Suppose the demand and supply curves for rice in Japan are given by the following equations: A31 where Q₁ millions of tons of rice the Japanese would like to buy each year; Q,= millions of tons of rice Japanese farmers would like to sell each year; and P=price per ton of rice (in hundreds of $). a. Fill in the following table: bords] 1.E Price (Per Ton) $ .50 $ 1.00 Qa=120-30P Qs = 40 + 10P $1.50 $ 2.00 $2.50 Quantity Demanded (Qa) OUT Quantity Supplied (Q)

Suppose the demand and supply curves for rice in Japan are given by the following equations: A31 where Q₁ millions of tons of rice the Japanese would like to buy each year; Q,= millions of tons of rice Japanese farmers would like to sell each year; and P=price per ton of rice (in hundreds of $). a. Fill in the following table: bords] 1.E Price (Per Ton) $ .50 $ 1.00 Qa=120-30P Qs = 40 + 10P $1.50 $ 2.00 $2.50 Quantity Demanded (Qa) OUT Quantity Supplied (Q)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the information provided in Figure 31 below to answer the questiontsi that follom Figure 3.1 Refer to Figure 3.1. Which of the following would be most likely to cause the demand for Dr. Pepper to shift from DO to D1? .a decrease in income, assuming that Dr. Pepper is a normal good an increase in the price of 7-UP, assuming 7-UP is a substitute for Dr. Pepper a decrease in the price of Dr. Pepper a reduction in the price of sugar used to make Dr. Pepper Refer to Scenarie 3.I below to answer the questionts) that follow SCENARIO 3.1 -Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. OLED TVs and movies shown in theaters are normal goods. -People watch streaming movies more often in the winter than in the summer.
In April 2020, international oil prices fell down drastically, due to two major reasons, including the oil supply war going on between Saudi Arabia and Russia as well as the Covid-19-driven global crisis. Imagine a standard supply-demand model for the international price of oil. Which of the two curves (supply and/or demand) in your model need to shift in order to explain the observed drastic reduction in the oil prices due to the two above events? In which direction do they shift? The supply curve shifts to the left and the demand curve shifts to the right. The supply curve shifts to the left and the demand curve shifts to the left. The supply curve shifts to the right and the demand curve shifts to the right. The supply curve shifts to the right and the demand curve shifts to the left. Only the supply curve shifts to the right. Only the demand curve shifts to the left
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Suppose a decrease in the world demand for desktop computers causes the price of desktop computers to fall from $600 to $500. Before the fall in demand, Juna, a local computer dealer in Japan, used to produce 9,000 desktop computers and exported 50 percent of it to other countries every week. However, after the fall in demand, Juna reduced its production to 8,000 units and exports only 40 percent of its total output.a. What are the changes in the quantity sold to domestic consumersb. What are the changes in the consumer surplus?c. Sketch a diagram to illustrate the changes for Juna.
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