llustrate graphically how each of the following events will impact the demand for cups of coffee andexplain why demand changes. a) Average hourly wages increase in Canada. b) The province of Ontario requires all coffee houses to post warnings to consumers of the cancer-causing components of coffee. c) Coffee houses increase the price of coffee in order to pay their Baristas more.
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llustrate graphically how each of the following events will impact the demand for cups of coffee andexplain why demand changes.
a) Average hourly wages increase in Canada.
b) The province of Ontario requires all coffee houses to post warnings to consumers of the cancer-causing components of coffee.
c) Coffee houses increase the price of coffee in order to pay their Baristas more.
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- Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Lakes's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from MSY to ACY (Dollars per roundtrip) Room Rate at Mountaineer (Dollars per night) 100 400 40 100 250 ? For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Lakes is charging $100 per room per night. If average household income increases by 25%, from $40,000 to $50,000 per year, the quantity of rooms demanded at the Lakes from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Lakes are If the price of a room at the…Consider a market for Ice Cream an inferior good in Pakistan. For each of the given events, identify which of the determinants of the demand or supply are affected. Also indicate whether demand or supply increase or decreases. Then draw a diagram to show the effect on the price and quantity of Ice Cream, solve all the parts and subparts. i. News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. ii. There has been a decline in wages of all employees in Pakistan due to the third wave of coronavirus. iii. People in Pakistan decide to have more children. iv. Students of NED University develop new automated machinery for the production of Ice Cream. v.There has been a decrease in people’s income due to COVID-19 crisis. i News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. Identify which of the determinants of the demand or supply are affected. Also indicate whether demand or supply…You own a small town movie theater. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you that there may be a way to increase your total revenue. Draw the demand curves from the schedules below then answer the following questions. Adult Demand Child Demand Price Quantity Price Quantity $8 40 $6 10 $6.5 45 $5 20 $5 50 $4 30 $3.5 55 $3 40 $2 60 $2 50 a. What is your current total revenue for both groups? b. The elasticity of demand is more elastic in which market? c. Which market has the more inelastic demand? d. What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic? e. What is the elasticity of demand between $5 and $2 in the children's market? Is this elastic or inelastic? f. Given the graphs and what your friend knows about economics, he…