According to the graph below, a change in the spending plans of consumers, businesses, government, or foreigners is illustrated by the movement from point to point LRAS SRAS B P₁ Po AD1 ADo YY₁ OA; B OC; A OC; B OB; C
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- (20). Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd=190-2p. The government is trting to decide between two options: Maintain the number the number of quotas and let the market adjust , or maintain the price support and increase the number of quotas. suppose that the government decides to maintain the number of quotas and let the amrket adjust. calculate price observe in the market consumer surplus producer surplus deadweight (21). suppose now that the government decides to increase the number of quota available to 72 units but it keeps the price support at the current level at $72. calculate the consumer surplus the producer surplus the deadweightA grocery store is considering putting broccoli on sale, temporarily reducing the price 501 %. Let Y₁¡ denote the amount of broccoli household i would purchase if broccoli is on sale when they visit the grocery. And let Yoi denote the amount of broccoli household i would purchase if broccoli is not on sale when they visit the grocery. Which of the following represents the causal effect of putting broccoli on sale on the amount of broccoli household i purchases? O Y₁i-Yoi 10 Y + Y li 2 O Y₁i O O Oi"THE EFFECT OF COVID 19 IN THE ECONOMY OF THE PHILIPPINES"
- The Globe and Mail (December 16, 1997) reported that milk consumption declined following price increases: “Since the early 1980s, the price of milk in Canada has increased 22 per cent. As prices rose, the demand for milk fell off. Total [consumption] of milk on a per capita basis dropped . . . to 2.62 hectolitres in 1995 from 2.92 hectolitres in 1986.” Use these data to estimate the price elasticity of demand for milk. (1.5marks) 0.49 milk is inelastic According to your estimate, what happens to milk producers’ revenue when the price of milk rises? (1 mark) When the price of milk rises milk producers revenue drop because the demand for milk dropped Why might your estimate of the elasticity be unreliable? (Hint: Notice that The Globe and Mail is careless about the distinction between demand and quantity demanded.) (1 mark)According to studeis undertaken by the U.S. Department of Agriculture, the price elasticity of demand for cigarettes is between -0.3 and -0.4 and the income elasticity is about +0.5. Suppose congress, influenced by studies linking cigarette smoking to cancer, plans to raise the excise tax on cigarettes so the price rises by 10 percent. Estimate the effect the price increase will have on cigarette consumption and consumber spending on cigarettes (in percentage terms).True/ False Income and consumption has a direct relationship for the normal goods.
- Joe likes eating candy and drinking soda, The price of a bar of candy is $2 while the price of a can.of soda is $3. joe has a budeet of 529. Suppose that candy and soda can only be purchased and consumed as whole units (in other words it is impossible for Joe to purchase 1/3 of a bar of candy or A/5 of a can of soda). Furthermore, assume that it is impossible for Joe to spend more than his budget (that is, his total expenditure on candy and soda cannot exceed his budget). The following table describes the marginal benefit (expressed in $) he obtains from each bar of candy and can of soda Marginal Benefit from Marginal Benefit from Soda (in $) Unit Candy (in $) 180 180 160 150 3 140 120 60 5. 100 45 60 30 7. 40 15 8 10 -30 9. 60 -90 10 -100 -120 Joe's optimal consumption bundle includes (enter a numerical answer here) bars of candy and (enter o (enter a numerical answer here) cans of soda, and the total benefit he derives from the consumption of the optimal bundle is $ numerical answer…The bar graph below shows the percentages of income spent on food (i.e., the portion of a consumer's budget devoted to food spending) and the elasticities of demand (in absolute value) for several countries' residents. [Click on the bar graph to open a PDF viewable version in another tab.] Malawians Haitians Bangladeshis Indians Brazilians Koreans. Greeks Italians Australians French Canadians Americans Percentage of Income spent on Food 17% 15% 14% 12% W 31% 28% 35% 40% X 56% Elasticity of Demad 66% 81% 75% According to the bar graph, which of the answer choices is correct? Malawians spend less money on food than Australians. French spend less money on food than Brazilians. Bangladeshis spend a larger percentage of their income on food than Americans. O Canadians spend a larger percentage of their income on food than KoreansLook at the case, would that cause a change in QD or a change in demand? Would it cause it to go up or down?
- You are an economic advisor to the government. Discuss your opinion . a) How COVID-19 pandemic will affect the consumption behavior as well as the investment done by the firms and household for the next two years? b) What are the actions or policies that the government can implement to face this situation? please answers with analysis and --graph (if possible)Typed plz Please maintain accuracy and quality In your Answer take care of plagrisiam I wl upvote for sureT/F Normal goods demand increase with the increase in the income of the consumer and vice versa.
