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![QUESTION TWO
Price
Q Q1
D
$1
Quantity
[20]
Discuss the new market equilibrium. Include in your answer three (3) main factors that can
result in this new equilibrium position.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb2a051c0-fd0d-4303-aa61-e90ae89dbcc7%2Fb75b244b-0502-4d73-8c7d-08495b6e26d3%2Fmye8vyl_processed.jpeg&w=3840&q=75)
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- Hello, I only need the answer to the last question that is in BOLD. A market consists of groups of buyers and sellers of a good or service. Market equilibrium represents the price at which the quantity of goods supplied is balanced with the number of goods consumers are willing and able to buy. Consider the market for coffee: Assume first that there is a heatwave that damages a large portion of coffee beans. Describe how this would affect equilibrium in the market for coffee. Specifically, does demand or supply shift, in which direction, and what is the effect on equilibrium price and quantity? Next, assume there is a new study that finds enormous health benefits to coffee consumption. Again, describe how this would affect equilibrium in the market for coffee. Specifically, does demand or supply shift, in which direction, and what is the effect on equilibrium price and quantity? Now, extend your analysis to what might happen if both of these events (weather which damages coffee beans…Question 3 Market equilibrium is a market state where the supply in the market is equal to the demand in the market. Required: a) Using a suitable diagram to illustrate your answer, explain how the market is ‘self-correcting’ and returns to an equilibrium position if initially the market price was set below the equilibrium market price. b) In the summer, it was observed that there was a decrease in both the price of umbrellas and the quantity of umbrellas sold. Explain this observation in supply and demand terms using diagram. c) If the demand and supply curve for hats are given by the following equations: D = 140 – 7P S = 20 + 3P Where P is the price of hats. Showing all workings, calculate the quantity of hats bought and sold at equilibrium. d) State five factors which could cause the demand curve to shift right.When an economist states the supply of a product has decreased, he or she has concluded that a) A smaller quantity will be produced at every price b) The price is too high for equilibrium c)a greater quanity will produced at every price d) the price is too low equilibrium. e) demand was too high for producers to make a profit.
- Market in equilibrium: consider a market for electric vehicles (EVS), where the equilibrium price (P*) is $30,000 per vehicle, and the equilibrium quantity (Q*) is 10,000 vehicles per year. draw the initial supply and demand graph. P qor Q Events: Due to advancements in battery technology, the cost of producing EVs decreases significantly. Additionally, governments around the world introduce stricter regulations on emissions from gasoline-powered vehicles, leading to an increased demand for EVs. Explain how both the supply and demand curves would be affected. Draw the new supply and demand curves on your graph (in red) and predict the changes in equilibrium price and quantity. Demand: Supply: +Suppose that the cost of crude oil decreases from $25 to $20 for each barrel of heating oil produced. Assuming that the rest of the determinants of supply and demand for heating oil remain equal to their initial values, the market will eventually reach a new equilibrium price of per barrel.What is a relevant example of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Talk about the article and its findings, then include the URL.
- Suppose that our demand curve is given by P = 5 - 0.1Q. The supply curve is given by P = 1+0.4Q. What is equilibrium price? Answer to ONE decimal point. Type your responseIf cars and gas are complements both sold in competitive markets, and the supply of gas falls, then according to a general equilibrium analysis: Group of answer choices The quantity of cars sold will rise The price of cars will fall The price of cars will rise The price of cars will stay the sameConsider the market for Caribbean cruises. In the wake of the COVID-19 pandemic, the cruise companies take the following actions. First, they implement testing and tracing programs to limit the potential of COVID outbreaks on ships to occur and to spread. Second, they engage in widespread advertisement of their new and state of the art safety precautions. Using a generic model of supply and demand, show and describe how you would expect these initiatives would affect the market for cruises. Be sure to explain why which curves are shifting, and discuss changes to market equilibrium.
- #10: The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p= -0.2x² + 80 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x² + x + 40. If the market is set at the equilibrium price, find the consumers' surplus and the producers' surplus.Consider the market for Pets Life dog food. If both consumers and producers in the market expect the price of Pets Life dog food to decrease in the near future, the present effect on the Pets Life dog food market would be as depicted in the diagram below: $ O True O False D2 D1 S₁ S₂ QThe following graph shows the supply curve for sedans in an imaginary market. For simplicity, assume that all sedans are identical and sell for the same price. Two factors that affect the supply of sedans are the level of technical knowledge in this case, the speed with which manufacturing robots can fasten bolts, or robot speed-and the wage rate that auto manufacturers must pay their employees. Initially, the graph shows the supply curve when robots can fasten 2,500 bolts per hour and autoworkers earn $25 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Thousands of dollars) 50 40 30 20 O Supply 0 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) Graph Input Tool Supply for Sedans Price of a Sedan (Thousands of dollars) Quantity Supplied (Sedans…
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