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- If the price of a lottery ticket is $8,2 million lottery tickets a year are bought. Draw a point at this combination of price and quantity. If the price of a lottery ticket falls to $2, 10 million lottery tickets are bought. Draw a point at this combination of price and quantity. Draw a demand curve for lottery tickets that is consistent with this information. Label the curve. COD 10- 8- 6- st 2- Price (dollars per lottery ticket) 10 Quantity (millions of lottery tickets per year) >>> Draw only the objects specified in the question.If a new sushi restaurant opens, then The market supply curve for sushi will shift to the right. O The market supply curve for sushi will shift to the left. O There will be a movement up along the market supply curve for sushi. O There will be a movement down along the market supply curve for sushi.. In a competitive market, how will the actions of any single buyer or seller impact the market price?
- Use the following graph to identify the equilibrium at the social optimum (Es), the competitive market equilibrium (EM), the quantity produced at the social optimum (Qs), and the quantity produced at the competitive market equilibrium (QM). Price S social Sinternal Dinternal quantity A Es BEM c) Qs D QMK Suppose the government adopts a policy that forces pesticide producers to bear the social costs of groundwater contamination associated with the use of their product. This policy will the price of pesticides. Since orange growers regard the pesticide as a key input in the production of oranges, the market for oranges will obviously be affected. Using the line drawing tool, show how the policy on pesticides impacts the market for oranges. Properly label the line. Carefully follow the instructions above, and only draw the required objects. The government policy on pesticides causes the market price of oranges to The government policy on pesticides causes the equilibrium quantity of oranges toSECTION A Answer All Questions 1. Which of the following questions is a type that tools of econometrics are meant to answer? A. If goods A and B are substitutes and the price of good A increases by KSH 10, by how much will the quantity demanded of good B change by? B. If goods A and B are substitutes and the price of good A increases, how will this affect the demand for good B? C. If an income increase causes the sales of good A to fall, everything else held constant, what type of good is good A? D. Everything else the same, would the price of good A be higher in a competitive industry or a monopolistic industry? 2. Consider the model Qª = ƒ (P, P³,Pº, INC) where Qªis quantity demanded of a bar soap per month, P is the price per bar of soap, Ps is the price of substitutes, P is the price of complements, and INC is monthly income. This equation represents A. a non-linear model B. an economic model C. an econometric model D. an interval forecast
- List five things that are held constant along a market demand curve, and identify the change in each that would shift that demand curve to the righ - that is, that would increase demand.Suppose the market for hats is competitive, with many small producers of hats, each of them unable to affect the market price of hats, and many consumers. And suppose there is an increase in the demand for hats. (a) How would an increase in demand affect the demand curve and supply curve for hats; and how would it change the equilibrium price and quantity of hats sold? (b) The Core Economics text observes that "price-taking is no longer a “Nash equilibrium". What is a “Nash equilibrium"? And why is price-taking no longer one? (c) When the market is not in equilibrium, it is said that the short side of the market dominates. What does this mean? (d) What are "economic rents"? How does "rent seeking" enter the process of price adjustment? (e) In what ways might the market for hats differ from "the labour market"?NIke SHoes The price oT Adidas shões goes down 2. For each of the following markets draw the demand and supply model. Label the demand curve, supply curve, axes, equilibrium price and quantity (P* and Q*). Then show how the given events willI change (shift) the demand and/or supply curves. Also show how P* and Q* will be affected. Label the new demand and supply curve and also the new P* and Q*. Clearly say what will happen to P* & Q*. a. Draw the market for ice-cream. The price of butterfat, an ingredient needed to make ice-cream, decreases.