2.)Due to the Covid-19 pandemic, the FijianGovernment has decreased custom duty by 5%.What will be the effect of this policy on price andoutput in the short run, medium run and in thelong run? Use graphs to explain.

The expansionary fiscal policy means an increase in government expenditure or reducing taxes. It…

Answered: 2.)Due to the Covid-19 pandemic, the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Yousuf is going to market on 8.4.2021 with 10 OMR and he purchases 5 kilograms of the product which is 2 OMR per kilogram. When he went the next day with 20 OMR the price did not change and he purchased 10 kilograms of the product. The change in demand here discussed here is ________. a. Downward movement of supplier on the supply curve b. Upward movement of the supplier on the supply curve c. Rightward shift of the consumer on the demand curve d. Leftward shift of the consumer on the demand curve
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Suppose exceptionally good weather provides a much bigger than expected orange harvest. Instructions: Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph. Price (S/orange) Ž I Market for oranges Quantity (oranges/week) $ What will happen to the equilibrium price and quantity of oranges? ↑ Equilibrium price will decrease and equilibrium quantity will increase. Equilibrium price will increase and equilibrium quantity will decrease. Both equilibrium price and equilibrium quantity will decrease. Both equilibrium price and equilibrium quantity will increase.
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Decrease in the quantity supplied of shrimp Decrease in the quantity supplied of onion Increase in the supply of mango
The restaurant industry is highly competitive. The pandemic has likely reduced the demand for restaurant meals. It has also likely raised the fixed costs of a typical restaurant (because owners have needed to reconfigure seating and install new ventilation systems). a)What will these two developments do to the equilibrium price and quantity in the market for restaurant meals? b)What will these two developments do to the number of meals produced and the profits of a typical restaurant in the short run?
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1. The inverse supply equation for clay pots is P = 0.5QS + 1; the inverse demand equation is P = –2QD + 15. Quantity is in thousands of units. What is the normal supply equation, the normal demand equation, and the resulting equilibrium price and quantity?

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2.)Due to the Covid-19 pandemic, the Fijian Government has decreased custom duty by 5%. What will be the effect of this policy on price and output in the short run, medium run and in the long run? Use graphs to explain.