Question One Consider an economy where people consume only coffee and tea for drinks. Consumers consider coffee and tea substitutable and always take milk when drinking either. Construct a model to describe the general market equilibrium. Present your model without actually solving it. Discuss the signs of all the coefficients.
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- Would the assumption that goods are perfect substitutes be valid in a study of intertemporal food purchases? Explain with graphic.Question 3 – 25% During the Christmas holiday season, the price of Christmas trees increases and the quantity demanded for trees also increases. Does it reflect change in quantity demanded or change in demand? Support your answer with the use of a diagram. Label your diagram with appropriate variables on X axis and Y axis.The figure depicts the market for gasoline. Suppose that consumers expect the price of gasoline to decrease in the future. What effect will this event have supply and demand in the gasoline market? Demonstrate your answer graphically Instructions: Use the tool provided 'New line' to draw either a new demand or supply curve that reflects the market effect of this event. Plot only the endpoints of the line.
- Note: The answer should be typed.For each of the events described below, sketch a supply and demand graph that illustrates the event. Be sure to properly label all curves and relevant points in your graph. In the area to the left of your graph, explain why you think your graph is correct. In that area, also answer the questions asked. Boba tea. Getting a cup of boba tea before class becomes the popular thing to do in Berkeley. Even people who had never heard of boba tea before moving to Berkeley are now drinking it. At the same time, more boba tea shops open in Berkeley. What is the effect on the price of a cup of boba tea? On the number of cups of boba tea sold purchased in Berkeley per month?Ethanol, a fuel, is made from corn. Ethanol production increased 5.5 times from 2000 to 2008 and another 34% from 2008 to February 2013 (www.ethanolrfa.org). What effect did this increased use of corn for producing ethanol have on the price of corn and the consumption of corn as food? 1.) Use the line drawing tool to draw either a new demand curve (D2) or a new supply curve (S,) that shows how the increased use of corn for producing ethanol affects the market for corn as food, Properly label this line. 2.) Use the point drawing tool to indicate the new market equilibrium. Label this point 'e2'. Carefully follow the instructions above, and only draw the required objects. What happens to the equilibrium price and equilibrium quantity of corn as food? In the market for corn as food, the equilibrium price V and the D1 Q1 equilibrium quantity Q, quantity of corn as food ... $. price of corn
- Price si S2 C D2 D1 Quantity Which of the following would result in equilibrium shifting from point C to point A?llustrate graphically how each of the following events will impact the demand for cups of coffee andexplain why demand changes.a) Average hourly wages increase in Canada.b) The province of Ontario requires all coffee houses to post warnings to consumers of the cancer-causing components of coffee.c) Coffee houses increase the price of coffee in order to pay their Baristas more.Please give a detailed solution with an explanation. PLease make sure the graph is visible, clear, and detailed. Make sure to include the new equilibrium coordinate point as well.For the 2 blank answers here are the options:Blank Answer #1:decrease or increase
- Increase or decreaseThe figure depicts the market for shoes. Suppose that a less expensive material for making shoes is developed. What effect will this event have on supply and demand in the shoe market? Demonstrate your answer graphically. Instructions: Use the tool provided "New line" to draw either a new demand or supply curve that reflects the market effect of this event. Plot only the endpoints of the line. if a less expensive material developed, the- will-. This will cause the equilibrium price to- and the equilibrium- quantity to-The following table shows the weekly demand and supply in the market for ice cream in Detroit. dy Tools Price Quantity Demanded Quantity Supplied (Dollars per gallon of ice cream) (Gallons of ice cream) (Gallons of ice cream) 4 2,000 200 Tips 1,600 600 12 1,200 800 Tips 16 800 1,200 20 400 1,800 כ On the following graph, plot the demand for ice cream ușing the blue point (circle symbol). Next, plot the supply of ice cream using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for ice cream. g Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 24 Demand 20 16 Supply 12 MacBook Air per gallon of ice cream)