Which of the following factors don’t affect the demand for a commodity? [A] Price of commodity [B] Income of individual consumer [C] Want of the consumer [D] Price of related good
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Which of the following factors don’t affect the demand for a commodity?
[A]
[B] Income of individual consumer
[C] Want of the consumer
[D] Price of related good
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- Explain the key ingredient : The demander should have the purchasing power to buy that good or service.(KEY QUESTION) Consider the market for station wagons. For each of the events listed below,identify which of the determinants of demand or supply are affected. Also indicate whether demandor supply is increased or decreased.a. People decide to have more children.b. The price of mini-vans rises.c. A strike by steelworkers raises steel prices.d. Engineers develop new automated machinery for the production of station wagons.e. A stock market crash lowers people's wealth.f. IMPORTANT: In all the above cases, is the change in equilibrium quantity less, more, orequal to the initial change in demand or supply? Why is this? (recall our discussion in thelectures, you can check slides 3-6 from week 5 or the lecture recordings.g. IMPORTANT: Now assume the changes in parts a. and c. happen simultaneously. Show themon the diagram and explain what will/may happen to the equilibrium price and quantity (Iencourage you to try this for combinations of the other changes too) PLEASE ANSWER SUBQUESTIONS D…(KEY QUESTION) Consider the market for station wagons. For each of the events listed below,identify which of the determinants of demand or supply are affected. Also indicate whether demandor supply is increased or decreased.a. People decide to have more children.b. The price of mini-vans rises.c. A strike by steelworkers raises steel prices.d. Engineers develop new automated machinery for the production of station wagons.e. A stock market crash lowers people's wealth.f. IMPORTANT: In all the above cases, is the change in equilibrium quantity less, more, orequal to the initial change in demand or supply? Why is this? (recall our discussion in thelectures, you can check slides 3-6 from week 5 or the lecture recordings.g. IMPORTANT: Now assume the changes in parts a. and c. happen simultaneously. Show themon the diagram and explain what will/may happen to the equilibrium price and quantity (Iencourage you to try this for combinations of the other changes too)
- Help with Supply and Demand graph questionQuestion 2a: This one is specifically about natural gas! Please use the chart below to show three functions: the demand for natural gas, the supply of natural gas prior to the new natural gas discoveries (label it 2000), and the current supply of natural gas (label it this year). Further, on the chart show the year 2000 natural gas price and the current year price. For this question assume that there is no change in demand for natural gas from 2000 to this year. 2b. Look at the price changes you presented for natural gas in part a. For this question discuss how this price change could effect markets/products which rely heavily on natural gas. An example product that relies heavily on natural gas is electricity. (You can write about electricity or another product if you prefer.)Draw a supply and demand curve for peanut butter. The price of jelly rises significantly, what happens to the supply or demand for peanut butter? Why?
- 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.Consider the scenario. Explain using written and graphical analysis What will happen in the market for wine if the price of cheese increases (wine andcheese are complements)?Economics QUESTION 3 Ceteris paribus, assuming at the same time as the demand for electric car was increasing the federal government of Malaysia imposed a tax on electric car suppliers. Use demand and supply analysis to graphically represent and explain the impact on price and quantity in the market for electric cars in Malaysia. (HINT: there is more than one outcome to the changes in price and quantity).
- Supply and Demand: End of Chapter Problem a. When the price of olive oil goes up, what probably happens to the demand for corn oil? The demand for corn oil . b. When the price of petroleum goes up, what probably happens to the demand for natural gas? To the demand for coal? To the demand for solar power? The demand for natural gas . The demand for coal . The demand for solar poweQuestion 12: Which theory states, the price for any good/service is driven by factors of supply and demand as buyers and sellers share information? A Theory of supply B Theory of demand C Theory of Price D Elasticity4 . Individual Problems 8-1 The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $22, $12, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $12, $22, $30, and $38 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $2 $4 $8 $12 $22 $30 $38 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be widgets.