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?
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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?
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- A recent typhoon hits the Philippines where most of the raw materials are produced. What non-price determinant/s will affect the supply and in what way? How will it affect the country’s economy?Discuss how the demand and supply for a particular product/s have changed in the last 2-3 years. Discuss the product, and how one or a few of its determinants of demand and supply has changed in the last few years. You can use a diagram to illustrate your response. Also, discuss how the price of that product and the equilibrium quantity has changed due to changes in the demand and supply for that product.What do we mean by talking about "Demand for one product" and "Supply of one product"? Could you discuss the impact of Covid-19 crisis for (people's lives) the demand and supply of retail businesses in Cambodia?
- Need help with Evaluation Evolution Question 3 asks how easily the quantity supplied of salmon can be changed in response to changes in its price. In your answer, write about the short term - if the price of salmon doubled today, for example, could the quantity supplied of salmon double in the next year? What are the constroints on increasing supply? Then consider the long term. What are the constraints on increasing supply and how important are they? Come to an overall condusion about the short term and long term.1) You are the admissions director at the University of Georgia. You know there is high demand for you product. However, you only have to space for a certain number of students. USE Microeconomics KEY TERMS like (economics, exports, command, fiscal policy, macroeconomics, scarcity, traditional economy, etc) to explain why you would (or would not) increase the price of attendance. 2) You are the admission director at Georgia State College. How do you convince graduating high school seniors to attend your college, instead of the University of Georgia. USE the KEY TERMS in the economics.10. If unskilled domestic workers and unskilled foreign workers are substitutes in the production process, then a more open foreign worker policy is likely to result in all of the following except: (A). The total supply of unskilled labor will shift outward.(B). The equilibrium wage rate in the market will decrease.(C). The total workforce will increase(D). The level of wages received by domestic workers will decrease.(E). The labor demand curve will shift to the right. Choose one of the answers from the five choices provided. And please, also provide a brief description, explanation or argument for your choice. Thank you Bartleby!
- 1. California is a large producer of strawberries. Oh No! There is a killer frost that kills half of the crop! (A) How has this affected supply or demand of strawberries? (B) What has happened to the price of strawberries? Please justify your answer by graphing the change in either supply or demand, as well as the change in price.The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)5. Suppose that food shortages are expected in the near future. What happens to themarket for farmland today?(A) Demand rises.(B) Demand declines.(C) Supply rises.(D) Supply declines.
- 4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.IV. 2. The pandemic causes closure of some businesses due to prolonged lockdowns. This leads to more people being unemployed. What non-price determinants will affect the demand and in what way? How will it affect the country’s economy?(ii) Demonstrate and discuss each of the following would have on demand or supply ofcoffee. Additionally, show how equilibrium price and quantity have changed.a. A better method of harvesting coffee beans is introduced.b. Medical researchers found that intake of more than two cups of coffee per daydrastically decreases risk of liver cancer.c. Currently, the price of coffee is ₹15 per cup above equilibrium.d. Consumer income falls because of a recession and coffee is considered anormal good.e. . Protesting liberal milk powder import policy, farmers dump millions of litresof milk, causing milk prices to rise.