Microeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859484
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Question
Chapter 5, 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.
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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 August 2005, Hurricane Katrina damaged or destroyed oil platforms in the Gulf of Mexico, refineries along the Gulf coast, and the pipeline infrastructure that transports oil and gas to customers across the eastern United States. The winter of 2006 was unusually cold in many parts of the country. How did these events affect the market for natural gas? Use graphs to explain your points.
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?
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Microeconomics (MindTap Course List)
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- 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.arrow_forwardDuring 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_forward
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- Graph 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_forwardIn 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_forward
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