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What Type of attraction are in Uk? and which are the main Characteristcs of supply? (what make different from the rest of the world)
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- Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. What is the quantity demanded and the quantity supplied at a price of 210? At what price is the quantity supplied equal to 48,000? Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from line table? What HIE die equilibrium price and equilibrium quantity? If the price was 120, what would the quantities demanded and supplied he? Would a shortage or surplus exist? If so, how large would the shortage or surplus he?Why would a free market mar operate at a quantity greater than the equilibrium quantity? Hint: What would be required for at transaction to occur at that quantity?Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption. If the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. Explain how will this impact the revenues for sugar growers, rum producers and whiskey producers?
- Tornado Bulbul hits Bangladesh and affects the crops and fish hatcheries in the coastal areas.What will happen to shrimp production if the hatcheries were affected due to the tornado? Howwill it affect the equilibrium price and quantity of the local shrimp market? On the other hand, if aneighboring country, who exports crops and fishes to Bangladesh, experiences a bumper harvestand export their surplus products to us, say shrimp, what will happen to the equilibrium price andquantity of local shrimp market again in Bangladesh? Draw a diagram and explain your answer.Consider the following fresh fish exports to GCCs (source: Annual Statistical Yearbook 2007) Year Price (000` RO) Quantity (Tons) 2007 1.03 7,347.8 2006 0.70 11,342.8 2005 1.08 7,902.0 Using midpoint method, compute the elasticity of demand between 2006 – 2007 and 2005 – 2006. Interpret your answers Describe two factors that affect price elasticity of demand for fish exported to GCCs. Do you think price elasticity of fish can positively inform trade policy decision makers in Oman? Why?Hula Products has reintroduced the hula hoop to the world and faces a growing demand for its product in two distinct markets: the United States and Europe. Demand in these markets is: PU = 20 - .1QU and PE = 10 - .05QE., where all quantities are expressed in thousands of units (i.e. QU = 50 means 50 thousand units). Hula can produce hoops at no cost. The maximum Hula can produce is 80 thousand hoops. How many should be sent to Europe (QE)? Enter as a value (answer should be between zero and 80).
- Consider a city with the following characteristics: i. Price elasticity of city’s output (export good) is -3.0. ii. The elasticity of labor supply with respect to environmental quality is 0.10. iii. If output changes by x% labor demand changes by x%. Suppose that the city adopts a new environmental policy that increases the city’s environmental quality by 10% and increases the price of the city’s export good by 2%. a. By what percentage will the demand for labor change (shift)? b. By what percentage will the supply for labor change (shift)? c. Under what conditions (what values of the relevant elasticities) will the equilibrium number of workers increase? Illustrate your answer with a graph.How has the demand for the smart phones affected the demand and supply of digital cameras? Are digital cameras likely to face the same fate as the desktops for laptops? Discuss in detail the how mega players like Sony and Samsung have cut their Digital camera production and supply to meet the rising demand of smart phones in the world market. (100-150 words)If the US government reduces the tariff on imported coffee will this affect the supply or the demand for coffee
- Explain and discuss the role of imports in an open competitive market. In you answer cover the followings: a) In what circumstances the market may have a necessity to import a particular good? Explain your answer using appropriate graph. b) How does a tariff on import affect the market and what problems does this kind of intervention create?Explain you answer using appropriate graph.Please no written by hand solution In Example 9.1 LOADING... , we calculated the gains and losses from price controls on natural gas and found that there was a deadweight loss of $5.68 billion. This calculation was based on a price of oil of $50 per barrel and utilized the following equations: Supply: QS = 15.90 + 0.72PG + 0.05PO Demand: QD = 0.02minus 1.8PG + 0.69PO where QS and QD are the quantities supplied and demanded, each measured in trillion cubic feet (Tcf), PG is the price of natural gas in dollars per thousand cubic feet ($/mcf), and PO is the price of oil in dollars per barrel ($/b). If the price of oil were $65.00 per barrel, what would be the free-market price of gas? With a $65.00 price of oil per barrel, the free-market price of gas would be $nothing per thousand cubic foot. (Enter your response rounded to two decimal places.)Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium.Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey.Rum and whiskey are substitutes in consumption. The government implements aprice restriction in the sugar cane market with the aim of protecting the farmers.(i) What type of price restriction is implemented by the government? Explain.(ii) Discuss the effect on each market if the government implements a pricerestriction in the sugar cane market with the aim of protecting the farmers.(iii) Illustrate the effect on each market if the government implements a pricerestriction in the sugar cane market with the aim of protecting the farmers.
