QUESTION 24 Wholesale prices of South Africa's most favoured fish-and-chips choice, Cape hake, have climbed in recent years to above R45/kg on a whole-weight basis. Assuming an increase in demand for Cape hake. This in turns leads to an increase in supply for chips (a complement of Cape hake in production). As a and equilibrium quantity would in the market result, the equilibrium price would for chips. b) a) increase; increase increase; decrease decrease; increase decrease; decrease

QUESTION 24 Wholesale prices of South Africa's most favoured fish-and-chips choice, Cape hake, have climbed in recent years to above R45/kg on a whole-weight basis. Assuming an increase in demand for Cape hake. This in turns leads to an increase in supply for chips (a complement of Cape hake in production). As a and equilibrium quantity would in the market result, the equilibrium price would for chips. b) a) increase; increase increase; decrease decrease; increase decrease; decrease

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter16: Externalities, The Environment, And Natural Resources

Section: Chapter Questions

Problem 4DQ

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Remaining Time: S Suppose the demand for Apples is given by QA = 240 - 8 PA and the current market price is 25. %3D Calculate consumer surplus. 100 Correct response: 100 If the market price increases to 29 calculate consumer surplus. 4 Correct response: 4 What is the compensating variation assocated with a loss of access to the apple market at the initial price of 25? Assume demand remains constam What is the compensating variation associated with the increase in price from 25 to 29? Assume demand remains constant. Section Attempt 1 of 1 Verity
Which of the following statements is correct Multiple Choice If supply increases and demand increases, equilibrium quantity will rise. If supply increases and demand increases, equilibrium price will rise. If supply increases and demand increases, equilibrium quantity will fall. If supply increases and demand remains constant, equilibrium price will rise. If supply decreases and demand remains constant, equilibrium price will fall. Mc Graw Type here to search
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s1 A D1 15 30 Quantity 45 60 The current condition of the market of milk is shown in the figure above, if farmers are to enjoy a lower feed price, and as a result, 9 units of additional milk are available for sale regardless of the price level. By how much will equilibrium price change as a result? Price 15 45 09
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The only gas station in a small town sells both regular and premium gasoline. The weekly demand functions for the two gasolines are Qregular = 10,000 - 1,000Pregular +50Ppremium Qpremium = 350+50 Pres Pregular 100Ppremium where quantities are measured in gallons and prices in dollars per gallon. a. Are these products substitutes or complements? O Neither complements nor substitutes, because the quantity of each type of gas demanded is unrelated to the price of the other type of gas. ● Substitutes, because as the price of one type of gas increases, the quantity of the other type of gas demanded increases. O Complements, because as the price of one type of gas increases, the quantity of the other type of gas demanded increases. Substitutes, because as the price of one type of gas increases, the quantity of the other type of gas demanded decreases. O Complements, because as the price of one type of gas increases, the quantity of the other type of gas demanded decreases. b. If the price of…
1 and 2 examine the market for Rmags. The demand for Rmags is given by Q = 12,500-5OOP and the supply by Q =-2500 + 250P. %3D 1) Find the equilibrium price and quantity in this market.
1. Suppose the demand for and supply of one-bedroom housing units in Nairobi’s Westlands area can be represented by the following linear functions:Qd =18,200–40P and Qs =–2,200+20PWhere Qd, Qs = Number of housing units in thousands, P = Price in US dollars.a) Determine the market equilibrium price and quantity b) Suppose the government decides to subsidize the cost of construction one-bedroom houses in the area at US$20.00 per housing unit. Determine the equilibrium outcome after the subsidy, and show how the benefit is shared between tenants and landlords. How much will the subsidy costthe government?c) Graphically show your results using well labeled demand and supply curves