The following graph illustrates the market for pistachios. It plots the monthly supply of pistachios and the monthly demand for pistachios. Suppose a stretch of unseasonably good weather occurs, allowing pistachio growers to produce more pistachios per hectare.
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- 14. Application: Demand elasticity and agriculture Consider the market for apples. The following graph shows the weekly demand for apples and the weekly supply of apples. Suppose new farming technology is developed that enables growers to produce more crops with the same resources. Show the effect this shock has on the market for apples by shifting the demand curve, supply curve, or both. 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.Question 21.21. Which of the following goods (with their respective income-elasticity coefficients in parentheses) will most likely suffer a decline in demand during a recession? Dinner at a nice restaurant (+1.8) Chicken purchased at the grocery store for preparation at home (+0.25) Facial tissue (+0.6) Plasma-screen and LCD TVs (+4.2)Question 17 Kevin’s goal as a business manager is to increase total sales in dollar terms for his business. Should he raise or lower his prices? a raise prices if demand is elastic; lower prices if demand is inelastic b lower prices if demand is elastic; raise prices if demand is inelastic c raise prices regardless of whether demand is elastic or inelastic. d lower prices regardless of whether demand is elastic or inelastic.
- 11) Suppose that it is observed that the price of a commodity rises and that the quantity sold falls. From this we can deduce A) that the demand curve has shifted to the left, but we cannot deduce whether or not the supply curve has shifted. B) that the demand curve has shifted to the right, but we cannot deduce whether or not the supply curve has shifted. C) that the supply curve has shifted to the right, but we cannot deduce whether or not the demand curve has shifted. D) that the supply curve has shifted to the left, but we cannot deduce whether or not the demand curve has shifted3. In the market for Philadelphia Phillies baseball tickets, a determinant of supply would be ______ while demand determinants would include _____________. The price of the tickets; household wealth in the Philadelphia area. Input costs and consumer tastes; the level of competition in the ticket-selling industry. The price of substitutes for these tickets; the price of tickets. The price of parking at Phillies baseball games; the number of sellers of competing sporting events in the area. A and C only4-1 You have noticed that the price of season tickets to your university’s football matches keeps increasing but the supply of tickets remains the same. Why might supply be unresponsive to changes in price? In the longer term, would it be more responsive? How?
- 12. What information does the demand function convey? Explain.24- Identify the statement that does not describe a supply curve. a. It shows various prices and quantity supplied b. It is a graph showing a direct relationship c. It shows a positive relationship d. It is in tabular format23) Suppose the price elasticity of demand for a product is 1.8. If a supplier wants to increase revenue, they shoud (increase or decrease price- SELECT ONE) increase 24) Goods that are considered luxuries tend to be more (price elastic or price inelastic- SELECT ONE)price elastic 25) When the price is increased and total revenues increase, the elasticity of demand is (price elastic or price inelastic- SELECT ONE)price inelastic
- 20- Supply curve is rising upwards from left to right, this is due to __________. a. Negative relationship between price and quantity demanded b. Negative relationship between price and quantity supplied c. Positive relationship between price and quantity supplied d. Positive relationship between price and quantity demandedQuestion 3 Explain why oil prices have fallen this year (2020). Be sure to identify the changes in key determinants of demand and supply.6) Refer to Figure 3-2. A decrease in the expected future price of the product would be represented by a movement from 6) _______ 2) A) A to B. B) B to A. C) S1 to S2. D) S2 to S1. 7) The supply curve for watches 7) _______ A) is downward sloping. B) shows the relationship between the quantity of watches firms are willing and able to supply and the quantity of watches consumers are willing and able to purchase. C) shows the relationship between the price of watches and the quantity of watches supplied. D) shows the supply of watches consumers are willing and able to buy at any given price.