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- 4.. Good news for farming can be bad news for farmers because the a. supply curve for an individual farmer is usually perfectly elastic. b. supply curve for an individual farmer is usually perfectly inelastic. c. demand for basic foodstuffs is usually inelastic, meaning that factors that shift supply to the right decrease total revenues to sellers. d. demand for basic foodstuffs is usually elastic, meaning that factors that shift supply to the right increase total revenues to sellers.Consumers expect that the price per kilograms of wheat will rise next week, as a result _____________________. a. demand for wheat will increase today b. the price per kilogram of wheat will fall today c. supply of wheat next week will increase d. the price per kilograms of wheat will increase today2. Draw a supply and demand curve for the iPhone 11. Apple announces that the P iPhone 12 is coming out in 1 year, what happens to the supply or demand for iPhone 11s? Why?
- 12. When a producer moves down on the supply curve, it is called ______. a. Increase of supply b. Decrease of supply c. Extension of supply d. Contraction of supply1. In a market system, prices are determined by Select one: a. supply and demand b. government bureaucrats c. corporate executives d. total market demand 2. The price elasticity of demand is 5.0 if a 10 percent increase in the price results in a ____ decrease in the quantity demanded. Select one: a. 50 percent b. 5 percent c. 10 percent d. 2 percent 3. A fall in the price of lemons from R10.50 to R9.50 per peck increases the quantity demanded from 19,200 to 20,800 pecks. The price elasticity of demand is____. Select one: a. 1.20. b. 8.00. c. 0.80. d. 1.25. 4. A shift of the supply curve of oil raises the price of oil from R9.50 a barrel to R10.50 a barrel and reduces the quantity demanded from 41 million to 39 million barrels a day. The price elasticity of demand for oil is Select one: a. 2.0. b. 0.5. c. R1 per 2 million barrels a day. d. 2 million barrels a day per rands. 5. The price elasticity of demand equals ____. Select one:…4. Define income elasticity of demand. a. Give an example of a good that has a negative income elasticity and one that has a positive income elasticity and explain why. 5. What typically causes the price elasticity of supply to be high or low? 6. What is total revenue and how do you calculate it? a. When price drops and the quantity of demand increases, there are two reasons that revenue changes. Some goods are now produced that weren't previously produced and those goods that were produced before, are now being sold at a lower price. How do you know if revenue will go up or down?
- 5. Suppose that food shortages are expected in the near future. What happens to themarket for farmland today?(A) Demand rises.(B) Demand declines.(C) Supply rises.(D) Supply declines.9. In general, elasticity is a measure of a. the extent to which advances in technology are adopted by producers. b. the extent to which a market iscompetitive. c. how fast the price of a good responds to a shift of the supply curve or demand curve. d. how much buyers and sellers respond to changes in market conditions.Demand, Supply, Market Equilibrium a.Demand: i. Please Thoroughly and completely define demand. ii. Please state the law of demand. iii. List and thoroughly explain the 3 factors that support the law of demand. Be sure you explain how each actually supports the law of demand. iv. List and explain the determinants of demand and how each can cause an increase in demand and a decrease in demand. List and explain each of the 5 determinants and how they impact demand. v. Thoroughly and completely explain the differences between a change in demand and a change in quantity demanded along with the causes of those changes, and how each change is graphically represented. b. Supply. i.Define supply. ii. State the law of supply. iii. List and explain the determinants of supply and how each can cause an increase in supply and a decrease in supply. iv. Thoroughly and completely explain the differences between a change in supply and a change in quantity supplied,…
- 7. Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the supply and demand curves. Draw a diagram to illustrate what actually hap- pens in each situation. a. “A technological innovation that lowers the cost of producing a good might seem at first to resuli in a reduction in the price of the good to consumers. a fall in price will increase demand for the good, and higher demand will send the price up again. It is not certain, therefore, that an innovation will really reduce price in the end." b. "A study shows that eating a clove of garlic a day can help prevent heart disease, causing many consumers to demand more garlic. This increase in demand results in a rise in the price of garlic. Consumers, seeing that the price of garlic has gone up, reduce their demand for garlic. This causes the demand for garlic to decrease and the price of garlic to fall. Therefore, the ultimate effect of the study on…7. A shift in the supply curve of bicycles resulting from higher metal prices will lead to higher prices lower prices a shift in the demand curve larger output a. b C. d.3. Draw a supply and demand curve for your P favorite product. You get a massive raise at work, what happens to the supply or demand for that product? Why?