The market for lemonade is currently in equilibrium and the cost of lemons rises an input How Price will rise and sales will increase Price will rise and sales will fall Price will fall and sales will rise Price will fall and sales will fall
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- 6 Draw a supply and demand diagram of the market for beef in Australia. On you diagram, show the market equilibrium price, PE, and equilibrium quantity, QE. Name all axes and curves on your diagram. What is the relationship between QS and QD at equilibrium?6 Input either "increase" or "decrease" where relevant: A decrease in the price of a complementary good will cause its complement’s equilibrium price to ....... and the equilibrium quantity to .......Economics When the price of pens doubles, demand is reduced by 10%, graph and explain what will result in the equilibrium and income of this market. A. when consumer income increases B. when a technological improvement is developed in the production of pens explain it correctly
- Only typed answer If the product is gasoline, and world income increases, what variable is affected, and is it a move along the D curve (Qd), or a new Demand curve? Select one or more: a. price b. tastes and preferences c. price of complimentary good d. along the curve e. new curve f. incomeQuestion 4 and pr If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual pho to be posted instead of a manufacturer's stock picture of the product, both the demand and supply of products shift due to the improved information. If supply shifts by more than demand, quantity will decrease, increase O increase, decrease increase, be indeterminate O decrease, be indeterminateSuppose apples are being treated with some cancer-causing pesticide and the public has been unaware of this in the past. Describe the impact on the apple market if consumers become aware of this practice.
- Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.Consider a market for Tea a normal good in Karachi. You are supposed to analyze and discuss the effect on the equilibrium output and the price in the Tea market in Karachi for the October, 2020 after the following changes (Other things held constant). In each case, explain your answer using supply and demand diagram. a. There has been a decrease in people’s income and a rise in the price of sugar (an input for making Tea) in Pakistan during 2020 due to COVID-19 crisis simultaneously. b. Price of the coffee falls in the month of October 2020 in Karachi.Ernie owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Bottle of water Cost Cost of 1st bottle $1 Cost of 2nd bottle $3 Cost of 3rd bottle $5 Cost of 4th bottle $7 1.From this information, derive Ernie’s supply schedule. 2.Graph his supply curve for bottled water. 3.If the price of a bottle of water is $4, how many bottles does Ernie produce and sell? How much producer surplus does Ernie get from these sales? Graph his supply curve for bottled water. 4.If the price rises to $6, how does quantity supplied change? How does Ernie’s producer surplus change? Show these changes in your graph.
- 1.2 If the demand and supply curve for cell phones is given by: D = 80 - 4P, S = 40 + 6P In a market with a price of P for smartphones, compute the number of phones that would be bought and sold at equilibrium.Market: French Fries The equilibrium price has decreased and the equilibrium quantity is the same. Graph the market and give two reasons why this has happened that fit the graph. You do not need to identify the determinants for this question.From the following demand and supply equation find the equilibrium price (ePx); Qdx= 38.1Px-387.6 and Qsx= 17.4Px+129.8 Select one: a. -0.08 b. 538.10 c. 25.00 d. 9.32
