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3) Workers at a toy factory go on strike as a result of poor conditions and low wages.
- Change in supply of toys:
- Determinant:
- Graph:
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- 3. In the market for Philadelphia Phillies baseball tickets, a determinant of supply would be ______ while demand determinants would include _____________. The price of the tickets; household wealth in the Philadelphia area. Input costs and consumer tastes; the level of competition in the ticket-selling industry. The price of substitutes for these tickets; the price of tickets. The price of parking at Phillies baseball games; the number of sellers of competing sporting events in the area. A and C onlyAssuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following events: 1) Suppose the Doctors recommend eating Apples every morning? 2) The Monsoon rains adversely affect the Apple Harvest? 3) The government announces increase in Wages of workers? 4) The price of petrol in the market comes down? 5) Consumers Income falls during government imposed Lockdowns due to health concerns?Question 6 Listen Consider the market for pilots. What is likely to happen to the equilibrium wage and quantity of pilots if the government enforces a lower mandatory retirement age, say from age 65 to age 62? A) The equilibrium wage and the equilibrium quantity of pilots remain the same. B) The equilibrium wage and the equilibrium quantity of pilots rise. C) The equilibrium wage and the equilibrium quantity of pilots fall. D) The equilibrium wage falls and the equilibrium quantity of pilots rises. O E) The equilibrium wage rises and the equilibrium quantity of pilots falls. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- (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)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?
- QUESTION 89 A factory forges plastic furniture, and the process produces small plastic beads that can be used as filler for items such as bean bag chairs. A decrease in the price of plastic furniture will cause: a. an increase in the supply of plastic furniture. b. a decrease in the supply of plastic furniture. c. an increase in the supply of plastic beads. d. a decrease in the supply of plastic beads.17.- Mention and explain what each of the types of supply , for the analysis of the supply.7. Movements along versus shifts of supply curves Consider the market supply of peanut butter. Complete the following table by indicating whether an event will cause a movement along the supply curve for peanut butter or a shift of the supply curve for peanut butter, holding all else constant. Event Movement Along Shift An increase in the price of labor (used in the production of peanut butter) A decrease in the price of peanut butter A change in technology that makes it less costly to produce peanut butter
- 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 goodWhat effect over the last decade, has the increasingly efficient and inexpensive technology of online college courses had on the college textbook market? Question 48 options: a) The demand for physical textbooks have steadily decreased, and as a result more publishing companies are having less demand for high skilled textbook editor jobs. b) The demand for textbooks has declined resulting in publishing companies increasing their demand of textbook editor jobs. c) The demand for textbook has increased as well as the supply. d) The supply for college textbooks has increased as a result there are fewer textbook publishing companies.Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of minivans. a. People decide to have more children. b. A strike by steelworkers raises steel prices. c. Engineers develop new automated machinery for the production of minivans. d. The price of sports utility vehicles rises. e. A stock market crash lowers peoples wealth.
