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- Suppose we are considering the milk market and we have two sets of values, as shown by the numbers in parentheses, which represent two points on a line: (59 billion quarts; $4) and (78 billion quarts; $6). This line is most likely a A. production possibilities frontier for milk.B. supply curve for milk.C. demand curve for milk.D. ray through the origin.E. time series line.An add in the newspaper claims that the price of milk will increase next week. At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the equilibrium price and quantity of milk? O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium quantity will decrease, equilibrium price will increase. O Equilibrium price will increase; the effect on quantity is ambiguous. O Equilibrium quantity will increase; the effect on price is ambiguous.For each of the statements below, select the option that best describes what would happen to the equilibrium price and quantity in the market (noted in italics). Price up, quantity down e. Price down, quantity uncertain Price up, quantity up f. Price up, quantity uncertain Price down, quantity down g. Price uncertain, quantity up Price down, quantity up h. Price uncertain, quantity down ____ 1. Banana consumers experience a decrease in their income (assume bananas are an inferior good). ____ 2. Shoe manufacturers experience an increase in the price of raw materials such as leather and rubber. ____ 3. U.S. consumers of jelly (to make PB&J sandwiches) witness an increase in the price of peanut butter caused by an increase in supply. ____ 4. Consumer enthusiasm for vacations increases air travel at the same time jet fuel costs are…
- 1. Your econ professor would like to buy a Tesla X, but he cannot afford one. He __________ have a demand for a Tesla X. A. does B. does not 2. Which of the following would not change the supply of a good? A. A change in the price of the good. B. A change in the technology for producing the good. C. A change in the price of a resource required to produce the good. D. A change in the number of firms producing the good. E. A change in the government regulation of firms producing the good.HelpPlease answer fast and Arjent
- Please see attachment and answer the same asapusing the diagram below defent thr point that a free market will always move from disequilibrium to equilibrium according to demand and supply theory Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.If there is a need to increase the quantity and supply of oil, the most effective way to get it quickly is to improve technology.reduce the prices of the resources that produce oil.increase the price of oil.put a limit on the price of oil.ban imports. Flag this Question
- For each of the events describe below, you are required to explain: 1. The market you are evaluating (e.g., labour market, automotive market, etc). 2. Does the event act on the demand side, supply side, or both sides of the market? 3. Does the event lead to a quantity or price change? Or does the event lead to a shift in demand, supply, or both? Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply (when plotting your demand and supply, describe whether you are assuming an elastic or inelastic demand/supply). a) A reduction of supply as a consequence of a disruption in the world oil markets b) The implementation of a minimum wage c) The implementation of taxes to manufacturing of cars in Australia d) The implementation of a Carbon tax in the economy. A Carbon tax is charged according to the level of emissions of greenhouse gases in an economy. e) The implementation of a new loan program to university students in the education sectorThe information problem of central planning is related to the incredible amount of information needed to know: the place where a good is produced, the place where the good is purchased, the place where the good is consumed, and so on. O the people who produce a certain good, the people who employ those people, the people who employ the employers, and so on. the value of a good in all of its uses, all of the substitutes for a good, the value of the substitutes in all of their uses, and so on. the price of a certain good, the prices of the inputs for the good, the prices of the inputs to the inputs, and so on.io 0 ВО Which point/s represent an equilibrium in the goods market? O a. A only O b. A and D O c. A and C O d. All of the above A E Yo D C LMo ISO Y
