ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 4, Problem 4.6P
To determine
The various things that are held constant in a supply curve and to state the changes that would lead to an increase in the supply.
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11) Suppose that it is observed that the price of a commodity rises and that the quantity sold falls. From this we can deduce
A) that the demand curve has shifted to the left, but we cannot deduce whether or not the supply curve has shifted.
B) that the demand curve has shifted to the right, but we cannot deduce whether or not the supply curve has shifted.
C) that the supply curve has shifted to the right, but we cannot deduce whether or not the demand curve has shifted.
D) that the supply curve has shifted to the left, but we cannot deduce whether or not the demand curve has shifted
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.)
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?
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The demand for skilled workers in the United States has been increasing. To increase the supply of skilled workers, many argue that immigration reform to allow more skilled labor into the United States is needed. Explain whether you agree or disagree.
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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.
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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.
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article:The supply and demand factors affecting the farm level price for Irish potatoes
have undergone considerable changes in the last two decades. On the demand
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potatoes has shifted due to changes in the preferences of consumers.
Consumption of table stock and processed potatoes has shifted towards greater
and other complementary products. On the supply side, domestic production
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Question 1
a) List the four…
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41-Write the differences between increase in supply and decrease in supply.
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Question 1
The price of bauxite increased to its highest level due to conditions which impacted supply. Historically, bauxite has traded at between 1500 and 1600 USD per tonne. But the price increased to over 1900 USD in November 2020. Growing demand in Canada for bauxite to be turned into aluminium, coupled with a sharp fall in Jamaican production have both been factors in the price increase. Bauxite production in Jamaica for 2017-18 fell 65% year-on-year due to flood conditions causing damages as well as increased competition. The London Metal Exchange predicts that global consumption of bauxite is likely to be greater than production by 20 million tonnes next year. In the US, companies in the steel and petrol industry have put pressure on the US government to relax import controls, warning that otherwise they might run out of bauxite. Commentators predict that most steel and petrol producers will be unaffected because bauxite is such a small part of their spending.
a. Explain,…
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The price of bauxite increased to its highest level due to conditions which impacted supply. Historically, bauxite has traded at between 1500 and 1600 USD per tonne. But the price increased to over 1900 USD in November 2020. Growing demand in Canada for bauxite to be turned into aluminium, coupled with a sharp fall in Jamaican production have both been factors in the price increase. Bauxite production in Jamaica for 2017-18 fell 65% year-on-year due to flood conditions causing damages as well as increased competition. The London Metal Exchange predicts that global consumption of bauxite is likely to be greater than production by 20 million tonnes next year. In the US, companies in the steel and petrol industry have put pressure on the US government to relax import controls, warning that otherwise they might run out of bauxite. Commentators predict that most steel and petrol producers will be unaffected because bauxite is such a small part of their spending.
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Question 1
The price of bauxite increased to its highest level due to conditions which impacted supply. Historically, bauxite has traded at between 1500 and 1600 USD per tonne. But the price increased to over 1900 USD in November 2020. Growing demand in Canada for bauxite to be turned into aluminium, coupled with a sharp fall in Jamaican production have both been factors in the price increase. Bauxite production in Jamaica for 2017-18 fell 65% year-on-year due to flood conditions causing damages as well as increased competition. The London Metal Exchange predicts that global consumption of bauxite is likely to be greater than production by 20 million tonnes next year. In the US, companies in the steel and petrol industry have put pressure on the US government to relax import controls, warning that otherwise they might run out of bauxite. Commentators predict that most steel and petrol producers will be unaffected because bauxite is such a small part of their spending.
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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?
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18. _____________________refers to various quantities of a commodity or service that a consumer would purchase at a given time at various prices in a market.
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ellobrate the factors that will be affecting the supply of the following products in the next several years.why do you think the factors will cause the supply to increase or decrease?
Crude oil, hotle rooms, Beef, Fast food outlets, Laptop companies
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20-
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
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Positive relationship between price and quantity supplied
d.
Positive relationship between price and quantity demanded
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