2. Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations: a. The price of input A increases. b. An excise tax of $1 is imposed on good X Demand and Supply c. An ad valorem tax of 5 percent is imposed on good X. d. A technological change reduces the cost of producing additional units of good X 62

1. Consider the market for good X. Increase in input costs increases the cost of production. At the same time, consumer preferences are observed to change in favour of the good. How will the market equilibrium be affected? a) Equilibrium price will increase; equilibrium quantity will increase. b) Change in equilibrium price is uncertain, equilibrium quantity will increase. c) Equilibrium price will increase, change in equilibrium quantity is uncertain. d) Changes in both equilibrium price and quantity are uncertain.

Coffee beans are an input in the production of lattes, and lattes and cookies are complements. A rise in the price of coffee beans will cause in the total surplus in the cookie market. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a rise a fall c nothing to change a rise and then a fall

A nomadic tribe in Lapland spends all its productive time hunting reindeer. Someof the reindeer meat is kept for consumption and the remainder is sold at a nearbytrading station in return for other goods. It is observed that when the price ofreindeer meat increases the amount the tribe is willing to supply decreases.(a) Sketch this situation in a diagram, with axes ‘reindeer meat’ and ‘all othergoods’. (Hint: locate the production position and sketch the consumptionopportunities line before and after the price change).(b) Determine if reindeer meat is an inferior good to the tribe?(Hint: consider what happens to the consumption position).(c) How does the analysis change if the tribe can hunt and trade fish as well as thereindeer? (Hint: now label the axes ‘reindeer meat’ and ‘fish’ and considerboth the production and consumption decisions

7.2 please explain

Table 7-7 Cost (Dollars) Seller Mike 1,600 Laura 1,400 Sasha 1,100 900 David Codi 700 Refer to Table 7-7. Suppose each of the five sellers can supply at most one unit of the good. The market quantity supplied is exactly 2 if the price is O a. $1,150. O b. $700. O. $1,400. O d. $950.

Give typing answer with explanation and conclusion Explain carefully why, in a competitive market, a quantity less than the equilibrium quantity is inefficient.

The market supply curve is: O a graph that plots the total quantity of a good or service supplied by the entire market at each price. a graph that plots the quantity of a good or service supplied at each price by one seller. a graph that plots the total quantity demanded of a good or service by the entire market at each price. the total cost of production of a good or service for the entire market.

Solve D) and E)  Only typed answer

Answer in step by step with explanation. Don't use Ai and chatgpt.