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A booming economy in Europe this year leads to an unexpected increase
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- China’s Thirst for Gas Hurricanes in the Gulf of Mexico, deteriorating pipelines in Alaska, and conflict in Iraq can cause gasoline prices to rise by restricting supply. Often the events we see in the headlines affect the supply of oil available to consumers, but changes in the level of world demand for petroleum products also affects the price of oil. China’s Growing Demand U.S. demand for petroleum products has been high for decades. The United States is the largest consumer of oil, using about a quarter of the world’s petroleum. This is quickly changing. Emerging nations are becoming thirsty for oil, and China is at the top of that list. How did such a rapid change happen? In the past, China has not needed much petroleum. As the country is industrializing, however, it needs more and more fuel to satisfy its growing energy needs. In fact, as the graph of oil consumption between 1995 and 2025 shows, China’s consumption is increasing much more rapidly than…The weekly demand for wine in the United States is described by the following equation: Qd = 45,000,000 - 1,500,000P where Qd is the weekly quatity demanded in bottles and P is the price per bottle in dollars. The weekly supply of wine in the United States is described by the following equation: Qs = -5,000,000 + 1,000,000P where Qs is the weekly quantity supplied in bottles and P is the price per bottle in dollars. a. What is the equilibrium price and quantity for wine in the US? Intense lobbying efforts result in the United States government establishing a $5 per bottle excise tax by wine producers. b. What would be the new equilibirum price and quantity after the imposition of the per bottle excise tax? c. Determine the total amount of the consumer surplus assuming the market for wine is in equilibrium after the imposition of the excise tax.What are some general factors that can impact the demand for a product and the supply of a product? Identify at least two factors for each and explain the different ways these determinants can shift supply and demand either left or right.
- Suppose an increase in demand in the market for mutual funds (a financial capital market) causes the interest rate to increase from 2% to 4%. How will this increase in demand affect supply and quantity supplied?Reciprocal demand depends upon: Select one: a) The price of imports b) A change in economic growth c) The elasticity of demand for another country's production d) The price of exports e) The elasticity of demand for the country's own productionThe demand for U.S.-made cars in Japan is given as: Japanese demand = 10,000 - 0.001(Price of U.S. cars in yen). Similarly, the demand for Japanese-made cars in the United States is: U.S. demand = 30,000 0.2(Price of Japanese cars in dollars). The domestic price of a U.S.-made car is $20,000, and the domestic price of a Japanese-made car is ¥2,500,000. Instructions: If imports exceed exports, enter a negative value (-) for net export. a. If the nominal exchange rate is 100 yen per dollar, then the real exchange rate in terms of cars from the perspective of the United States is 0.8 and net exports of cars to Japan is -17000 b. The nominal exchange rate is 125 yen per dollar, then the real exchange rate in terms of cars from the perspective of the United States is ◆ and net exports of cars to Japan is -5000 c. Which of llowing correctly describes the effect(s) of an appreciation of the dollar on U.S. net exports of automobiles (to the Japanese market): OU.S. exports will decrease while…
- A federal regulation that required that all beef consumed in the US must be grown and processed in the US is likely to: Drive up the price of beef in the US Increase beef consumption in the US Decrease consumption of chicken in the US (assuming chicken is a substitute for beef in the US) Increase international trade in beef productsThe following table models the supply and demand of a specialty coffee: Price per pound Pounds supplied (in thousands) Pounds demanded (in thousands) $8 8 16 $9 9 14 $10 11 11 $11 13 9 $12 16 7 Over time, the demand for this specialty coffee ebbs as competing coffees enter the market. As a result, the demand curve shifts down by five thousand pounds at all price points. What is the new equilibrium price per pound?Use the graph to answer the question that follows. Price/$ s1 p2 p1 0 q1 q2 Quantity Which of the following is responsible for the change in demand and supply of silk shirts from X1 to X2? Increase in the popularity of silk shirts and introduction of new government subsidies for the cotton industry Decrease in consumers' income and improvement in weaving machinery Increase in the popularity of satin shirts and introduction of new government subsidies for the sericulture (silk) industry Increase in the popularity of silk shirts and introduction of new government subsidies for the sericulture (silk) industry Increase in consumers' income and the popularity of satin shirts x1 s2 x2 d1 d2
- The market demand for milk in country x is 18 billion gallons per month,but the supply is 10 billion gallons per month. What must happen in order to achieve market equilibriumSales of bananas have dropped from 100,000 pounds to 75,000 pounds per day because a freeze resulted in a smaller supply. In the process, the average price of a pound of bananas has risen from $0.80 to $1.00. Which of the following is most likely true? The demand for bananas has increased because of the increase in price.The demand for ice cream (used in banana splits) is likely to decrease.The price of tapes will rise about 25 percent.The total revenue (P times Q) from sales has risen.The quantity demanded of ice cream will increase. Flag this QuestionThe table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity demanded (lb) Cameroon quantity supplied (lb) Nigeria quantity demanded (lb) Nigeria quantity supplied (lb) 8 180 500 155 210 7 200 460 180 180 6 250 410 200 160 5 280 360 220 140 4 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries?