Suppose there is an expectation of a rapid general price increase in goods and services in Australia in January 2021. Examine the effects of the anticipated general rapid increase in price for goods and services
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Suppose there is an expectation of a rapid general
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- Sales of bananas have dropped from 100,000 pounds to 75,000 pounds per day because a freeze resulted in a smaller supply. In the process, the average price of a pound of bananas has risen from $0.80 to $1.00. Which of the following is most likely true? The demand for bananas has increased because of the increase in price.The demand for ice cream (used in banana splits) is likely to decrease.The price of tapes will rise about 25 percent.The total revenue (P times Q) from sales has risen.The quantity demanded of ice cream will increase. Flag this QuestionWith increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shift of demand, prices have fallenQ#3. The following demand for potatoes in the United States was estimated for the year 1959-1973 period. Q = 163.6 – 17.7P, + 9.3 I Where, Q is the annual consumption of potatoes in pounds per person; Px is the average price in dollars per hundred pounds of potatoes; and I is the average income in thousands of 1958 dollars. If we imagine that this year, Px=$7 and I=$2.344, then calculate a. The sales of potatoes this year b. Compute the elasticity of sales with respect to Px. Is price elasticity of demand for potatoes elastic or inelastic? c. What would the sales be next year if Px was reduced by 10% and I was increased by 20%?
- At a price of $4.69 per pound, the supply for cherries is 16,210 pounds, and the demand is 10,280 pounds. When the price drops to $4.22 per pound, the supply decreases to 10,940 pounds and the demand increases to 12,746 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound. pounds.Given the following information (iv) Impact on Quantity? QD = 240-5P QS= P Where QD is the quantity demanded, Qs is the quantity supplied and P is the price. What is the buyer's reservation price?If the expected future price of droids increases, then: the current supply of droids will decrease. the current supply of droids will increase. the current quantity of droids supplied will decrease. the current quantity of droids supplied will increase.
- Consider the apple-juice market. Demand for apple-juice is given by: P = 66 - 4QD and supply of apple-juice is given by: P = 40 + 5Qs- i. What is the equilibrum price of a liter of apple-juice? Give your answer in two decimal places. ii. What is the equilibrum quantity of a liter of apple-juice? Give your answer in two decimal places. Suppose, the current market price for a liter of apple-juice is 62.0 in the market. iii. At this price level, which of the following options best characterize the market of apple-juice? 1 The market clears 2 Shortage in the market 3 Surplus in the market 4 The governmant has imposed tax worth around 8 per unit iv. Calculate the size of market surplus/shortage in the market at this price level. Give your answer in two decimal places. Suppose the new demand for apple-juice is: P = 56 - 4QD. vii. Calculate the new equilibrium price of apple-juice. Give your answer in two decimal places. viii. Calculate the new equilibrium quantity of apple-juice. Give your…At a price of $4.96 per pound, the supply for cherries is 16,253 pounds, and the demand is 10,364 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,501 pounds and the demand increases to 12,547 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound.In May 2021, the Paddy and Rice Industry Division (PRID) and the Malaysian Ministry of Agriculture (MOA) are interested in analyzing the domestic market for rice. The economists have estimated the following rice equations for the demand and supply curves in Malaysia: Qd = 1,890 - 125P Qs = 440 + 165P The rice quantities are measured in millions of kilograms (kg); prices are measured in Ringgit (RM) per kg. Calculate the Equilibrium Price and Equilibrium Quantity for this market. O a. Equilibrium price is RM4, Equilibrium quantity is 1100 (millions kg) O b. Equilibrium price is RM5, Equilibrium quantity is 1265 (millions kg) O c. No correct answers O d. Equilibrium price is RM4, Equilibrium quantity is 1265 (millions kg)
- at a price of $4.91 per pound, the supply for cherries is 16,124 pounds, and the demand is 10,393 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,711 pounds and the demand increases to 12,906 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? $ per pound. Round to the nearest cent.Consider the market for minivans. For each of the events listed, identify which of the determinants of demand are affected. Also indicate whether demand is increased or decreased. A recession reduces average family income. Because of an autoworker strike, people believe that the price of minivans will rise in the future.Due to the emergence of Covid-19, the government of Ghana instituted some relief packages for firms in the country. Analyze the effect of these packages on the equilibrium price and quantities of goods and services.
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