4. Basil and celery leaves are substitutes in making noodle soups. A rare drought destroyed agood portion of local celery supply, ceteris paribus, we haveA. the price of both celery and basil will increase.B. the price of both celery and basil will fall.C. the price of celery will increase, and the price of basil will fall.D. the price of celery will fall, and the price of basil will increase.5. When the nominal price of unleaded gasoline increases, the real cost of buying gasolineA. the real cost of buying gasoline must increase.B. must decrease because income increases over time.C. the real cost of buying gasoline remains unchanged.D. might higher, lower or unchanged depending on changes in income.E. might be higher, lower or unchanged depending on changes in CPI.

Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

4. Basil and celery leaves are substitutes in making noodle soups. A rare drought destroyed a good portion of local celery supply, ceteris paribus, we have A. the price of both celery and basil will increase. B. the price of both celery and basil will fall. C. the price of celery will increase, and the price of basil will fall. D. the price of celery will fall, and the price of basil will increase.

4. Basil and celery leaves are substitutes in making noodle soups. A rare drought destroyed a good portion of local celery supply, ceteris paribus, we have A. the price of both celery and basil will increase. B. the price of both celery and basil will fall. C. the price of celery will increase, and the price of basil will fall. D. the price of celery will fall, and the price of basil will increase.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

In the market for cola, how does the market equilbrium change when both the supply of cola and the demand for cola decrease? the equilbrium price of cola ____ and the equilibrium quantity of cola _____. A. falls; decreases B. might rise or fall; increases or decreases C. rises; might increase, decrease, or not change D. might rise, fall, or not change; decrease thank you!
The equilibrium quantity of solar panels bought and sold in the market has stayed the same, but the price of solar panels has decreased, what must have been the case? Supply and demand both increased. Supply and demand both decreased. O There was an increase in demand and a decrease in supply. O There was an increase in supply and a decrease in demand.
4. Celery leaves and basil are substitutes in making chicken noodle soups. A drought destroyed a good portion of local basil supply, ceteris paribus, we have A. the price of both celery and basil will fall. B. the price of both celery and basil will increase. C. the price of celery will increase, and the price of basil will fall. D. the price of celery will fall, and the price of basil will increase.
An increase in the price of jet fuel will ________ air flights and the equilibrium quantity of air flights will ________. A. decrease the supply of; decrease B. increase the demand for; increase C. decrease the supply of; increase D. decrease the demand for; decrease
1. In the event of excess supply in the copper market, A. the supply of copper will increase (supply will shift to the right) to meet the demand. B. the price of copper will increase. C. the price of copper will decrease. D. the demand for copper will decrease (demand will shift to the left) to meet the available supply.
se the supply schedule below to answer the questions that follow. Supply of Flower Bouquets Price (dollars per bouquet) Quantity of Bouquets Supplied $40 80 35 60 30 50 25 40 20 30 15 20 Instructions: Enter your answers as a whole number. a. What is the quantity of bouquets supplied if the market price is $20? bouquets of flowers
I need help with 9
Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. (On a piece of scratch paper you should use the 4 step method, draw a diagram, and determine directions of price and quantity) v Cars are becoming more fuel efficient, and therefore get more miles to the gallon. A. price increase, quantity increase B. price decrease, quantity decrease v The winter is exceptionally cold, people need more oil to stay warm C. price decrease, quantity increase v A major discovery of new oil is made off the coast of Norway. D. price increase, quantity decrease v The economies of some major oil-using nations, like Japan, slow down v A war in the Middle East disrupts oil-pumping schedules v Landlords install additional insulation in buildings v The price of solar energy falls dramatically.
1. What will happen in the market for wine if the price of cheese increases (wine and cheese are complements)? 2. What will happen in the market for brewed coffee if the price of coffee beans increases? 3. What will happen in the market for lobster if the government rises the income tax and lobsters are a normal good? 4. What will happen in the market for tomatoes if a new study is released that shows that pesticides used on tomatoes contain cancer forming agents. 5. A fall in airfares from UK has raised the demand for hotels rooms in St. Vincent. 6. Government grants a $1 subsidy on each bottle of milk produced. 7. Government collects a $2 sales tax on each bottle of rum.
Economics
6. Beer and Wine are substitutes, favorable weather in California has produced a good harvest grapes (used to produce wine ) What impact does this have on the equilibrium price and quantity? a. Price increases, quantity decreases b. Price decreases, quantity decreases c. Price decreases, and quantity Is ambiguous d. Price is ambiguous, and quantity decreases
Show in a diagram the effect on the demand curve, the supply curve, the equilibriumprice, and the equilibrium quantity of each of the following scenarios.c. The market for blueberry muffinsi. Scenario 1: More people become health conscious and realize the highsugar content of muffins. ii. Scenario 2: The price of blueberries has increased