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- Skii resorts have an inelastic supply, and motorcycles have an clastic supply. Suppose that a rise in population doubles the demand toboth products (that is, the quantity demanded at each price is twice what it was) a.What happens to the equilibrium price and quantity in each market?b. Which product experiences a larger change in price?c. Which product experiences a larger change in quantity?d. What happens to total consumer spending on cach product?Why is it importat to determine the determinants of supply?15. Another supply and demand purzle Suppose the market price of calzones in a university town recently decreased. Economics students studying at the university are discussing potential causes of the price decrease. One group of students theorize that the price decreased because the price of dough, an important ingredient for making calzones, has decreased. Others caim the decrease in the price of calzones is because of a recent increase in the price of beer, Everyone agrees that the increase in the price of beer was caused by a recent increase in the price of hops, which are not generally used in making calzones. The first group of students claim the decrease in the price of calzones can be attributed to the fact that the price of dough, an important ingredient for making calzones, has decreased. On the following graph, adjust the supply and demand curves to iustrate the first group's explanatian for the decrease in the price of catrones. Note: Select and drag one or both of the…
- 10. What factors can change demand? What factors can change quantity demanded? 11. When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for bread su other items. Therefore, supply and demand cannot be operative. Do you agree or disagree? Explain vour e, milk, 12. The price of a given-quality personal computer is lower today than it was five years ago. Is this necessarily the resuke of a lower demand for computers? Explain your answer. 13. What is the effect on equilibrium price and quantity of the following? a. A decrease in demand that is greater than the increase in supply b. An increase in supply c. A decrease in supply that is greater than the increase in demand d. A decrease in demand 14. At equilibrium quantity, what is the relationship between the maximum buying price and the minimum selling price? 15. If the price paid is Php40 and the consumers' surplus is Php4, then what is the maximum buying price? If the minimum selling price is…2.The price of food increased during the past year. a.Explain why the law of demand applies to food just as it does to all other goods and services.can you graphthe supply and demand curve given the demand: Qd=50-4p and Supply: Qs=20+2P
- The following graph shows the market for hard drugs, such as heroin, cocaine etc. Use the given information to answer questions 26 - 29. Price of hard drugs Demand $6 $4 Quantity of hard drugs 96 104 Question 26 Calculate the price elasticity of demand when price increases from $4 to $6. Use mid- point method. Question 27 Price increases from $4 to $6. Is the demand price elastic? ( Select ) >Which would cause a decrease in the quantity of computers supplied? A. An increase in the demand for computers B. A decrease in the demand for computers C. An increase in the incomes of consumers D. A decrease in the price of parts for making computersBelow are four supply curve diagrams, each of which represents a change in supply or a change in quantity supplied. S2 S2 A A B Quantity Supplied Quantity Supplied 2 Quantity Supplied 3. Quantity Supplied Match each scenario with the appropriate diagram. a. To take advantage of high prices for snow shovels during a snowy winter, Alexander Shovels, Inc., decides to increase output. b. The success of Pepsi's LIFEWTR and Coke's smartwater leads more firms to begin producing premium bottled water. c. In the six months following the Japanese earthquake and tsunami in 2011, production of automobiles in Japan declined by 20 percent. Price
- Which is the movement along the curve fromone point to another point.Select one:Oa. Change in supplyO b. None of the GivenOc. Change in demandO d. Change in Quantity DemandedExplain how each of the following events changes the demand for or supply of jeans. A. People's incomes increase. B. A new technology becomes available that reduces the time it takes to manufacture a pair of jeans. C. The price of the cloth (denim) used to make jeans falls. D. Jeans come back into fashion. E. The price of a pair of jeans falls. F. The wage rate paid to garment workers rises. G. Many jeans producers go out of business. H. The price of a denim skirt halves. A. Event G decreases supply and event H increases demand. B. Event B decreases supply and event G increases demand. O C. Event C increases demand and event D increases supply. D. Event E increases demand and event F decreases supply. OE. Event A increases demand and event B increases supply.O Point C to Point Di O Point A to Point B Supply 1 Pappy O Point D to Point A O Point A to Point D Ded Dond) The figure above represents the market for orange juice. There is an announcement by the American Heart Association that orange juice is good for your heart. Which of the following would better illustrate the effect in the market for orange juice of such announcement: Da