Questions Economic or political decision-makers only used one tool at the beginning of the COVID-19 pandemic: whether to put individuals in quarantine. - Question 1: Melbourne is well-known to be a dynamic city with numerous cafes. Since you enrolled in BUS5POE, there has been a lockdown in Melbourne and Victoria. Assume that cafes are in perfect competition in Melbourne and the initial market price of a take-out coffee is 5 dollars. Assume that cafes are authorized to open if they want during the lockdown. Provide a graphical representation of this shock and explain how the lockdown will impact: a. The supply curve of take-out coffees b. The demand curve of take-out coffees C. The equilibrium in the market for take-out coffees You can draw diagrams in MS Word or on paper. In the latter case just make a good quality photo and insert it in this Word file to the relevant question.
Questions Economic or political decision-makers only used one tool at the beginning of the COVID-19 pandemic: whether to put individuals in quarantine. - Question 1: Melbourne is well-known to be a dynamic city with numerous cafes. Since you enrolled in BUS5POE, there has been a lockdown in Melbourne and Victoria. Assume that cafes are in perfect competition in Melbourne and the initial market price of a take-out coffee is 5 dollars. Assume that cafes are authorized to open if they want during the lockdown. Provide a graphical representation of this shock and explain how the lockdown will impact: a. The supply curve of take-out coffees b. The demand curve of take-out coffees C. The equilibrium in the market for take-out coffees You can draw diagrams in MS Word or on paper. In the latter case just make a good quality photo and insert it in this Word file to the relevant question.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
sub question: a, b, c
Transcribed Image Text:Questions
Economic or political decision-makers only used one tool at the beginning of the COVID-19 pandemic:
whether to put individuals in quarantine.
Question 1:
Melbourne is well-known to be a dynamic city with numerous cafes. Since you enrolled in BUS5POE,
there has been a lockdown in Melbourne and Victoria. Assume that cafes are in perfect competition in
Melbourne and the initial market price of a take-out coffee is 5 dollars. Assume that cafes are authorized
to open if they want during the lockdown. Provide a graphical representation of this shock and explain
how the lockdown will impact:
a. The supply curve of take-out coffees
b. The demand curve of take-out coffees
C. The equilibrium in the market for take-out coffees
You can draw diagrams in MS Word or on paper. In the latter case just make a good quality photo and
insert it in this Word file to the relevant question.
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