Orange juice and apple juice are substitute goods. Assume that many acres ofapple orchards are converted to land for housing development. Which of thefollowing is most likely to occur in the apple juice and orange markets? *The demand for apple juice will stay the same and the demand for orange juice willincrease.The demand for apple juice will decrease and the demand for orange juice willincrease.The price of apple juice and orange juice will decrease.The supply for apple juice and orange juice will increase.The supply for apple juice will stay the same, but the supply of orange juice willdecrease.If the government wants to put a per unit tax on a product so that it can raiserevenue to support local schools, it would most likely accomplish this goal bydoing which of the following? *placing a tax on a good with an elastic demand.O placing a tax on a good that has many substitutes.O placing a tax on a good with an inelastic demand.O placing a tax on a good with a perfectly elastic demand.O relying of the goodness of mankind and simply ask for donations.

"Since you have asked multiple questions, we will solve first question for you .. If you want any…

Answered: Orange juice and apple juice are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

8. Another supply and demand puzzle The market price of calzones in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because a new type of pizza oven allows pizza shops to make a calzone in half the time. Other students attribute the decrease in the price of calzones to a recent decrease in college student enrollment. The first group of students think the decrease in the price of calzones is due to the fact that a new type of pizza oven allows pizza shops to make a calzone in half the time. On the following graph, adjust the supply and demand curves to illustrate the first group's explanation for the decrease in the price of calzones. PRICE (Dollars per calzone) QUANTITY (Calzones) Supply Demand Demand 宁夏中磨 -0- Supply The second group of students attribute the decrease in the price of calzones to the decrease in college student enrollment. On the following graph, adjust…
What might cause Supply to shift from the Original Supply to the New Supply?. Price of a cup of coffee $3.50 3.00 2.50 2.00 1.50 1.00 $.50 0 10 Original Supply New Demand Original Demand 20 30 40 50 60 70 Cups sold in an hour New Supply A reduction in coffee farmland taxes. OA storm in South America wipes out the entire coffee crop. A news report that coffee consumption greatly increases productivity. An increase in the price of tea.
Suppose that the table on the right shows the quantity demanded of UGG boots at five different prices in 2014 and in 2015. Which of the following variables could cause the quantity demanded of UGG boots to change as indicated from 2014 to 2015? (Check all that apply.) A. An increase in the price of UGG boots B. A decrease in the price of a substitute good C. A decrease in the number of buyers D. The expectation that UGG boots will rise in price Price $160 170 180 190 200 Quantity Demanded 2014 5000 4500 4000 3500 3000 Quantity Demanded 2015 4000 3500 3000 2500 2000
Consider the market for wine in the diagram below: 70 Price ($) 60 50 40 30 20 10 S D 100 200 300 400 500 600 700 800 Wine (millions of bottles) $45 and 550 million bottles of wine $45 and 500 million bottles of wine $50 and 600 million bottles of wine $50 and 500 million bottles of wine Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price and quantity of wine as a result of this increase in supply?
Question 23 A new car is typically considered to be a normal good. What would happen to the equilibrium price and quantity of new cars if there is a recession where many people lose their jobs? The equilibrium price would fall and the equilibrium quantity would rise as demand shifts to the right. There would be no change to the equilibrium price or quantity. O The equilibrium price would rise and the equilibrium price would fall as demand shifts to the left. The equilibrium price and quantity would both fall as demand shifts to the left. O The equilibrium price and quantity would both rise as demand shifts to the right.
What happens to the quantity of smartphones supplied and the supply of smartphones if the price of a smartphone rises? Draw a supply curve of smartphones. Label it. Use any prices and quantities you wish but make your supply curve obey the law of supply. Then draw an arrow to indicate what happens to the quantity of smartphones supplied when the price of a smartphone rises. A rise in the price of a smartphone OA. does not change; does not change OB. increases; increases OC. does not change; increases incroscoe dinge not channe the quantity supplied and supply. 500 450- 400- 350- 300- 250 200 150 100- Price (dollars per smartphone) 50- 0- 0 Quantity (millions of smartphones per ye
“As more people buy televisions, the demand for Cable services increases and the price of Cable services decrease. The fall in price of Cable service decreases the supply of Cable service.” Explain what is wrong with this statement.
A report announces that people who golf at least three hours a day live longer.Soon after, demand for golf clubs increase. What would we expect to happen tothe demand for golf apparel and golf balls? What kind of goods are golf clubs,golf balls and golf apparel?
Which of the following events would definitely cause a decrease in the equilibrium quantity of cotton shirts (wool shirts are considered a substitute for cotton shirts, and raw cotton is an input in the cotton shirts production)? Select one: Ⓒa. a decrease in the price of wool shirts and an increase in the price of raw cotton O b. an increase in the price of wool shirts and a decrease in the price of raw cotton O c. an increase in the price of wool shirts and an increase in the price of raw cotton O d. a decrease in the price of wool shirts and a decrease in the price of raw cotton Clear my choice
Suppose that the table shows the quantity supplied of UGG boots at five different prices in 2020 and in 2021 Refer to the table and note the change in the supply of UGG boots from 2020 to 2021 Which of the following could explain the change in supply observed in 2021? (Check all that apply) A. A decrease in the demand for UGG boots. B. A decrease in the number of sellers C. An increase in the price of a substitute in production. D. A decrease in the price of UGG boots Price $ 160 170 180 190 200 Quantity Supplied 2020 40,000 45,000 50,000 55,000 60,000 Quantity Supplied 2021 30,000 35,000 40,000 45,000 50,000

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS