Suppose that in the year 2005 the number of births is temporarily high. How might this baby boom affect the price of babysitting services in 2010 and 2020? (Hint: 5-year-olds need babysitters, whereas 15-year-olds can be babysitters.)
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Suppose that in the year 2005 the number of births is temporarily high. How might this baby boom affect the price of babysitting services in 2010 and 2020? (Hint: 5-year-olds need babysitters, whereas 15-year-olds can be babysitters.)
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- KKTV 11 News wants to interview you, a leading economics expert in Colorado Springs, to learn why it is found that the price of roses increases by more than the price of greeting cards on Valentine's Day. What is your explanationThe rise of digital music and the improvement to the DVD format are part of the reasons why the average selling price of standalone DVD recorders will drop in the coming years. The function below gives the projected average selling price (in dollars) of standalone DVD recorders in year t, where t = 0 corresponds to the beginning of 2002.† A(t) = 699 (t + 1)0.94 (0 ≤ t ≤ 5) What was the average selling price of standalone DVD recorders at the beginning of 2003? At the beginning of 2006? (Round your answers to the nearest dollar.) 2003$. 2006$In the last decade or so, there has been a dramatic expansion of small retail convenience stores (such as 7-Eleven, Kwik Shop, and Circle K), although their prices are generally much higher than prices in large supermarkets. What explains the success of the convenience stores?
- The percentage change in the overall level of prices in an economy is called a. contraction.Factors affecting demand and supply are the various factors that influence the quantity of a good or service that buyers (consumers) are willing to purchase and the quantity that sellers (producers) are willing to produce and sell, respectively. Understanding the factors is important for businesses, policymakers, and consumers to make informed decisions about pricing, production, and consumption. The prediction is that global consumption of crude oil will exceed production by 20 million barrels this year, which means there will be a shortage of supply. This could lead to further price increases if demand continues to grow, which would result in higher costs for consumers and businesses. However, this imbalance is likely to be corrected over time as higher prices incentivize more production, while lower demand could lead to a reduction in consumption. Additionally, new sources of supply could come up or existing sources could increase their output in response to higher prices. In the…If the price of sodium-sulfur batteries decreases, the price of lithium batteries will
- What will happen to the equilibrium price and quantity of pens if the price of pencils rises, consumers experience an increase in income, writing in ink becomes fashionable, people expect the price of pens to rise in the near future, the population increases, fewer firms manufacture pens, and the wages of pen-makers increase? a. Equilibrium quantity would decrase, but the impact on equilibruim price would be ambiguous. b. Equilibruim price would increase, but the impact on equilibruim quantity would be ambigious. c. Equilibrium quantity would incrase, but the impact on equilibruim would be ambiguous d. Equilibrium price increases and equilibruim quantity decreases e. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.polysilicon prices have been significantly rising in 2022 due to supply shortages. Among many other uses, polysilicon is a major component in solar panels. Assume this trend continues and assume at least part of the population purchases carbon offsets as an alternative to using renewable energy. Which of the following will most likely happen to the market for carbon offsets due to the rising prices of silicon? a. The price of carbon offsets will increase. b. The price of carbon offsets will decrease. c. The price of carbon offsets will be unaffected.The demand for pizza is given by Qp= 85 − 0.4P where Qp is the quantity demanded in slices and P is the price per slice. The supply of pizza is given by Qs= 55 + 0.6p. Calculate the equilibrium price and equilibrium quantity of pizza Calculate the demand and supply for pizza if the market price is $15 per slice. What problem exists in the economy? What would you expect to happen to price? As more people buy televisions, the demand for Netflix increases and the price of Netflix decreases. The fall in the price of Netflix decreases the supply of Netflix. Explain what is wrong with this statement Butter and toast are often consumed together. Both the equilibrium price of toast and the equilibrium quantity of butter have risen. What could be responsible for this pattern—a fall in the price of milk or a fall in the price of flour? Illustrate and explain your answer. Suppose instead that the equilibrium price of toast has risen but the equilibrium quantity of butter has fallen. What could be…
- Discuss clearly how the following items may affects the change in demand. Population change Prices of related goods Expected future prices, income, and creditThe market price of hamburgers in a college town increased recently, and the students in an economics class are debating the cause of the price increase. Some students suggest that the price increased because several burger joints in the area have recently gone out of business. Other students attribute the increase in the price of hamburgers to a recent decrease in the price of french fries. Everyone agrees that the decrease in the price of french fries was caused by a recent decrease in the price of potatoes, which are not generally used in making hamburgers. The first group of students thinks the increase in the price of hamburgers is due to the fact that several burger joints in the area have recently gone out of business. The first group of students thinks the increase in the price of hamburgers is due to the fact that several burger joints in the area have recently gone out of business. On the following graph, adjust the supply and demand curves to illustrate the…Steak and (Potatoes or Carrots) are typically paired for a meal as complements. Potatoes are a normal good. Carrots are an inferior good. Potatoes and Carrots are substitutes. Use this information to answer the following question: What will happen to the equilibrium price and quantity of carrots if consumer disposable income falls? A. Price will decrease, Quantity will decrease B. Price will decrease, Quantity will increase C. Price will increase, Quantity will decrease D. Price will increase, Quantity will increase Only typed answer
