Suppose the diagram below represents the world market for oil. Toyota develop an efficient and affordable nuclear powered car that gains acceptance around the world. The impact on the oil market is to shift equilibrium price to and equilibrium quantity to Price supply P21 P11 demand Q1¶ Q2 Quantity Select one: а. Р1; Q1. O b. P1; Q2. Oc. P2; Q1. d. P2; Q2.

Suppose the diagram below represents the world market for oil. Toyota develop an efficient and affordable nuclear powered car that gains acceptance around the world. The impact on the oil market is to shift equilibrium price to and equilibrium quantity to Price supply P21 P11 demand Q1¶ Q2 Quantity Select one: а. Р1; Q1. O b. P1; Q2. Oc. P2; Q1. d. P2; Q2.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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Gasoline prices have been and will continue to be a major issue for the economy. From the start of the Covid-19 pandemic up to the present day, gasoline prices have been in the news. ---What has happened to the price of gasoline over the past 12 months? Be specific and include actual prices in your answer. ---Discuss the recent changes in price from a supply and demand standpoint. Have the price changes been due to a change in supply, a change in demand, or both? Explain your answer. ---How did Covid-19 affected the market for gasoline? Which of the main influences of supply and demand do you think were responsible for the price changes? (See textbook pages 90-91 and 97-98.) Be specific and explain why and how the "main influences" you chose had an impact on the gasoline market.
Gasoline prices have been and will continue to be a major issue for the economy. From the start of the Covid-19 pandemic up to the present day, gasoline prices have been in the news. 1. What has happened to the price of gasoline over the past 12 months? Be specific and include actual prices in your answer. 2. Discuss the recent changes in price from a supply and demand standpoint. Have the price changes been due to a change in supply, a change in demand, or both? Explain your answer. 3. What do you think has been the reason(s) for the very large increase in gasoline prices over the past several months? . 16
Suppose that the demand and supply of liter of petrol are given in table 1 as per attachment What is the equilibrium price and quantity of petrol? Use a graph paper to draw a demand curve and supply curve based on the table above. Now suppose that a political crisis in the Middle East lead to a decrease in the supply of petrol by 8 liter per day at every price. Show the change in the graph paper and show the new equilibrium position. What is the new equilibrium price of petrol? What is the new equilibrium quantity of petrol? In order t o help the consumer, the government imposes a price control of RM0.60 per liter: Give the name of this price control. How much petrol will be demanded by consumer at this price?. How much petrol will be offered for sale by…
A publisher has established the supply equation of one of their textbooks to be p =q² and is show in blue on the graph. They also found the demand equation to be p = -9² +20 and is shown in red. Where p is in tens of dollars and q is the quantity in hundreds of textbooks. 20 Find the equilibrium price. $ p Find the equilibrium quantity. 16- Find the amount demanded when the price is $1800. 12- Find the amount supplied when the price is $20. Quantity 12
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Q11
Q3 Suppose that an estimated monthly demand and supply functions forapples in the U.S. are given by:Qd = 200 - 40 p + 20 pq + 0.015YQs = 85 + 35 p - 20 p fwhereQd is the quantity of apples demanded in tons per month;p is the price of apples in US dollars per kilogram;pq is the price of quince (a substitute good) in dollars per kilogram;Y is the income of consumers per month in thousand dollar;Qs is the quantity of apples supplied in tons per year;p f is the price of fertilizer ( an input) in dollars.And supposeQs is the quantity of apples supplied in tons per year;p f is the price of fertilizer ( an input) in dollars.And suppose further thatpq is $2 per kilogram;Y is 4000 per month;p f is $0 .50 per kilogram.Answer the following questions.
Q15
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
The city of Chambana has a large number of video poker arcades. The demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game. • What is the equilibrium number (quantity) of games played? • What is the equilibrium price? • Draw a diagram depicting the equilibrium in this market. Continue your analysis of the video poker market in Chambana: demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game. Now suppose that the city of Chambana passes a new law which requires that all video poker arcades contribute m cents to a city charitable fund for each game played on their machines. This is, essentially, an excise tax. In a new diagram, show the effect of the new law on the market and explain this effect. (Do not try to give an algebraic solution; just show what happens graphically and provide a…
Please answer on d and e Thank you
Question 8 Price 1.50 1.25 1.00 0.75 0.50 0.25 P₂ P₁ D O Mark this question Quantity 1 2 3 4 5 6 7 8 9 10 11 12 Assuming ceteris paribus, what principle behind the law of demand is this graph illustrating? Barring special circumstances, a decrease in price will have no effect on an increase or decrease in quantity. Barring special circumstances, an increase in price will always lead to a decrease in quantity. Barring special circumstances, an increase in price will always lead to an increase in quantity. Barring special circumstances, a decrease in price will always lead to a decrease in quantity.