Let's consider an economy in which there are really only two types of movies available action films, which are more popular among female viewers in this economy, and drama films, which are more popular with male viewers. Consider the market for drama films. If the population of the economy shifts so that there are many more female citizens than male citizens, then in the market for drama films we would expect: OP down, Q up P"down, Q* down O P* up, Q* up a movement to the left along the demand curve O P up, Q down
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- "Cell phones have quickly become taken as much for granted as electricityor water supply. They have had a major impact on our lives and the way that weperform everyday tasks. Many of these changes are apparent, while others wemay not even be aware of. People nowadays really don’t rememberquite well how life was before cell phones existed!"Use the demand-supply model to illustrate the changes in the market for cell phones over thelast twenty years. Try as much as possible to relate the demand-side factors and the supplyside factors we studied in class to the market under study. Although drawing graphs is notnecessarily required, yet it could help you to illustrate your answer. Support your answer withrelevant real-life data.E Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. is determined by the interaction of supply, demand, and price. * 2 points Effective Demand O Simple Demand Quantity Demand Actual Demand All of These O None of These Market Systems/Capitalist Economies are controlled by is what is actually bought by consumers, businesses, and government) (which Effective Demand Simple Demand Quantity DemandedIn a village, Lou and Lisa are the only people who buy haircuts. When the price is $15.00, Lisa plans to buy two haircuts a year and at $10.00 a haircut she plans to buy three. When the price is $15.00 a haircut, Lou plans to buy one haircut a year and at $10.00 a haircut he plans to buy two. What is one point on the market demand curve for haircuts? The quantity demanded is ________. A. 8 haircuts per year at $10.00 a haircut B. 4 haircuts per year at $12.50 a haircut C. 7 haircuts per year at $10.00 a haircut D.. 3 haircuts per year at $15.00 a haircut
- "Cell phones have quickly become taken as much for granted as electricity or water supply. They have had a major impact on our lives and the way that we perform everyday tasks. Many of these changes are apparent, while others we may not even be aware of. People nowadays really don’t remember quite well how life was before cell phones existed!" Use the demand-supply model to illustrate the changes in the market for cell phones over the last twenty years. Try as much as possible to relate the demand-side factors and the supply-side factors we studied in class to the market under study. Although drawing graphs is not necessarily required, yet it could help you to illustrate your answer. Support your answer with relevant real-life data.In the graph above, which of the following would result in equilibrium shift from point C to point A? A. There was an increase in income and technology advanced. B. There was a decrease in income and technology advanced. C. There was an increase in the price of a complement and an increase in wages paid by the firms. D. There was a decrease in the price of complement and an increase in wages paid by the firm. E. There was an increase in the number of buyers but the number of firms remained unchanged.27. (Figure: Four Markets for DVDs) Which of the graphs shows what may happen if some of the stores that rent DVDs close? A) A B) B C) C D) D
- fl you know that Linda's consumption of potatoes fell from 200 pounds a year to 150 pounds a year when her income went up from $50,000 to $60,000 a year, you are able to calculate Linda's incomeelasticity of demand for potatoes. What is it? What do economists call this kind of a good?illustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of thenewequilibrium, ineachofthefollowingsituations: a. The price of milk, a key input for cheese production,rises,sothatthesupplydecreasesby 80 pounds at every price. b. A new study says that eating cheese is good for your health, so that demand increases by 20% at every price.Is the horizontal section of Country H's excess demand curve necessarily symmetric around zero? That is, are OH and HO of equal length in Fig. 7.3? Under what special circumstance are they of equal length? ( Hint: the answer has somethingto do with preferences.) I can't seem to upload two images, but figure 7.3 is simply an excess demand curve and it shows that the distance between 0 and H, which represents imports of X, is smaller than the distance between H' and 0 which represents exports. 6. Is the horizontal section of Country H's excess demand curve necessarily symmet ric around zero? That is, are OH and H'O of equal length in Fig. 7.3? Under what special circumstance are they of equal length? (Hint: the answer has something to do with preferences.)
- In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years.Why we need to estimate the economic prices of tradable goods? Kindly cite an example of a tradable good.Explain what dependent demand is and give examples ofhow you can use dependent demand in your personal life