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- Typed plz and asap thanks Solve all parts I will upvoteBetween any two given prices, the _____ the demand curve the more inelastic demand is (around those points). a. steeper b. the slope of the demand curve doesn't tell us anything c. flatterDemand curve slopes __________. a. Downward b. Constant c. Horizontal d. Upward
- Suppose that the price of semiconductor chips used to make laptop computers falls. On the other hand, the number of people using laptops to work remotely decreases. You predict that the prices of laptops will (rise/fall)____ because the supply of laptops (increases/decreases)______and the demand for laptops (increases/decreases)QUESTION 18 An improvement in the technology used to produce cars will shift the Supply curve to the right. Demand curve to the left. Demand curve to the right. O Supply curve to the left.1. With both words and diagrams analyze the effects on equilibrium price and quantity when a. demand is negatively sloped, supply is perfectly inelastic, and demand increases b. demand is negatively sloped, supply is quite elastic, and demand decreases c. demand is perfectly elastic, supply is positively sloped, and supply increases d. demand is quite inelastic, supply is positively sloped, and supply decreases
- 13. Suppose over the next several years the level of income and wealth rises in the state of Florida. For the housing market this would mean: An increase in the quantity of houses demanded, rising prices and an increase in supply. An increase in the demand for houses, rising prices and an increase in quantity supplied. An increase in the quantity of houses demanded shortages and higher prices. A decrease in the quantity of houses supplied as demand increases. Price gouging in this market would be rampant.14. Application: Demand elasticity and agriculture The following graph illustrates the market for walnuts. It plots the monthly supply of walnuts and the monthly demand for walnuts. Suppose an increase in pests destroys a major portion of walnut trees. Show the effect this shock has on the market for walnuts by shifting the demand curve, supply curve, or both. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per ton) 40 32 8 0 8 16 I I 1 11 24 Supply Demand QUANTITY (Thousands of tons) 32 Total Revenue (Thousands of Dollars) 40 Demand D Supply ? One of the growers is pleased with the price increase caused by the pests because she believes it will lead to increased revenue. Using elasticities, you will be able to determine whether this price change will lead to a rise or fall in total revenue in this market. Using…16. Suppose over the next 10 years the technology associated with producing electric cars advances greatly while the number of buyers in the market increases only slightly. This would mean that: The price of electric cars would continue to fall. The price of electric cars would not change but quantity would increase. Quantity supplied would rise, prices would fall, and demand would increase due to the falling prices. The price of gas-powered cars would fall. A and D only.
- 33. Indicate how each of the following will affect the current supply (Increase supply or Decrease Supply) for personal computers. a) A rise in wage rates b) An increase in the number of sellers of computers c) A tax placed on the production of computers d) A subsidy placed on the production of computers8. Application: Demand elasticity and agriculture Consider the market for corn. The following graph shows the weekly demand for corn and the weekly supply of corn. Suppose new farming technology is developed that enables growers to produce more crops with the same resources. Show the effect this shock has on the market for corn by shifting the demand curve, supply curve, or both. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. 20 Demand 16 Supply O 12 Supply Demand 10 20 30 40 50 QUANTITY (Millions of bushels) One of the growers is excited by this advancement because now she can sell more crops, which she believes will increase revenue in this market. As an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market. Using the…