6. The graphs below show four possible shifts in demand or in supply that could occur in particular markets. Relate each of the events described below to one of them. Panel (a) Panel (b) Price Price S₁ X D₁ D₂ Quantity per period Panel (c) S₁ X D₁ Quantity per period S₂ Price Price D₂ Quantity per period Panel (d) S₁ Quantity per period D₁ S₂ S₁ X D₁ 1. How did the heavy rains in South America in 1997 affect the market for coffee? 2. The Surgeon General decides french fries are not bad for your health after all and issues a report endorsing their use. What happens to the market for french fries? 3. How do you think rising incomes affect the market for ski vacations? 4. A new technique is discovered for manufacturing computers that greatly lowers their production cost. What happens to the market for computers? 5. How would a ban on smoking in public affect the market for cigarettes?

6. The graphs below show four possible shifts in demand or in supply that could occur in particular markets. Relate each of the events described below to one of them. Panel (a) Panel (b) Price Price S₁ X D₁ D₂ Quantity per period Panel (c) S₁ X D₁ Quantity per period S₂ Price Price D₂ Quantity per period Panel (d) S₁ Quantity per period D₁ S₂ S₁ X D₁ 1. How did the heavy rains in South America in 1997 affect the market for coffee? 2. The Surgeon General decides french fries are not bad for your health after all and issues a report endorsing their use. What happens to the market for french fries? 3. How do you think rising incomes affect the market for ski vacations? 4. A new technique is discovered for manufacturing computers that greatly lowers their production cost. What happens to the market for computers? 5. How would a ban on smoking in public affect the market for cigarettes?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

6.
The graphs below show four possible shifts in demand or in supply that could occur in
particular markets. Relate each of the events described below to one of them.
Panel (a)
Panel (b)
Price
Price
D₁
S₁
D₂
Quantity per period
Panel (c)
Quantity per period
Price
S₁ S₂
X
D₁
Price
Quantity per period
Panel (d)
S₂
S₁
D₁
S₁
Quantity per period
D₁
1. How did the heavy rains in South America in 1997 affect the market for coffee?
2. The Surgeon General decides french fries are not bad for your health after all and
issues a report endorsing their use. What happens to the market for french fries?
3. How do you think rising incomes affect the market for ski vacations?
4. A new technique is discovered for manufacturing computers that greatly lowers their
production cost. What happens to the market for computers?
5. How would a ban on smoking in public affect the market for cigarettes?

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Question b
4. What is the price at which the quantity of goods demanded, and the quantity of goods supplied are equal A) The going rate B) The margin rates C) The market price D) The optimum price
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16. What do you understand by supply and what would you say is its main purpose?
Price Refer to the below diagram, which shows demand and supply conditions in the competitive market for product X. A shift in the demand curve from D, to Do might be caused by B C Quantity O a decline in the number of buyers in the market. a decline in the price of a substitute good. an increase in incomes if the product is a normal good. an increase in incomes if the product is an inferior good.
Quantity Demanded 400,000 330,000 260,000 200,000 150,000 100,000 Price of Apples Quantity Supplied 40,000 60,000 120,000 200,000 300,000 420,000 10 20 30 40 50 6. Using the table above plot the information in a supply and demand graph 7. At what quantity and price (market price) is there an equilibrium? 8. At what price is their excess demand? 9. At what price is their excess supply? 10. If there is excess demand what do you think will happen? 11. If there is excess supply what do you think will happen?
15. Market equilibrium The following table presents the weekly demand and supply in the market for sweatpants in Philadelphia. Price (Dollars per pair of sweatpants) 6 12 18 24 30 Quantity Demanded (Pairs of sweatpants) 1,650 1,350 1,200 900 750 Quantity Supplied (Pairs of sweatpants) 300 600 750 1,350 1,800 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
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