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- a) Derive the goods market demand curve in terms of the output (Y) and the exogenousvariables:c0,c1,b0,b1,g0,g1andT. Show your work for full credit. b)Draw the Goods Market Equilibrium. Be sure to label all curves, label the equilibrium point, and label the slope of each curve. c)Solve for the equilibrium output (Y) in terms of the exogenous variables:c0,c1,b0,b1,g0,g1andT. Show your work for full credit. d)Supposeg1increases, but stillc1+b1+g1<1. Using a graph of the goods market, show how we would represent an increase in the value ofg1on equilibrium output y. Be sure to label all axes, curves, and equilibrium points. e)Suppose instead,c1+b1+g1= 0. Is the equilibrium in the goods market still possible? If so, what is the equilibrium output? You must explain your answer to receive full credit.Hello please answer! What is a good or service that has become expensive/cheap due to (a) natural scarcity/abundance of supply or naturally high/low demand, and (b) artificial mean (e.g., government policy, competition restricting practices)?Resource management for recreational purposes is a useful tool to understand the relationship between recreational aa) Discuss the positive impacts of tourism on Economics. b) Discuss the negative impacts of tourism on Economics.
- What is a relevant example of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Talk about the article and its findings, then include the URL.A decrease in the cost of the flour used to bake bread is most likely to1. Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. (i) How will the market for melons be affected after Hurricane Dean? (ii) How much will the Trinidadian economy grow this year? (iii) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? (iv) What will the inflation rate be for Belize?
- A curve that shows various combinations of two goods that a country can produce when all of the country’s resources are fully employed and used in efficient manner: Select one: a) Supply Curve b) Budget Line c) Production Possibility Frontier d) Demand Curve e) None of the options are correctBread and mayo are complement goods True/FalseQuestion 4 The interactions of producers and consumers in individual markets are part of the study of microeconomics. normative economics. monetary economics. macroeconomics. consumer economics.
- Are predictions using the supply-and-demand model likely to be reliable in each of the following markets ? a) Apples b) Convenience storesc) Electronic games ( a market dominated by a few firms)d) Used carsA key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. With this assignment, you get a chance to demonstrate your ability to apply what you have learned to the coffee market. Be sure to answer all parts of each of the scenarios below. Students may utilize Paint, Word (the shapes tool under Insert), OneNote (Draw tab), or hand draw the graphs. Scenario 1: Suppose that the FDA increases regulations for coffee. Will this affect the supply or demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same axes. How will this change affect the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: Suppose the Mayo publishes a study finding that the caffeine in coffee increases the probability of getting Alzheimer’s. How do you imagine this will affect the market for coffee? Which determinant of demand or supply is being affected? Show…(d) Consider the following demand-supply model: P =15−Qd; P =3+Qs Use the equilibrium condition Qd=Qs=Q, and find the equilibrium price and quantity. Show this equilibrium in a graph. (e) What are definitional, behavioral, and conditional equations? Give examples.