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- IV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?Please assistMultiple choice Question one3 Carefully explain what is happening in the following market. Indicate the impact , if any on demand, supply,price and quantity. Chose from the following what will happen to each ; increase towards equilibrium, no impact,excess supply, change in price uncertain, decrease equilibrium quantity, increase equilibrium price, change in quantity uncertain, decrease towards equilibrium, decrease equilibrium price, shift outward to right, shift inwards to left , excess demand , increase towards equilibrium. 1a) In Academics year 2020/21 , the university of the west indies mandated that all students must take principles and economics as a core requirement for their major. Concurrently , the university bookshop made their order for the principle and economics text books based on the number of registered students in the last academic year (2019/2020).1b) The price of input for the production of BrandX handbags have increased .Concurrently, taste and preferences has…
- I need the answer as soon as possibleQuestion 14 Use the following chart to answer questions 14–18. Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. In a normal year, what is the price of wapanzo beans? Question 14 options: a) $3 per pound b) $4 per pound c) $2 per pound d) $1 per pound Question 15 Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. In a normal year, what is the equilibrium quantity of wapanzo beans? Question 15 options: a) 8 million pounds b) 4 million pounds c) 6 million pounds d) 2 million pounds Question 16 Suppose that in normal years demand is…True/False The market supply increases as the price level in the market rises.
- Carefully explain what is happening in the following markets. Indicate the impact if any on demand,supply,price and quantity. Choose answer from the following ; no impact, excess supply,shift inwards to left,increase equilibrium price,shift outwards to right, decrease equilibrium quantity,increase towards equilibrium,increase equilibrium quantity, decrease towards equilibrium, change in quantity uncertain, excess demand,decrease equilibrium,change in price uncertain 1d) Electricity is a major input the production of aluminum,and aluminum is substitute in supply for steal ,the effect of an increase in price of electricity.The market in question is the wheat market. Wheat farmers have been given subsidies (they are given money by the government to grow wheat). What do you expect to happen to the supply of wheat? A). Will the supply change (shift of the curve) of will the quantity supplied change (movement along the line)? Answer:______________________________________ B). If supply changes, will the curve shift to the right (increase in supply) or shift to the left (decrease in supply)? Please draw this on the graph above. C). If the supply changes, what is the factor or determinant affecting the change? If the curve did not shift, there is no determinant. Please see Supply/Demand Cheat Sheet...Hint: Natural Disasters, Price of inputs, technology, and expectations Answer:_____________________________________Why are prices of agricultural commodities volatile? Discuss, drawing on economic theory and using examples. taking the wheat market as an example. What happens to the income of all wheat growers if the wheat supplied increases, with no other changes? What happens to the income of all wheat growers if the wheat supplied decreases, with no other changes?
- QUESTION 17 "Supply" is best defined as the relationship between: the quantity supplied and the price people are willing to pay for a good. the current price of a good and the quantity supplied at that price. the price of a good or service and the quantity supplied by producers at each price during a period of time. the cost of producing a good and the price consumers are willing to pay for it. QUESTION 18 Suppose the price of movies seen at a theater rises from $6 to $12. The theater manager observes that the rise in price causes attendance at a given movie to fall from 150 persons to 100 persons. What is the absolute value of arc price elasticity of demand for movies? 0.59 1.2 1.0 0.88Economics Write a brief summary on Demand, Supply, and Equilibrium in Markets for Goods and Services. Note: the summary should be of one page and its should be in paragraphs for all three topics) Please do not plagiarize. Thank you .Shifting Supply Directions: Determine how each of the following scenarios will impact supply for the market indicated. Graph the shift on the graph, label each graph, identify the shifter and indicate if supply will increase, decrease or not change. EXAMPLE Market: bicycles Scenario: New machinery cuts production time of bicycle chains in half. 1. Market: Bread Scenario: A drought hits the Midwest and destroys 1/3 of wheat crops. 2. Market: Oil Scenario: Producers expect the price of oil to increase in six months. 3. Market: Hybrid Cars Scenario: The government has enacted a program that gives subsidies to producers of fuel efficient cars. 4. Market: Desktop Computers Scenario: An increase in demand for laptops causes laptop prices to increase 125%. 5. Market: Cereal Scenario: Three new manufacturers enter the breakfast cereal market. P VEL S Vy P P S S₁ Shifter: Technology S P v V S S S Q Q Q Q Name. Date Q Q Change in Supply: Increase Shifter: urce Change in Supply: Decrease Shifter:…
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