[Choose the correct answer]Which diagram illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy? Assume that the graphs show a competitive market for the product stated in the question.PricePriceE2E,P,D2DQuantityGraph AQuantityGraph BPrice52PriceS2D.QuantityGraph CQuantityGraph DWhich diagram illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy?O AO BO CO D

The destroy of the crop decreases the crop available in the market and does not change the demand…

Assume that the graphs show a competitive market for the product stated in the question. Price Price E, P, D2 D Q,-Q2 Quantity Graph A Q-Q, Quantity Graph B Price Price 52 E2 E2 D. Q-Q2 Quantity Graph C Quantity Graph D Which diagram illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy? O A O B O D PIP

Assume that the graphs show a competitive market for the product stated in the question. Price Price E, P, D2 D Q,-Q2 Quantity Graph A Q-Q, Quantity Graph B Price Price 52 E2 E2 D. Q-Q2 Quantity Graph C Quantity Graph D Which diagram illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy? O A O B O D PIP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices in the absence of any price controls. Price (Dollars per box) 35 15 O True Quantity Demanded (Millions of boxes) True or False: A price ceiling below $25 per box is not a binding price ceiling in this market. False Quantity Supplied (Millions of boxes) Pressure on Prices Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. In the long run, farmers can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. Therefore, the long-run supply of oranges is much more price sensitive than the short-run supply of oranges. Assuming that the long-run demand for oranges is the same as the short-run demand, you would expect a binding price ceiling to result in a in the long run than in the short…
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(Figure: Market Demand for Oranges) Consider the figure Market Demand for Oranges. The amount by which the total If the price of oranges is benefits of oranges to consumers exceed consumers' total expenditures on oranges is called B, this quantity is depicted by the area Price (per bushel) 0 producer surplus; BCD consumer surplus; OCDE consumer surplus; BCD net benefit; OBDE Market Demand Quantity (per period)
Question 1 (Market Demand and Equilibrium) Suppose the demand for cigarettes is perfectly inelastic, while the supply of cigarettes slopes upward from left to right. The equilibrium price of cigarettes is $5 and the equilibrium quantity is 100 packs. a) Draw the market for cigarettes given the information above. Label the equilibrium point, axes, and any intercepts b) What would happen if the price of cigarettes were $6 per pack and not at the equilibrium of $5 per pack? Would it stay at $6 per pack? Briefly explain. c) Suppose that as a result of government anti-smoking campaigns, the demand for cigarettes decreases to 80 packs (but is still perfectly inelastic). What would happen to the equilibrium price (increase, decrease, not change)? What is the new quantity?
The following table is a supply and demand schedule for the eggs market. PRICE (per dozen eggs) DEMAND (in million dozens) SUPPLY (in million dozens) AED 10 340 160 AED 11 320 200 AED 12 300 240 AED 13 280 280 AED 14 260 320 AED 15 240 360 AED 16 220 400 Based on the above data answer the following questions. Need to use correct units in the answer (AED, million dozens, etc) ( a) What is the equilibrium price? b) What is the equilibrium quantity ? c) Is there a surplus or shortage at AED 16? d) With respect to question c, how much is the surplus or shortage?