using economic concepts , discuss the impact of the following events on the equilibriumprice level and output: due to the outbreak of decease in asia , shipments of input products from asia to australia have decreased significantly.
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using economic concepts , discuss the impact of the following events on the equilibriumprice level and output: due to the outbreak of decease in asia , shipments of input products from asia to australia have decreased significantly.
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- Graphically illustrate and explain the impacts of simultaneous increase in market size (number of buyers) and technological advancement on the equilibrium market price and quantity of a commodity, such as automobiles in the USA.Illustrate the market for peanut butter as a result of the adoption of new technology that reduces the peanut harvesting cost. Illustrate the market for peanut butter after a major hurricane hits the peanut-growing south. Illustrate the market for peanut butter chips after a major hurricane hits the peanut-growing south? Assuming that peanut butter and almond butter are substitutes in consumption, illustrate the market for almond butter after a major hurricane hits the peanut-growing south. Illustrate the market for peanut butter when the scientists discovered that peanut butter is a good source of protein and vitamin B-6peanut.Describe and show on a separate graph how each of the following developments would affect the market price and quantity of chocolate chip cookies. a. The end of conflicts in major cocoa-producing regions lowers the costs of producing cocoa, and so causes the price of cocoa (a major ingredient in chocolate) to fall. b. In an effort to improve health, the government imposes a tax on chocolate chip cookies of 25 cents per cookie.
- The U.S. government administers two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public aware of the health dangers of cigarettes. At the same time, the Department of Agriculture maintains price supports for tobacco. Under this program, the supported price is above the market equilibrium price and the government limits the amount of land that can be devoted to tobacco production. Are these two programs at odds with the goal of reducing cigarette consumption? As part of your answer, illustrate graphically the effects of both policies on the market for cigarettes.There is an increase in the number of adverts highlighting the danger of consuming sugar. Which of the following islikely to occur in the market for sugarless sweets, as a result of this? a. An increase in both the equilibrium price and quantity traded b. A decrease in equilibrium price and an increase in equilibrium quantity traded. c. A decrease in both the equilibrium price and quantity traded. d. An increase in the equilibrium price and a decrease in the equilibrium quantity traded.Total economic surplus The following graph plots the supply and demand curves in the market for polaroid cameras. Total surplus in this market is _ million? *instructions on how to help* Use the Blackpoint (plus symbol) to indicate the equilibrium price and quantity of Polaroid cameras. then use the green point (triangle symbol) to fill the area, representing consumer surplus and use the purple point ( Diamond symbol) to fill the area of representing producer surplus. Answer then, what is the total surplus in this market.
- During 1979 an interruption in oil supplies from the Middle East caused the price of home heating oil to rise by more than 100 percent. Concern about how the sudden price increase would impact poor families led the government to seek oil from the world market. Suppose that domestic market demand and supply curves are given as follows: P = 16 – 2QD P = 4 + QS where QD is the quantity demand, QS is the quantity supplied, and P is price ($s/unit). Solve for the equilibrium price and quantity of home heating oil in the domestic market. How many barrels of oil will consumers purchase if the world price is $6/unit?Normally, the people of COVID-FREE LAND demand of 3000 sanitizers and 18000 toilet rolls. Suddenly, there is outbreak of covid-19 and demand for sanitizers and toilet rolls increased to 4,000 and 20,000 respectively. How could COVID-FREE land meets its new demand. Identify and comprehensively discuss at least three possibilities or ways.Suppose that you decide to start a new business of making children’s ready-made garments. Make a (Hypothetical) linear supply schedule with 7 different price points and corresponding quantity supplied for your business. Make a graph showing equilibrium, shortage and surplus in the ready-made garments market. Give interpretation of this graph. Suppose cheap ready-made garments are imported from China. Draw a graph to show changes in equilibrium price and quantity for the Pakistani ready-made garments market. Give interpretation of this graph. Suppose that to boost the local industry, the Pakistani government gives subsidy on electricity prices. Draw a graph to show changes in equilibrium price and quantity. Give interpretation of this graph. Suppose that cheap cloth is imported from China for production of readymade garments and at the same time tourism in Pakistan increases bringing many more buyers of ready-made garments in the market. What will be impact on equilibrium price and…
- The following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice.Market demand in Nizwa for rice is obtained by_________. a. By calculating the total supply of rice in Nizwa b. By calculating the total production of rice in Nizwa. c. Adding the demands of all rice consumers in Nizwa vertically d. Adding the demands of all rice consumers in Nizwa horizontallyThe following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. In this market, the equilibrium price is $_________ per box, and the equilibrium quantity of oranges is ________ million boxes. For each price listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. pressure on prices options: upward, downward Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is much more price sensitive than the short-run supply of oranges. Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result…
