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17.- Mention and explain what each of the types of supply , for the analysis of the supply.
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- 5. Suppose the supply of apples sharply increased because of perfect weather conditions throughout the growing season. Assuming no changes in demand, explain the effect on the equilibrium price and quantity of apples.6. How will the following events affect equilibrium price and quantity for the product highlighted in italics? In each case, identify how the supply or demand curve shifts. a. A drop in consumer incomes influences the demand for dry cleaning b. Declining numbers of law school graduates affect the supply of legal services c. Consumer expectations that the price of turkeys will soon rise affect the current demand for turkeys d. A cost-saving technological innovation influences the supply of rice2.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.
- 12. What is the difference between a change in supply and a change in quantity supplied? A (change in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. ) is a shift in the entire supply curve either to the left (a decrease in In contrast, a ( change in schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied. ) is a movement along an existing supply curve or PA P (Increase, Decrease) in (Increase, Decrease) inIII. Demand and Supply Together Table 3: Demand and Supply Together Qd 10 15 20 P $4.00 $3.50 $3.00 $2.50 $2.00 P 4.00 Below, superimpose the demand and supply curves. 3.00 2.00 25 30 1.00 Qº 10 30 25 20 15 10 20 30 40 Show Transcribed Text c Q If the price were $4.00, what would the situation in the market be? What (if anything) do you think competing sellers would tend to do (and why)? If the price were $2.00, what would the situation in the market be? What (if anything) do you think competing sellers would tend to do (and why)? At a price of $3.00, what would the situation in the market be? What (if anything) do you think competing sellers would tend to do (and why)?3) Coca-Cola: Suppose that Pepsi decreases the price of its six-packs from $3.00 to $2.50. How would this news change the demand for six-packs of Coca-Cola? a. First, graph the situation with price of Coca-Cola and quantity of Coca-Cola. Use BLACK for supply, BLUE for demand. Label supply as Sı and demand as Dj and D2. b. Using your knowledge of the laws of supply and demand, explain the shift(s) that have been made in your graph and describe what happened to the equilibrium price and quantity (3-4 bullet points), Make sure to include the 8 determinants of demand or 5 determinants of supply. Label the equilibrium points CLEARLY! c. Add a picture of Coca-Cola vs. Pepsi.
- 15. Market equilibrium The following table presents the weekly demand and supply in the market for sweatpants in Philadelphia. Price (Dollars per pair of sweatpants) 6 12 18 24 30 Quantity Demanded (Pairs of sweatpants) 1,650 1,350 1,200 900 750 Quantity Supplied (Pairs of sweatpants) 300 600 750 1,350 1,800 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.4. U.S. agricultural farmers are excited since the government announced an increase in subsidies even though the substitutes for agricultural goods that are imported have increased in demand; therefore, please illustrate by constructing a supply and demand graph, the direction in which the curves will shift and state the new equilibrium price and quantity; for example, state whether price and quantity increased, decreased, or are indeterminate. Please explain your rationale based on the determinants of demand and supply.1. Use the market model of supply and demand to illustrate and explain the impact of the following events on the market for coffee. Make sure to identify which side(s) of the market is impacted, explain why it is impacted, how it is impacted, and the overall impact on the equilibrium price and quantity. a) The price of tea goes up by 100 percent. b) A study is released that links consumption of caffeine to increased incidence of cancer. c) Workers in the coffee industry unionize and negotiate higher wages.
- 6. Movements along versus shifts of supply curves Consider the market supply of donuts. Complete the folowing table by indicating whether an event wi cause a movement along the upply curve for donuts or a sht of the supply curve for donuts, holding all else constant. Event Movement Along Shift A change in technalogy that makes it less costly to produce donuts An increase in the price of donuts A change in expectations about the future price of donuts4. Which of the following statements is (are) correct? (x) When quantity supplied responds very little to changes in price, supply is said to be inelastic. (y) If the quantity supplied changes substantially when the price of the good changes a small amount, then the coefficient of price elasticity of supply is a number larger than one and supply is elastic. (z) Holding all else constant, if a paper manufacturer increases production by 12 percent when the market price of paper increases by 15 percent, then the price elasticity of supply must be inelastic since the coefficient of price elasticity of supply is equal to 0.80. A. (x), (y) and (z) C. В. (x) and (y) only (x) and (z) only E. (x) only D. (y) and (z) only3. Indicate how each of the following will affect the current supply (Increase supply or Decrease Supply) for personal computers. a) A rise in wage rates b) An increase in the number of sellers of computers c) A tax placed on the production of computers d) A subsidy placed on the production of computers
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