Under the Closer Economic Partnership Arrangement (CEPA), some of Hong Kong ma goods exported to the Chinese mainland will enjoy zero tariffs. As a result, in the main A. the price of these goods will rise. B. the price of these goods will fall. C. the total expenditure on these goods will rise.
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- Each week a person buys 4 units of good A, 5 units of good B, and 6 units of good C. Inweek 1 the prices of the three goods (in A, B, C order) were ($2, $3, $4). In week 2 the prices of the three goods were ($2.05, $2.90, $4.20) The percentage change in the cost of the basket of goods wasThe 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Use the Demand and Supply Model below to answer the questions that follow. Q. Use the mid-point approach to calculate the price elasticity of demand for rice in Australia.The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Explain the impact of the bushfires on the rice market in New South Wales with Demand and Supply model.
- The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Use the Demand and Supply Model below to answer the questions that follow. *Picture attached. 1.Use the Demand and Supply Model above to explain the impact of the bushfires on the rice market in New South Wales. 2.Use the mid-point approach to calculate the price elasticity of demand for rice in Australia. 3.What is the price elasticity of demand for rice? Based on your answer, is rice a necessity commodity? Explain your answer.The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. 1. Use the mid-point approach to calculate the price elasticity of demand for rice in Australia. 2. What is the price elasticity of demand for rice? Based on your answer, is rice a necessity commodity? Explain your answer.Ch.4 Homework Assignment:Instructions:Answer the question(s) or solve the problem(s) below. Show your work if it involvescalculation or graphing and submit it for grading as required.1. If the absolute price of good X is $10 and the absolute price of good Y is $14,then what is ---------------------? (a) the relative price of good X in terms of good Y? (b) the relative price of good Y in terms of good X?
- In the country of Solow, people buy only three things: food, rent, and luxury goods. Last year, the price of luxury goods went down, and the price of rent increased five percent. Overall CPI inflation increased 10%. What happened to the price of food? a) The price of food increased by exactly 10% b) The price of food increased by more than 10% c) The price of food increased by between 5% and 10% d) The price of food must have gone down e) None of these choices are correctCompare and contrast the changes in the price of basic commodities like rice and food products, to that of other products like oil and electricity. What factors brought about these changes?The price of a DVD rental is 1.50 dollar and the price of a downloaded movie is $1. What is relative price of downloaded movie.
- In the United States, grain has many uses. These include food (directly and indirectly), fuel, and exportation. Since 2001, the growing demand for grain has resulted in a double price of farmland in Iowa, Nebraska, South Dakota, and Wyoming. How does the growing price of grain affect the market for farmland? How might farmers meet the growing demand for grain without having to use a greater quantity of land?Which of the following pair of goods are Substitute goods:- (A) Bread and butter (B) Tea and sugar (C) Pen and ink (D) None of the aboveChoose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic system
