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- Scenario 1: Directions: Read and analyze the situations then answer what is being asked on the given questions. In the year 2000, the high price of crude oil in the world market increased the production of renewable energy. Soya beans are an input in the production of renewable energy. Farmers have switched from producing wheat to soya beans. Due to the new market for soya bean the price of wheat increases in the market. A. Explain the impact of soya farming on the supply of wheat. (2 Marks) B. Why do you think that the farmers have switched to soya production? Justify your arguments. (2 Marks) C. Analyze the impact of renewable energy on the price of crude oil. (2 Marks) D. Examine the price of bread in the market. (2 Marks) E. What is market equilibrium? Explain your answer. (2 Marks)IV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?Enumerate some (a) advantages and (b) disadvantages of learning the concept of demand and concept of supply.
- Scenario 1: Directions: Read and analyze the situations then answer what is being asked on the given questions. In year 2000, the high price of crude oil in the world market increased the production of renewable energy. Soya beans is an input in the production of renewable energy. Farmers have switched from producing wheat to soya beans. Due to the new market for soya bean the price of wheat increases in the market. A. Explain the impact of soya farming on the supply of wheat. B. Why do you think that the farmers have switched to soya production? Justify your arguments. C. Analyze the impact of renewable energy on the price of crude oil. D. Examine the price of bread in the market. E. What is market equilibrium? Explain your answer.Explain the key ingredient : The demander should have the purchasing power to buy that good or service.1. Which of the following variables does not directly impact the quantity of a good the firm is willing to produce? a. the price of the good b. the income level of the people who buy the good c. the number of firms producing the good d. the cost of a key input used to produce the good
- Note: this is an economics question. *Was the shortage of hand sanitizer, masks and disinfectant products during the covid-19 pandemic due to supply or demand? *Explain.What Current Event has a topic about Supply & Demand from a reputable News Article, Report or Journal? Explanation should be 3 paragraphs as follows: Paragraph 1: What is the Economic issue? (Describe the issue) Paragraph 2: What is the connection to Supply & Demand? (Describe the connection to Supply and Demand) (Use Math, Graph or data to explain or support your idea) Paragraph 3: Explain how this affects the Economy (individual, industry, national or global Cite at least one source (News Article, Video, etc.) for any dataWith help of a diagram, explain the impact of decrease in 1 product only. Please provide example (products etc as assumptions) to explain the impact.
- Now consider a different situation. A flood has occurred at rural areas in Bangladesh, which has caused local people to sell their livestock (i.e. chicken, duck, cow, goat) at low price in the market. Because of this event, what would happen to the market of salad items? What would happen to the market of Kachchi biryani, Morog Polaw, and chicken biryanis? Explain (in details) with relevant diagrams/graphs.Day one 2017 trading pushed natural gas prices lower to about $3.30 per million BTUs. In spite of this move many analysts remain bullish due to longer range supply and demand factors. On the demand side, natural gas surpassed coal as the number one fuel for power plants. As a result U.S. exports are soaring, erasing stockpiles created due to the shale fracking boom. A cold winter will push demand even higher but prices fell during the first day of the year due to a new forecast of a milder winter season. On the supply side, many shale drillers ceased operations when prices plummeted. The drilling rig count last August was the lowest it has been since 1987. While a few rigs have been placed back in service it will likely not pick up much until gas prices make a substantial gain. The current price does not provide much incentive to increase production. A reduction in natural gas stockpiles signals production should: A.decrease. B.increase. C.remain the same.…a) What is the role of price in quantity demand & supply and what is the market equilibrium?b) What is system of linear equation and its possible solution method and types of solution set.