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what would happen in the market for lobster of the government reduces the income tax and lobsters are a normal good
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- A government of a country X would like to administer two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public aware of the dangers of cigarette smoking. At the same time, the Department of Agriculture maintains a price support program for tobacco farmers, which raises the price of tobacco above the equilibrium price. 1- How do these two programs affect cigarette consumption? 2- Use a graph of the cigarette market in your answer. 3- What is the combined effect of these two programs on the price of cigarettes? 4- Cigarettes are also heavily taxed. What effect does this tax have on cigarette consumption?If the government removes a tax on a good, then the price paid by buyers will a)increase, and the price received by sellers will increase b)increase, and the price received by sellers will decrease c)decrease, and the price received by sellers will increase d)decrease, and the price received by sellers will decreaseCocoa (Cacao) beans and imported from South America. The government has decided to increase the tax on imported goods such as cocoa. What effect would this have on the market for hot cocoa?
- If the quantity exchanged in a market is greater than the equilibrium quantity, then the supply price is greater than the demand price. Explain why.When the quantity demanded of a goods is equal to the quantity supplied of the goods, then-___ what is the correct answer? Is it the government is intervening in the market? There is a surplus. There is a shortage. None of themEconomists in Champaign have been studying the local market for pizza. The market is described in the graph below: If the Government imposes a tax of $3 per pizza, how many pizzas will be sold in the market ?
- The US government reduces the tariff on imported coffee will this affect the supply or the deman for coffeeWhich of the following statements is true A. When corn prices increase farmers will increase supply of wheat B. When price of paper increases supply for paperback books will increase C. When government gives Lipton Tea a subsidy supply of tea will increase D. When a study finds fish is healthy for consumers, the demand curve for fish shifts to the leftQUESTION TWO With the aid of a diagram, show the effect of the following changes on the equilibrium price, quantity and equilibrium point. Market for tomatoes: Massive flood has destroyed 50% of the tomatoes on the tomato field. Market for coca cola: Price of coca cola has gone up. Market for bread: Consumer’s income has increased and cost of production has increased. Market for housing: increase in the number of marriages and increase in the price of construction materials. Market for beer: Government imposes a sales tax on beer. Market for maize: Increase in the number of maize farmers and increase in consumer taste for maize. Market for Samsung phone: People switch to Huawei. Market for Education: Increase in the price of school fees. Money Market: Increase in the lending rate. Market for DIAPERS: Increase in the number of pregnant women.
- please examine the factors that can motivate the government to reduce the price of rice at $20 per 10 kg bag and the effects of that government legislation on the rice marketWhich of the following describes market supply? a. Demand of One seller in the market b. Demand of all sellers in the market c. Supply of all sellers in the market d. Supply of One seller in the marketDemand and the price of motor fuel From 2007 to 2008, the price of gasoline in the United States rose from $2.76 per gallon to $3.20 per gallon. The quantity used decreased from 3,389 million barrels to 3,290 million barrels. In 2009, the price fell to $2.30 per gallon, yet the quantity used continued to decline, to 3,283 million barrels. After-tax personal income increased from 2007 to 2008, but it fell from 2008 to 2009. Which one or more of the following hypotheses do you think best explain(s) the pattern of gasoline sales? Illustrate your chosen hypothesis with an appropriate diagram. a. In 2008, the demand curve for gasoline had the usual negative slope. However, in 2009, the demand curve shifted to a positively sloped position. b. The demand curve had a negative slope at all times, but because gasoline is a normal good, the demand curve shifted to the right in 2008 and then to the left in 2009
