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- llustrate in the below graph the consequences caused by an oversupply (high increase) on supply and a slight decline (small decrease) of demand -What will happen with the price of oil, will increase or decrease? -What about the total quantity of oil production, will increase or decrease? . please make sure the answer is correct 100%llustrate in the below graph the consequences caused by an oversupply (high increase) on supply and a slight decline (small decrease) of demand -What will happen with the price of oil, will increase or decrease? -What about the total quantity of oil production, will increase or decrease?At a price of $4.96 per pound, the supply for cherries is 16,253 pounds, and the demand is 10,364 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,501 pounds and the demand increases to 12,547 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound.
- Will the equilibrium price of orange juice increase or decrease in each of the following situations? a. A medical study reporting that orange juice reduces cancer is released at the same time that a freak storm destroys half of the orange crop in Florida. b. The prices of all beverages except orange juice fall by half while unexpectedly perfect weather in Florida results in an orange crop that is 20 percent larger than normal.Other things remaining the same, what would happen to the supply of a particular commodity if the following changes occur? 1. The price of the commodity decreases. 2. The prices of inputs used to produce the commodity increase. 3. The price of a commodity that is a substitute in production decreases.The demand for gasoline is represented by: P = -0.9 Qd + 6.1 The supply of gasoline is represented by: P = 1.40s + 3.3 Calculate the equilibrium quantity and enter the answer using 1 decimal place.
- consider the market demand and supply for Pepsi, what will happen to equilibrium price and quantity if: (properly labeled graph and elaboration required for each case separately) i. The price of Pepsi sets above equilibrium The price of Coke decreases ii. The price of input factor increases iv. Soft drinks causing health issues and the government increases tax on producersWill the equilibrium price and quantity of ventilators increase or decrease if a new cost-saving technology is discovered?Select one: a. The discovery of this new technology is a supply shifter and will result in an increase in the quantity and decrease in the price of ventilators. b. The discovery of this new technology is a demand shifter and will result in an increase in both the quantity and price of ventilators. c. The discovery of this new technology is a supply shifter and will result in an increase in the price and decrease in the quantity of ventilators. d. The discovery of this new technology is aSuppose you are a peanut farmer, and this year, there is a drought that harms the peanut crop. Working with your group, discuss the likely impact on the peanut market as a result of the drought, including the impact on equilibrium.
- Q1: Answer the following question in details. If the price of rice per Kg increases from Rs 200 to Rs 300, the quantity demand reduced from 10 Kg units to 8 Kg. Keeping the answer in view if price change by 7%, what happen to Quantity demand of the commodityGraphically illustrate using the Supply and demand graph and explain the impact of the severe drought and cold on the tourism market in Kansas.In the market for airline tickets, airline carriers have drastically cut fares for international airline travel resulting in a 3% increase in ticket sales. Meanwhile health considerations have caused an 11% reduction in the demand for international travel. What impact does this have on the demand, supply, price and quantity? Electricity is a major input into the production of aluminum and aluminum is a substitute in supply for steel. In the market for steel, would the effect of an increase in price of electricity have any impact on demand ,supply, price and quantity? Explain