Principles of Microeconomics California Edition 2nd Edition
2nd Edition
ISBN: 9780393622089
Author: Dirk Mateer, Lee Coppock
Publisher: W. W. Norton
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Chapter 6, Problem 4SP
To determine
Explain whether people will able to attend the game or not.
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Principles of Microeconomics California Edition 2nd Edition
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- Part A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefitted from the hurricane. Why did this occur? what information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods? Part B: Explain why the following might be true: A drought in the Caribbean raises the total revenue that producers receive from the sale of coffee, but a drought only in Grenada reduces the total revenue that Grenadian producers receive.arrow_forwardTwo months ago, on July 1, 2019, the State of Illinois raised gasoline taxes by $.19 (19 cents) per gallon of gas. Now it is past July 2019 and the market has changed. The gasoline tax is in place for all Illinois gasoline stations. In addition to the gasoline tax increase, Illinois dealers on average are noticing that many of their customers are going across the border to buy gasoline in Wisconsin, Iowa, Missouri and Indiana. Not all customers can do this, as they live far from a border. But there is a clear impact on the market for Illinois gasoline producers. Build a graph showing the impact of the Illinois gas tax increase and the shift of some Illinois consumers to border state gas stations, clearly indicating any shifts in the demand and/or supply curves and the resulting equilibrium Price and Quantity. Provide a narrative explaining the shifts. (Both a graph and a narrative are needed for this question)arrow_forwardAnalyze the situations below and supply the correct answer in each column. Once completed, prepare a one-paragraph conclusion to your analyses. Column A: Which side is affected? Write D for demand and S for supply. Column B: Which of the non-price determinants affect demand or supply? Write: Non-price determinants of demand Non-price determinants of supply D1- Consumers' tastes S1 Resource prices D2- Number of buyers S2- Technology D3- Income S3- Taxes and subsidies D4 Prices of related goods S4- Prices of other goods D5- Consumer expectations 5- Producer expectations Column C: To which direction will the curve shift? Write for right. Column D: What happens to the equilibrium price after the shift? Draw a smiling face, O, for an increase, and draw a sad face, , for a decrease. Column E: What happens to the equilibrium quantity after the shift? Draw a smiling face, 9, for an increase, and draw a sad face, 8, for a decrease. Lesson 2.3: Factors Affecting Demand and Supply E Student…arrow_forward
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