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Explain J B Say’s Law of Market
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- Which of the following would NOT cause the supply curve of smartphones to shift? A B C D a decrease in the number of smartphone producers an increase in the price of smartphones an improvement in the technology of producing smartphones an increase in the productivity of smartphone workersWhat are determinants that shift the supply curve, define and list 4 conditions.can you graphthe supply and demand curve given the demand: Qd=50-4p and Supply: Qs=20+2P
- Explain the various determinants of market supply.Review Questions 2.1 2.2 What is the law of supply? What are the main vari- Su ables that will cause a supply curve to shift? Give an b example of each.As oil prices rose during 2006, the demand for alternative fuels increase. Ethanol, onealternative for fuel is made from corn. According to an article in the Wall Street Journal, theprice of tortillas, which are made from corn, also rose during 2006. “The price spike [intortillas] is part of a ripple effect from the ethanol boom”a. Draw a demand and supply graph for the corn market and use it to show the effect onthis market of an increase in the demand for ethanol. Be sure to indicate theequilibrium price and quantity before and after the increase in the demand for ethanol.b. Draw a demand and supply graph for the tortilla market and use it to show the effect onthis market of an increase in the price of corn. Once again, be sure to indicate theequilibrium price and quantity before and after the increase in the demand for ethanol.c. By 2015, the price of oil had fallen, which reduced the price of gasoline. The demandfor ethanol fell along with the price of gasoline. What impact would…
- You recently observed that he price of coffee increased while sales remained relatively unchanged. Using the demand and supply model explain what could have caused this change in the market for coffee. Explain. Plz do fast asapWhat is the size of market aslo explain the character of the commodity in our daily lives,?N GHANICE PENS El 10 11 RAME Supply & Demand Analysis Activity For each scenario, show how the curve of Supply and Demand will change, the direction it would shift, and provide a detailed explanation of why the shirt book place. Effect on Supply Effect on Demand SCENARIO 1: Consumers hear that leather costs will double in price over the following month. What happens to the supply and demand of leather coats? SCENARIO 2: An article in the news advises travellers to avoid the Bahamas due to hurricane season. What happens to the supply and demand of vacation rentals in the Bahamas? SCENARIO 3: The price of butter goes up approximately $2.00 per 500 mL. What happens to the supply and demand for margarine? SCENARIO 4: Apple decides to discontinue ITunes in an effort to reduce piracy. What happens to the supply and demand of ITunes downloads? SCENARIO 5: Due to recent hurricanes, the price of ol and gas will increase. What happens to the supply and demand of electric vehicles? 4 5 Shmans 4…
