P Supply А Pa B D Pw C Demand Q Which area in the above graph represents the loss in total surplus for this market if there is no international trade? (Pw is the price that the good sells for in international markets.) B C and D B and C A B and D A and B A and C O A and D
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- please draw the graph for question3, dont you respond me with chat gpt and dont give and writen solution Draw a correctly labelled demand and supply graph for the market for toilet paper in the US with an equilibrium price of $20 per pack: You should label your vertical axis as "Price" and the horizontal axis as "Quantity". Draw a downward-sloping demand curve and an upward-sloping supply curve. Label the point where they intersect as the equilibrium point, with a price of $20 per pack. During the pandemic, more people were buying toilet paper in fear that it would run out. On the same graph, show how this affects the market for toilet paper. Explain your answer: The increased fear would cause a shift to the right in the demand curve, indicating higher demand at each price level. This would move the equilibrium point up along the supply curve, indicating a higher price and quantity sold. Now impose a price ceiling at $15 per pack. What would be the impact of the price ceiling…no graphs, please Assume that the markets for sugar cane, rum, and whiskey are initially in equilibrium(i.e., supply equals demand in each case). Assume further that a good harvest impactsthe world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is notan ingredient in whiskey. Rum and whiskey are substitutes in consumption. Discuss the impact of the good harvest on each of the three markets.Dress Shoes Price P1 Q1 Quantity Reductions in cattle herds and restrictions on imports reduce the supply of leather in your country and increase its price. In the domestic market for dress shoes shown above, what happens as the increased price of leather raises the cost of producing shoes? Select one: a. D shifts to the right, so P rises and Q rises. Ob. S shifts to the right, so P falls and Q rises. c. D shifts to the left, so P falls and Q falls. O d. S shifts to the left, so P rises and Q falls.
- al The dernand and supply schedules for wine are above. Plot both in a graph. Find the equilibrium price and quantity b) if the price of wine is currently $30, what is this situation called in the market? Plot this scenario in same graph in part (a) c) For part (b), how big is the gap between what consumers want and what suppliers want? d) What would eventually happen to price and quantity in the market in part (b)?The following graph shows the supply of a good. PRICE (Dollars per unit) 360 180-- Pety O 00 W 20 X QUANTITY (Units) 2-1 64 72 Z Supply ?A tariff has been placed on sisal, a plant that is used to produce sisal rugs. Wool rugs are a substitute in consumption for sisal rugs. If the price of wool rugs increases and the effect of this is greater on the demand for sisal rugs than the impact of the tariff on supply, what happens to the equilibrium price and quantity of sisal rugs? a. Price increases, and quantity decreases. b. Price decreases, and quantity increases. c. Price increases, and quantity increases. d. Price decreases, and quantity decreases.
- The demand for corn (measured in billions of bushels) is given by Con = 5 - 2Pom + 4Ppotutoes - 0.25Putter + 0.0003M. The supply of corn is given by O=9+ 5Pun - 2Puet -1.25Pybeans a. If potatoes cost $0.75 per pound, butter costs $8.00 per pound, diesel fuel costs $3.00 per gallon, soybeans cost $16.00 per bushel, and average income, M, is $40,000 per year, what is the equilibrium price of corn as determined by the demand and supply functions? Instructions: Round your answer to 1 decimal place, b. How much corn is bought and sold (equilibrium quantity? Instructions: Round your answer to 1 decimal place. Obillion bushels. c. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium price? Instructions: Round your answers to 2 decimal places. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium quantity? billion bushels,CAREFULLY EXPLAIN WHAT IS HAPPENING IN THE FOLOWING MARKETS. INDICATE THE IMPACT IF ANY ON THE PRICE, QUANTITY, DEMAND AND SUPPLY IN THE MARKET FOR AIRLINE TICKETS, AIRLINE CARRIERS HAVE DRASTICALLY CUT FARES FOR INTERNATIONAL AIR TRAVEL RESULTING IN A 3% TICKET SALES. MEAN WHILE RECENT HEALTH CONSIDERATION DUE TO COVID-19 HAVE CAUSED AN 11% REDUCTION IN THE DEMAND FOR INTERNATIONAL TRAVEL. IMPACT OF DEMAND IIMPACT OF SUPPLY IMPACT OF PRICE IMPACT OF QUANTITYIn 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price inelastic? Explain your reasoning
- Suppose that Gilberto and Juanita are the only suppliers of collectible action figures in a particular market. The following table shows th supply schedules: Price Gilberto's Quantity Supplied Juanita's Quantity Supplied (Dollars per action figure) (Action figures) (Action figures) 2 10 4 8 18 6 12 24 8 14 28 10 16 30 On the following graph, plot Gilberto's supply of collectible action figures using the green points (triangle symbol). Next, plot Juanita's supply collectible action figures using the purple points (diamond symbol). Finally, plot the market supply of collectible action figures using the orang (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 12 10 Gilberto's Supply Juanita's Supply Market Supply MacBook Pro CE (Dollars per action figure)You are screen sharing Stop Share 由 Supply and Mouse Select Text Draw Stamp Spotlight Eraser Format Undo Redo Clear Save Homework Sovyl 9. An increase in Demand = a decrease in Supply 62 will lead to ...... 10. An increase in Demand = an increase in Supply will lead to ...... C E 11. A decrease in Demand = a decrease in Supply will lead to ... C 2 12. A decrease in Demand = an increase in Supply 1 will lead to ....Suppose that the price of basketball tickets at yourcollege is determined by market forces. Currently, thedemand and supply schedules are as follows:Price Quantity Demanded Quantity Supplied$4 10,000 tickets 8,000 tickets 8 8,000 8,000 12 6,000 8,000 16 4,000 8,000 20 2,000 8,000a. Draw the demand and supply curves. What isunusual about this supply curve? Why might thisbe true?b. What are the equilibrium price and quantity oftickets?c. Your college plans to increase total enrollmentnext year by 5,000 students. The additional students will have the following demand schedule:Price Quantity Demanded$4 4,000 tickets 8 3,000 12 2,000 16 1,000 20 0Now add the old demand schedule and thedemand schedule for the new students tocalculate the new demand schedule for theentire college. What will be the newequilibrium price and quantity?
