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- Draw a supply and demand diagramshowing the impact of each of the following events on equilibrium price and quantity in the market for paint. Briefly explain your reasoning. There have recently been some important cost-saving inventions in the paint-making industry. Hailstorms damaged several factories that make paint, forcing them to close down for several months. There have recently been some important cost-saving inventions in the paint-making industry, and, because of severe hailstorms, many people need to repaint now.Frigid Florida Winter is Bad News for Tomato Lovers An unusually cold January in Florida destroyed entire fields of tomatoes and forced marry farmers to delay their harvest. Florida's growers are shipping only a quarter of their usual 2.5 million kilograms a week. The price has risen from $13.00 for a 12.5-kilogram bux a year ago in S60 now. Source: USA Today, March 3. 2010 Draw the demand curve for tomatoes and the supply curve for tomatoes in January 2009 if the equilibrium quantity of tomatoes is 200,000 boxes a week and the equilibrium price is $13 a box. Label the curvas. Draw a point to show the equilibrium quantity and equilibrium price. Label it 1. Show how the events in the news clip influence the market for tomatoes in January 2010 and decrease the quantity of tomatoes to 50,000 boxes and raise the price to $60 a box. Draw ather a new cemand curve or a new supply curve and label it. Draw a point to show the new equilibrium quantity and equilibrium price. Label it 2. se.xcF…QUESTION 7 Which of the following is not true about demand and quantity demanded? Quantity demanded changes when price changes. Demand shifter could change demand. Shifting a demand curve changes demand. O Moving along a demand curve changes demand.
- 4. Demand shifters The following graph shows the market demand for kumquats. Suppose that government reports link an outbreak of salmonella poisoning to a recent kumquat crop. Show the impact of the government report by shifting the demand curve on the following graph. Note: Select and drag the curve to the desired position. The curve will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per crate) Demand QUANTITY (Crates of kumquats) Demand The following graph shows the market demand for televisions, which are normal goods. Suppose that a deep economic recession causes consumer income to decline.Draw a supply and demand diagramshowing the impact of each of the following events on equilibrium price and quantity in the market for paint. Briefly explain your reasoning. There have recently been some important cost-saving inventions in the paint-making industry. Hailstorms damaged several factories that make paint, forcing them to close down for several months. There have recently been some important cost-saving inventions in the paint-making industry, and, because of severe hailstorms, many people need to repaint now.What happens to the quantity of smartphones supplied and the supply of smartphones if the price of a smartphone rises? Draw a supply curve of smartphones. Label it. Use any prices and quantities you wish but make your supply curve obey the law of supply. Then draw an arrow to indicate what happens to the quantity of smartphones supplied when the price of a smartphone rises. A rise in the price of a smartphone OA. does not change; does not change OB. increases; increases OC. does not change; increases incroscoe dinge not channe the quantity supplied and supply. 500 450- 400- 350- 300- 250 200 150 100- Price (dollars per smartphone) 50- 0- 0 Quantity (millions of smartphones per ye
- Analyze the impact of a change in demand or achange in supply or both (or it may not necessarily illustrate a change) on price(equilibrium price, market price) for the good under consideration and draw theappropriate graph for each article. Use D 1 , S 1 , P 1 , and Q 1 to symbolize initial demand,supply, equilibrium price and quantity respectively. Use D 2 , S 2 , P 2 , and Q 2 to representthe new demand, supply, equilibrium price and quantity respectively. B. Monthly average crude oil prices plunged 50% between January and March. Pricesreached an historic low in April with some benchmarks trading at negative levels.They are expected to average $35 per barrel in 2020, a sharp downward revisionfrom the October forecast and a 43% drop from the 2019 average of $61 per barrel.The downward revision reflects an historically large drop in demand. The decline incrude oil prices has been exacerbated by uncertainty around productionagreements among the Organization of the Petroleum Exporting…Jane's budget line A. rotates outward if her budget increases and prices don't change В. shifts outward with no change in its slope if her budget increases and prices don't change C. shifts inward with no change in its slope if the price of one good rises and her budget doesn't change D. rotates inward if the prices of both goods double and her budget doesn't change15. Give an example for the supply curve to shift to the right or left. Explain.
- Explain briefly what causes movement in the demand curve vs a shift in the demand curve Provide an example of when there was a movement along the curve. Provide examples from your personal or professional life where you believe a demand curve shifted.Suppose that the table shows the quantity supplied of UGG boots at five different prices in 2020 and in 2021 Refer to the table and note the change in the supply of UGG boots from 2020 to 2021 Which of the following could explain the change in supply observed in 2021? (Check all that apply) A. A decrease in the demand for UGG boots. B. A decrease in the number of sellers C. An increase in the price of a substitute in production. D. A decrease in the price of UGG boots Price $ 160 170 180 190 200 Quantity Supplied 2020 40,000 45,000 50,000 55,000 60,000 Quantity Supplied 2021 30,000 35,000 40,000 45,000 50,000Exhitbit SD.2 DI D2 |Quantity Refer to the above Supply-Demand diagram. One of the following factors causes the shift from S1 to S2, O the demand for low-fat meals has risen. O consumer income may have risen. O the quantity of resources used in the production of low-fat mcals has risen. demand for popular hcalthy foods increased. Price E.