacturers produce about 30 percent of the world’s basic semiconductor chips. Based on this information, how is the market for computers altered? Explain in detail.
- Briefly explain how climate will affect demandBriefly describe the concept of demand and supply in economics.Suppose a decrease in the world demand for desktop computers causes the price of desktop computers to fall from $600 to $500. Before the fall in demand, Juna, a local computer dealer in Japan, used to produce 9,000 desktop computers and exported 50 percent of it to other countries every week. However, after the fall in demand, Juna reduced its production to 8,000 units and exports only 40 percent of its total output.a. What are the changes in the quantity sold to domestic consumersb. What are the changes in the consumer surplus?c. Sketch a diagram to illustrate the changes for Juna.
- The following graphs show the relationship between the price of cherries and the quantity of cherries supplied in two different regions, the North and the and South. Assume that the two lines are parallel. In the North, if the price goes down by $0.20 per pound, then the quantity supplied in the North goes down by 200 pounds per year. If the price of cherries goes down by $0.20 in the South, what will happen to the quantity supplied? A. There is not enough information given to determine the supply change in the South. B. The quantity will decrease by 200 pounds per year. C. The quantity will increase by 100 pounds per year. D. The quantity will increase by 200 pounds per year.searchSEARCH ASKQuestionGraphically explain the effect of the following on the equilibrium:(1) Offer of subsidies(2) Increase in price of factors of production(3) Increase of young population in a destination commonly known for consumption of elderly products (4) Improvement of technology(5) Increase in price of one of a complementary goodBelow is my question, also any tips on making it an excel graph? The major BP oil spill in the Gulf of Mexico substantially reduced the harvest of shrimp and other seafood in the Gulf, but had limited impact on the prices that U.S. consumers paid in 2010 (Emmeline Zhao, “Impact on Seafood Prices Is Limited,", Wall Street Journal, June 20, 2010). The reason was that the United States imports about 83% of its seafood and only 2% of domestic supplies come from the Gulf. Use a supply-and-demand diagram to illustrate what happened.