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Do you think that the increase in the price of rice also increases the income of the agri-farmers? Expand.
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- Due to low rainfall the supply of potatoes decreases. At the same time, the demand for potatoes increases. In a supply and demand diagram, A. the equilibrium quantity rises B. the equilibrium quantity falls C. the change in the equilibrium quantity is ambiguous D. None of the above V.The following graphs show the relationship between the price of cherries and the quantity of cherries supplied in two different regions, the North and the and South. Assume that the two lines are parallel. In the North, if the price goes down by $0.20 per pound, then the quantity supplied in the North goes down by 200 pounds per year. If the price of cherries goes down by $0.20 in the South, what will happen to the quantity supplied? A. There is not enough information given to determine the supply change in the South. B. The quantity will decrease by 200 pounds per year. C. The quantity will increase by 100 pounds per year. D. The quantity will increase by 200 pounds per year.Explain the impact of higher corn prices on consumers. Draw a graph explaining the impact of higher corn prices on consumers. Explain which curve will shift on your graph and the change in price and quantity demanded. Explain the impact of higher corn prices on producers. Draw a graph explaining the impact of higher corn prices on producers. Explain which curve will shift on your graph and the change in price and quantity supplied.
- Based on the figure below, an increase in the quantity of oil supplied but NOT in the supply of oil is Sz Quantity (barrels of oil) point a to point d. point a to point e. point a to point b. point a to point c. Price (dallars per barrel of ail)What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?The following is an excerpt from an article in the Singaporean newspaper, the Straits Times: Singaporeans with a sweet tooth could soon find themselves paying more for their favourite treats, as bakers and confectioners buckle under soaring sugar prices. Since March last year, the price of white sugar has shot up by 70 per cent, according to the New York Board of Trade. As if that didn’t make life difficult enough for bakers, butter and cheese prices have also risen, by 31 per cent and 17 per cent respectively. The increases have been caused by various factors: a steep drop in Thailand’s sugarcane production due to drought, higher sea freight charges, increasing demand from China’s consumers for dairy products and the strong Australian and New Zealand dollar. For the consumer in Singapore, what this may eventually boil down to is a more expensive bag of cookies, with prices at some bakeries expected to rise between 10 and 20 per cent. [The owner of a Singapore…
- Use the figure below to answer the following question. Quantity An increase in quantity supplied is depicted by a Multiple Cholce move from polnt y to polnt x. shift from S, to S2 shift from S2 to Sy- move from polnt x to polnt y. PriceWhich 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 computersDetermine the equilibrium price and equilibrium quantity
- What determines the level of prices in a market?Q2: The price of milk has increased from $2 to $2.2 and quantity decreases from 10 to 8 gallons. Find PED and comment on your findings.What is the difference between demand and derived demand? What examples do you have of goods and services you buy in product markets? What examples do you have of resources your workplace (or another workplace) buys in resource markets?