Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 4.2, Problem 2ST
To determine
The shortages and long lines.
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How can a free-market eliminate shortages?
The price of a typical laptop computer has fallen from $2,000 in 1985 to $800 today. At the same time, the consumer price index has risen from 100 to 252. Adjusting for inflation, how much did the price of laptops change? Does this answer seem right to you, or is it missing something? Explain your response.
Note: This is an economics question. *How can you use supply and demand to analyze shortage issues and policy responses to them? *Explain
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- explain Demand and supply in goods and servicesarrow_forwardWho are on the supply side of the market?arrow_forwardUse a demand-supply diagram to explain the impact on the market for computers. - Computer manufacturing technology has improved - Government has made it compulsory for all homes to have computers.arrow_forward
- Asap!! Rapid economic growth in the early 2000s leads to a sharp upturn in oil prices. 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_forwardIdentify which side of the market for new automobiles is affected (demand or supply), how is it affected (increase or decrease), what happens to equilibrium price and quantity exchanged due to each of the following changes separately. (You don’t need to draw a graph unless it really makes your life easier) d. A new technology is developed that makes car production twice as fast as it used to be. e. A flourishing economy increases consumers’ incomes. f. Producers expect car prices to rise in the near future.arrow_forwardExplain the difference between temporary and permanent shortages and surplusesarrow_forward
- Was the dramatic increase in egg prices in the winter of 22-23 caused by a natural or artificial shortage? Who or what is to blame for the rise in costs?arrow_forwardServices are perishable, which means they cannot be stored or inventoried. What attempts might a university or college make to 'shift' both the supply (when needed during busier times) and the demand (to non-peak times) in order to balance the supply and demand for its services?arrow_forwardMost people demand goods and services much less than they want. True or False? Explain your answer. How might the price of wheat affect the supply of rice?arrow_forward
- As a future manager in the future given the scenario below how will you be able to solve the problem of shortage and surplus. Write your answer in a separate sheet, answer should contain at least 160 to 300 words. 1. Covid 19 is a virus than can affect our immune system. One of the this that the IATF encourages people to do to not get the virus is to use face mask as protection and use alcohol to fight germs whenever you are outside the house. Being an entrepreneur what will you do if you are one of the sellers of this kinds of products such as facemasks, and alcohol whose supply is always out of stock. Will you take the opportunity to raise your price to gain more profit?arrow_forwardIf your income or the income of your family is not enough to purchase the basic commodities needed by your family, what goods would you buy, instead? How would you respond to the price changes of these commodities?arrow_forwardCar Manufacturer Scenario: Be specific and explain why you came to that conclusion using the principles of supply and demand.arrow_forward
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