ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 4, Problem 2.3P
To determine
Introduction:
Demand curve shows all the possible combinations of price and quantity demanded of the good.
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Ma1.
suppose that the US consumers buy 5 million 16-20 lb units at $29 per unit of turkey in October and 45 million units in November at $60 per unit. Which determinant has possibly created this change in the market of whole turkey?
4-1 You have noticed that the price of season tickets to your university’s football matches keeps increasing but the supply of tickets remains the same. Why might supply be unresponsive to changes in price? In the longer term, would it be more responsive? How?
Question 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.)
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- 16- The Law of supply states that other things remaining the same_________ a. There is no relationship between price and quantity supplied b. There is an inverse relationship between price and quantity supplied c. None of these d. There is a direct relationship between price and quantity suppliedarrow_forwardq24- Suppose that at the original price of $200, 40 TVs were sold every week and that when the price rose to $210, quantity demanded fell to 30 TVs. What is the percentage change in price of TVs at the original price? Select one: a. 105 per cent b. 5 per cent c. 50 per cent d. 95 per centarrow_forward41-Write the differences between increase in supply and decrease in supply.arrow_forward
- Question 32 Referring to the panels, which of the four panels represents the market for bikini bathing suits as a result of the invention of a new technology that allows for faster sewing of such bathing suits? Group of answer choices Panel (d) Panel (c) Panel (a) Panel (b)arrow_forward20- Supply curve is rising upwards from left to right, this is due to __________. a. Negative relationship between price and quantity demanded b. Negative relationship between price and quantity supplied c. Positive relationship between price and quantity supplied d. Positive relationship between price and quantity demandedarrow_forward17- Identify the correct statement that describes individual demand schedule. a. Graph showing a negative relationship between price and quantity demanded b. Table showing a positive relationship between price and quantity demanded c. Graph showing a positive relationship between price and quantity demanded. d. Table showing a negative relationship between price and quantity demandedarrow_forward
- 24- Identify the statement that does not describe a supply curve. a. It shows various prices and quantity supplied b. It is a graph showing a direct relationship c. It shows a positive relationship d. It is in tabular formatarrow_forward16- There are many Milk producers in Cuba. Due to oversupply of Milk, the price of Milk is going down in the market. As an economist you will request Cuban government to fix ______________. a. Price ceiling and import of Milk b. Price floor and import of Milk c. Price floor and export of Milk d. Price ceiling and export of Milkarrow_forwardMa3. suppose that the US consumers buy 5 million 16-20 lb units at $29 per unit of turkey in October and 45 million units in November at $60 per unit. Which determinant has possibly created this change in the market of whole turkey? Please include graphs and all details.arrow_forward
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