3. How changes in the goods market affect the demand for laborThis exercise examines the effect of a good season of weather in North Dakota on the price of wheat in the United States and daily wages of wheatharvesters in Kansas. Assume that buyers of wheat have no preference for wheat grown in North Dakota versus Kansas.On the following graph, show the effect the good season of weather in North Dakota has on the market for wheat in the United States by shiftingeither the demand curve, the supply curve, or both.PRICE (Dollars per bushel)10982100Market for Wheat in the United StatesSupplyDemand100 200 300 400 500 600 700 800 900 1000QUANTITY (Millions of bushels of wheat)DemandThe following graph shows the daily market for wheat pickers in Kansas.Supply?Based on the graph for the market for wheat in the United States, the good season has caused the price of wheat in the United States tofallrise The following graph shows the daily market for wheat pickers in Kansas.Show the effect of the change in the price of wheat in the United States on the market for wheat pickers in Kansas by shifting either the demandcurve, the supply curve, or both.WAGE (Dollars per worker)Market for Wheat Pickers in KansasSupplyDemandLABOR (Thousands of workers)DemandSupply(?)As a result of the change in the price of wheat, the wage level for wheat pickers in Kansasdecreasesincreases

Equilibrium in the market is reached at the intersection of demand and supply curves where quantity…

3. How changes in the goods market affect the demand for labor This exercise examines the effect of a good season of weather in North Dakota on the price of wheat in the United States and daily wages of wheat harvesters in Kansas. Assume that buyers of wheat have no preference for wheat grown in North Dakota versus Kansas. On the following graph, show the effect the good season of weather in North Dakota has on the market for wheat in the United States by shifting either the demand curve, the supply curve, or both. PRICE (Dollars per bushel) 10 9 8 2 1 0 Market for Wheat in the United States Supply Demand 0 100 200 300 400 500 600 700 800 900 900 1000 QUANTITY (Millions of bushels of wheat) 中翼中翼 Demand The following graph shows the daily market for wheat pickers in Kansas. Supply ? Based on the graph for the market for wheat in the United States, the good season has caused the price of wheat in the United States to fall rise

3. How changes in the goods market affect the demand for labor This exercise examines the effect of a good season of weather in North Dakota on the price of wheat in the United States and daily wages of wheat harvesters in Kansas. Assume that buyers of wheat have no preference for wheat grown in North Dakota versus Kansas. On the following graph, show the effect the good season of weather in North Dakota has on the market for wheat in the United States by shifting either the demand curve, the supply curve, or both. PRICE (Dollars per bushel) 10 9 8 2 1 0 Market for Wheat in the United States Supply Demand 0 100 200 300 400 500 600 700 800 900 900 1000 QUANTITY (Millions of bushels of wheat) 中翼中翼 Demand The following graph shows the daily market for wheat pickers in Kansas. Supply ? Based on the graph for the market for wheat in the United States, the good season has caused the price of wheat in the United States to fall rise

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Consider the Table below representing the number of 21-inch colour TV's individuals are willing to purchase in Ndola and Kitwe: Price Quantity Demanded-Kitwe Quantity Demanded- Ndola К350 100 75 К325 150 100 К300 200 125 K275 250 150 K250 300 175 a) Plot these data, with price (P) on the vertical axis and quantity (Q) on the horizontal axis. Connect the points for quantity demanded in Ndola and Kitwe. Lebel the Ndola line D1 and the Kitwe line D2). b) Find the increase in the quantity of TV units purchased in Ndola and Kitwe when the price of TV's is lowered from K300 to K275. c) Find the slope of the Demand lines D1 and D2 when the price is lowered from кз00 to K275. d) What does the difference in the slope of demand lines D1 and D2 indicate? e) Obtain the National demand schedule if Kitwe and Ndola were the only cities in the country. f) Explain what will happen to demand for TVs if one of the following happen i) ii) iii) Price of DSTV increases There is a wage freeze in the…
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M Rising Fertilizer Prices Prospects for the fertilizer sector are exceptional this year. Grain prices have sky rocketed, stimulating greater plantings of grain and greater demand for fertizer The price of fertilizer has soared from US$350 to more than US$600 per tonne during the past year. Source National Post, June 21, 2011 Suppose that the government tries to halt the fertilizer price rise and sets a price ceiling below the equilibrium price mr How would the price celling influence the quantity of fertilizer sold and the shortage or surplus of fertilizer? How would the price celling influence the maximum price that a farmer is willing to pay for the last tonne of fertilizer available on an illicit market? an The price ceiling. OA. decreases OB. increases OC. does not change OD. sometimes increases and sometimes decreases the maximum price that someone is willing to pay for the last tonne of fertilizer available on an illicit market.