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- Suisnou 1o sni .an increase in the producer surplus in the housing market .d O A price ceiling makes it illegal to charge a higher price than the specified price :choose one true O Error O price floor results in a surplus if the floor price is higher than the equilibrium priceM8Which choice explains how the OPEC crisis of 1973 affected oil prices? The supply of oil was increased, leading to a fall in oil prices. O The supply of oil was reduced, leading to a rise in oil prices. The demand for oil decreased, leading to a fall in oil prices. The demand for oil increased, leading to a rise in oil prices.
- q2 how to draw the diagram for deadweight lossThe price of Apple has increased. Due to this the supply of apple will rise. True/FalseOnly typed answer Assume that the demand for selfie sticks is QD = 6 – 0.5P. Supply is given as QS = P-3. The deadweight loss due to a quota of two sticks is $_____. A) $1.5 B) $3 C) $6 D) $8
- The elasticity of resource demand is calculated as: % Chage in resource quantjty/% Change in resource price If a calculation of Resource Demand Elasticity returns a quotient that is less than 1, then O Resource demand elasticity is relatively elastic, indicating there is a lack of resource substitutability O Resource demand elasticity is relatively elastic, indicating there is an ease of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is a lack of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is an ease of resource substitutabilityEven before the pandemic, bicycle supply chains were strained. Why was this? Check all that apply. Falling barriers increase the bargaining power of business firms by decreasing the incomes of consumers. Many bikes are made in China, and former President Trump's high tariff rate forced manufacturers to find alternate production locations. O Making bikes is still an artisanal process, so craft bike makers could not keep up with the demand. Americans prefer to drive gas trucks rather than bike.Answer correctly and explain your answer. Typed answer only, I ll rate accordingly with multiple votes. At Trader Joe's, the price of chocolate chip cookies falls. As a result, you would expect to see a decrease in the demand for chocolate chip cookies. an increase in the demand for chocolate chip cookies. a rise in the quantity demanded of chocolate chip cookies. a drop in the quantity demanded of chocolate chip cookies.
- Isnt the price to 2 and 3 34 and 45 respectively.MICROECONOMICSHow do technologies affect changes in both supply and demand? Cite an example. Do you agree that government intervention in the market can overcome market failure? Explain your answer and cite examples. PRICE ELASTICITY: Given the quantity demanded and price for chicken, compute and determine if the elasticity of the commodity and the decision of the firm. POINT PRICE QUANTITY DEMANDED FOR CHICKEN A 100 10 B 90 20 INCOME ELASTICITY: Given the quantity demanded and price for chicken, compute and determine if the elasticity of the commodity and the decision of the firm. POINT INCOME QUANTITY DEMANDED FOR CHICKEN IN KILO A 20,000 8 B 25,000 10 CROSS ELASTICITY: Given the quantity demanded and prices for commodities below, compute and determine if the goods are either substitutes or complements. GOOD QD1 QD2 P1 P2 COFFEE 4 7 8 6 TEA 5 3 7 9 GOOD QD1 QD2 P1 P2 JUICE 8 9 10 11 SOFTDRINK 6 7 9 12