ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 4, Problem 6.11P
To determine
The adjustment process of adjusting the
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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
side, per capita consumption has decreased by almost one half, and the use of
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
levels of potatoes decreased by over 30 percent, while the number of potato
farmers decreased by more than 75 percent over the same period. Against this
background of significant changes in the domestic consumption levels, patterns
and production of potatoes, this paper examines the effect of these factors on
potato price levels and variability. Farm level price and volatility is a concern for
several reasons, as it poses challenges for business planning, debt repayment,
and, in some cases, solvency.
Question 1
a) List the four…
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.
15. Another supply and demand puzzle
The market price of pizzas in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because several new pizza parlors have recently opened in the area. Other students attribute the decrease in the price of pizzas to a recent increase in the price of beer. Everyone agrees that the increase in the price of beer was caused by a recent increase in the price of grain, which is not generally used in making pizzas.
The first group of students thinks the decrease in the price of pizzas is due to the fact that several new pizza parlors have recently opened in the area.
On the following graph, adjust the supply and demand curves to illustrate the first group’s explanation for the decrease in the price of pizzas.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a…
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Similar questions
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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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.
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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 format
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41-Write the differences between increase in supply and decrease in supply.
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1) Draw a demand and supply graph for the market for Dell notebook computers
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16-
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 Milk
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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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Analysts say that the increase in gasoline prices comes a drop in SUV sales and trade-in values at dealerships.The U.S. Department of energy said that during the past week, U.S. gasoline topped $3 a gallon - the highest level since October 2008.
According to Alec Gutierrez,lead analyst for vehicle evaluation at Kelley Blue Book, SUV sales have decreased about 1 percent since the last major gasoline price hike in spring 2008. He doesn't believe that SUV sales will decrease significantly unless prices reach $3.50 to $4 per gallon.
if a gasoline price hike of 5 percent caused the SUV sales drop described, what is the cross-price elasticity of demand between gasoline and SUVs?
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What 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.
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Using Exercise 16.20, sketch the effects in parts (a) and (b) on a single supply and demand diagram. What prediction would you make about how the improved information alters the equilibrium quantity and price?
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11
______ is the total quantity of goods and services that will be purchased at all possible price levels.
a.
Demand
b.
Aggregate supply
c.
Supply
d.
Aggregate demand
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Another supply and demand puzzle
The market price of pizzas in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because the price of dough, an important ingredient for making pizzas, has decreased. Other students attribute the decrease in the price of pizzas to a recent decrease in the price of hamburgers at local burger joints. Everyone agrees that the decrease in the price of hamburgers was caused by a recent decrease in the price of ground beef, which is not generally used in making pizzas. Assume that pizza parlors and burger joints are entirely separate entities—that is, there aren't places that serve both pizzas and hamburgers.
The first group of students thinks the decrease in the price of pizzas is due to the fact that the price of dough, an important ingredient for making pizzas, has decreased.
On the following graph, adjust the supply and demand…
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