A newspaper report states that chocolate production is failing to keep up with worldwide consumption and could fall behind by 2 million metric tons annually by 2030. Does this create an excess demand or excess supply situation? Explain how it will affect the price of chocolates in the future.

Q: Prices of hamburgers (assume that this is an inferior good) have increased steadily in recent years.…

A: An inferior product is an economic term that explains a good whose demand drops when people's…

Q: Law of demand pretty much means that if price is high then the demand is low, and if price is low…

A: Demand shows the amount of goods and services a consumer is willing and able to buy at different…

Q: Using demand and supply analysis, explain the effect on the equilibrium price and quantity of a good…

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A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Describe the procedure of applying Specific Inflation Rates? Give an example?

A: A specific inflation rate can be calculated as : = ((B-A)/A)*100 Where B is Index value of Current…

Q: In the market for coffee, the price has declined by 20% and at the same time the quantity sold has…

A: Demand for a commodity is the desire of the commodity backed by the ability and willingness to pay…

Q: Equilibrium price may increase or decrease, but it is impossible to now for sure. O increases.…

A: DemandThe demand for food will increase as the population increases. This is because there are more…

Q: The law of supply states that all other things remaining the same:

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Q: Assume there is an increase in the price of electricity (which is the result of a decrease in the…

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Q: Draw graphs to illustrate the difference between a decrease in quantity supplied and a decrease in…

A: Supply curve, in economics, graphic representation of the connection between item price and quantity…

Q: If the price is below the equilibrium level, then the quantity demanded will exceed the quantity…

A: Demand schedule is the tabular representation of quantity demanded at various prices.  Demand curve…

Q: What is the difference between a change in quantity supply and a change in supply?

A: Understanding the breaking point between a "differentiation through and through gave" and a…

Q: If the supply curve shifts to the right, what is likely to happen to price and quantity?

A: The quantity of an item or service that producers are willing and able to provide for sale at…

Q: IPhones are mostly made of aluminum. Assume that iPhones are normal goods and that their substitutes…

A: iPhone's are mostly made of aluminium. Here we assume that iPhones are normal goods and that their…

Q: What happens to the supply curve if quantity supplied falls

A: Supply curve is the notation of relationship between price and quantity supplied. It is positively…

Q: what might happen to the equilibrium price and quantity of MacBooks

A: price of silicon (which goes into the production of microchips) were to increase So as this is a raw…

Q: New research demonstrates that celery is a healthy snack. The resulting increase in demand for…

A: The measure that depicts various quantities of goods and services being demanded and supplied at…

Q: Figure 2. The initial supply of nails is S (in black), the initial price of a pound of nails is $12,…

A: When there is change in relevant variable that is not on the either axis then it will lead to shift…

Q: Assuming that Pepsi-Cola and Coca-Cola are substitutes, a decrease in the price of Pepsi-Cola and an…

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Q: Discuss how the equilibrium price and quantity change when a change in supply occurs and the demand…

A: The equilibrium price and quantity of a good sold in the market are determined by the forces of…

Q: According to PfizerLipitorMonopoly; it will benefit O Benefit managers and consumers O Pfizer only O…

A: PfizerLipitor is a medicines company. It is a monopoly firm. Now there are various market structure…