Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 19, Problem 12E
To determine
To explain:
The reason for price fluctuation during 2011 to 2013 and the reason for the fluctuations in the gold market.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Answer the following using 3 step approach
1. What happens to the domestic market when the government allows the importation of more units of rice but with a tariff.
2. Forecast the effects of changing market conditions when there is an economic downturn and employers need fewer workers.
3. Explain what happens in the labour market when the industry requires an occupational license before an employee can supply labour hours.
In the United States, grain has many uses. These include food (directly and indirectly), fuel, and exportation. Since 2001, the growing demand for grain has resulted in a double price of farmland in Iowa, Nebraska, South Dakota, and Wyoming. How does the growing price of grain affect the market for farmland? How might farmers meet the growing demand for grain without having to use a greater quantity of land?
Graph the following:
A. People of town X move to town Y. Supply in town X remains the same. Show effects on market price and demand in the former
B. Market price of palay is Pl5/kilo, Government increases it to P20/kilo. Show effects
C. A bountiful harvest of rice in the latest harvest season. With demand remaining the same show effects on market price and supply curve.
Knowledge Booster
Similar questions
- During the 1990s, technological advance reduced the cost of computer chips. how do you think this affected the market for computers?For computer software ? For typewriters?arrow_forwardUse the theory of the market (i.e. demand and supply) to explain what is happening in each of the following scenarios:arrow_forwardIllustrate the market for peanut butter when the scientists discovered that peanut butter is a good source of protein and vitamin B-6peanut.arrow_forward
- There was a disruption in production and shipment of fertilizer when Russia invaded Ukraine in March 2022. How does the event in the market for fertilizer transition into the market for food. Explain and draw the graphs for both the markets.arrow_forwardIn Louisiana, florists must be licensed by the state. In many states, auctioneers mustbe licensed as well. Barbers and beauticians are also often subject to licensing. Trade groups willusually say that these regulations are to ensure quality. What else might be at work? Does thishurt consumers? How does it affect the market? (Use a supply and demand diagram to answer.)arrow_forwardGraph the following c. People of town X move to town Y. Supply in town X remains the same. Show effects on market price and demand in the former d. Market price of palay is P15/kilo, Government increases it to P20/kilo. Show effects e. A bountiful harvest of rice in the latest harvest season. With demand remaining the same show effects on market price and supply curve. NOTE: PLEASE DON'T DO IT IN HAND-WRITTEN.arrow_forward
- In the United States, oranges are grown primarily in Florida and California. Imagine if there is a freeze in Florida that destroys 20% of the orange crop. What would happen to the market for Florida oranges? How would the California orange market change?arrow_forwardWho are on the supply side of the market?arrow_forwardIn less than 8 sentences, look at the economies of the rice market, you can provide a hypothetical price, what can you say about the supply and demand? You can include the global market for rice as well.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning