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 demanc 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

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 demanc 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

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 sentence below describing changes in the market for Beyoncé concerts, note whether the statement is true, false, or uncertain, and explain your answer. Please draw a graph for each case. a. If consumer income decreases and "road crew" wages fall, quantity will rise and prices will fall. b. If there is a shift in preferences towards country music and taxes paid by pop concert promoters increase, quantity will fall and prices will rise. c. If the price of downloading music from Spotify increases and the cost of on-stage amplifiers increases, quantity and price will both fall.
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 indemand, supply, or both?Make sure to explain what sort of assumptions you are making on the elasticities of demandand supply (when plotting your demand and supply, describe whether you are assuming anelastic or inelastic demand/supply).a) A reduction of supply as a consequence of a disruption in the world oil marketsb) The implementation of a minimum wagec) The implementation of taxes to manufacturing of cars in Australiad) The implementation of a Carbon tax in the economy. A Carbon tax is chargedaccording to the level of emissions of greenhouse gases in an economy.e) The implementation of a new loan program to university students in the educationsector
the graph below shows two shocks to the marketa) a fall in the price of production equipment b) an increase in the price of movie tickets by drawing on the graph: 1. draw a new supply and the new demand curve and label the curves properly please 2. then define the new equilibrium quantity and price on the graph then label the new equilibrium properly.
The following questions refer to the Planet Money podcast ”Kid Rock vs The Scalpers”. a. What is the product and who are the market participants?b. Kid Rock seems to feel very strongly about the price of the tickets offered in his concerts. How are the prices related to supply and demand? Are the prices at an equilibrium?c. Why was one of the solutions proposed by Kid Rock increasing the number of shows? Draw a graph explaining your answer.
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II. What will happen to Demand(D), Supply(S), new Equilibrium Price(P*), and new Equilibrium Quantity(Q*) when the market condition changes as the following. Explain the reason and draw relevant graphs supporting your analysis. A. Market: Plywood in Florida Event: The Hurricane Center increases the probability of Hurricane to make a landfall in Florida B. Market: Bauxite Event: GM is able to increase the mph of its vehicles by using more aluminum in cars and so plans to use more aluminum. Bauxite is a resource in producing aluminum. C. Market: Skateboards Event: The price of fiberglass rises (Fiberglass is a substance used for making skateboards) D. Market: Hamburger Event: 1. A new processing technology lowers the production cost of hamburger patties AND, simultaneously, Event: 2. The Surgeon General advocates eating only 2 ounces of red meat per day for health concerns E. Market: Chicken Event 1. Avian flu spreads fast hurting chicken producers AND, simultaneously, Event 2.…
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Evaluate the set of events below. Determine how the events will impact their respective markets. a. In examining the market for personal computers, a technological improvement reduces the cost of production. The effect of the event will be in . As a result, the equilibrium price will and the equilibrium quantity will . b. In examining the market for smart phones, there is a reduction in the number of sellers. The effect of the event will be in . As a result, the equilibrium price will and the equilibrium quantity will . c. In examining the market for apps for smart devices, there is a tax levied on the sellers of apps. The effect of the event will be in . As a result, the equilibrium price will and the equilibrium quantity will .
What will happen to Demand(D), Supply(S), new Equilibrium Price(P*), and new Equilibrium Quantity(Q*) when the market condition changes as the following. Explain the reason and draw relevant graphs supporting your analysis. A. Market: Plywood in Florida Event: The Hurricane Center increases the probability of Hurricane to make a landfall in Florida B. Market: Skateboards Event: The price of fiberglass rises (Fiberglass is a substance used for making skateboards) C. Market: Chicken Event 1. Avian flu spreads fast hurting chicken producers AND, simultaneously, Event 2. Beef prices fall a lot, making beef more affordable to consumers (Chicken and beef are substitutes)
Explain as completely as you can what an economist means by supply?
Suppose that the equilibrium price and quantity of new houses both increase. Which of the following could be a cause of this change? Group of answer choices a.The wage paid carpenters who build new houses might have risen. b.A technological advance in framing a new house might have occurred. c.The rent for nearby apartments might have fallen. d.More home buyers might have moved into the area. e.The cost of wood framing used to build houses might have fallen.