I need help with 5.1 A only . Question is …Tustrate the following with supply and demand curves:8. With increased access to wireless technology and lighterweight, the demand for 2-in-1 laptop computers hasincreaked wuhstantially. 2-in-1 laptops have also becomeeasier and cheaper to produce as new technology hascome online, Despite the shift of demand, prices have fallen. 5.1 A chapter 3 page 72 from the macroeconomics book thirteen edition . s During 2009, incomes fell sharply for many AmericansThis change would likely lead to a decrease in the priceboth normal and inferior goods.d. Two normal goods cannot be substitutes for each orhef demand increases and supply increases at the sametime, price will clearly rise.E. The price of good A falls. This causes an increase in theprice of good B. Therefore, goods A and B are complements72 PARTYAe yy f pielies in Hewail ancreases causng nle i so fll Lower prices mean that thedemnd for pineapples in Howaan honehokds willwhc will mdce he supply of pineapples andder price5.3 Through October 2014, the U.S. government administeredtwo programs that affected the market for cigarettes. Medicampaigns and labeling requirements, which are still inplace, aim at making the public aware of the health.of cigarettes, and until 2014 the Department of Agriculturealso maintained price supports for tobacco. Under this ngram, the supported price was above the market equilib-rium price and the government limited the amount of landthat could be devoted to tobacco production. Were thesetwo programs at odds with the goal of reducing cigaretteconsumption? As part of your answer, illustrate graphicallythe effects of both policies on the market for cigarettes.5.4 For each of the following statements, draw a diagram thatillustrates the likely effect on the market for eggs. Indicatein each case the impact on equilibrium price and equilib-rium quantity.a. The surgeon general warns that high-cholesterol foodscause heart attacks.b. The price of bacon, a complementary product, decreases.c. The price of chicken feed increases.d. Caesar salads become trendy at dinner parties. (The dress-ing is made with raw eggs.)e. A technological innovation reduces egg breakage duringpacking.3.5 MARKET EQUILIBRIUMLEARNING OBAECTIVE Be able to explain how a market that iso in quilbrium responds to restore an equilibriumdangers5.1 ustrate the following with supply and demand curves:wh increased access to wireless technology and lighterwwigh the demand for 2-in-1 laptop computers hasincreased substantially. 2-in-1 laptops have also becomeser and cheaper to produce as new technology hascome online. Despite the shift of demand, prices haveGallen.s pro-b. Cranberry production in Massachusetts totaled 1.91million barrels in 2017, a 16 percent decrease from the2.22 million barrels produced in 2016. Demand also de-creased, but by less than than supply, raising 2017 pricesto 548.70 per barrel from $44.50 in 2016.c. During the high-tech boom in the late 1990s, San Joseoffice space was in high demand and rents were high.With the national recession that began in March 2001,however, the market for office space in San Jose (SiliconValley) was hit hard, with rents per square foot falling.In 2005, the employment numbers from San Jose wererising slowly and rents began to rise again. Assume forsimplicity that no new office space was built during theperiod.d. Before economic reforms were implemented in thecountries of Eastern Europe, regulation held the price ofbread substantially below equilibrium. When reformswere implemented, prices were deregulated and the priceof bread rose dramatically. As a result, the quantity ofbread demanded fell and the quantity of bread suppliedrose sharply.e. The steel industry has been lobbying for high tariffson imported steel. Russia, Brazil, and Japan have beenproducing and selling steel on world markets at $593 permetric ton, well below what equilibrium would be in theUnited States with no imports. If no imported steel waspermitted into the country, the equilibrium price wouldbe $1,006 per metric ton. Show supply and demandcurves for the United States, assuming no imports; thenshow what the graph would look like if U.S. buyers couldpurchase all the steel that they wanted from world mar-kets at $593 per metric ton; label the portion of the graphthat represents the quantity of imported steel.5.2 Do you agree or disagree with each of the following state-ments? Briefly explain your answers and illustrate eachwith supply and demand curves.a. The price of a good rises, causing the demand for anothergood to fall. Therefore, the two goods are substitutes.b. A shift in supply causes the price of a good to fall. Theshift must have been an increase in supply.*5.5 Suppose the demand and supply curves for eggs in theUnited States are given by the following equations:Qd=100 – 20 PQ=10+40 Psvowhere Q=millions of dozens of eggs Americans wouldlike to buy each year; Q,=millions of dozens of eggs U.S.farms would like to sell each year; and P=price per dozeneggs.a. Fill in the following table:PriceQuantityDemanded (Q) Supplied (Q)Quantity(Per Dozen)$ 50$ 1.00$ 1.50$ 2.00$2.50b. Use the information in the table to find the equilibriumprice and quantity.c. Graph the demand and supply curves and identify theequilibrium price and quantity.d. Use algebra to solve these equations for the equilibriumprice and quantity.MyLab Economics Visit www.pearson.com/mylab/economics to complete these exercises online and getinstant feedback. Exercises that update with real-time data are markoduuith

The Demand Curve is the number of goods a consumer is willing to produce. The supply curve is the…

Answered: I need help with 5.1 A only . Question…

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC