Question b A)In the table below, identify the change in supply or demand. Tick Ryour answer(s)Demand Demand SupplyRightSupplyRightDescription of eventLeftLeftThe population for the local area increasesA new firm enters the industry creating competition for theexisting firmA firm decides to increase its spending on advertisingレThe price of a substitute product decreasesThere is an increase in the minimum wageeA subsidy is given to producers of solar panels9 The winter fuel payment given to Pensioners increases.The government implements a tax on sugary drinksFarmers producing rise experience a severe droughtレThe cost of raw materials decreaseレKThere is an increase in income taxレThere is an outbreak of foot and mouth diseaseM As a new firm enters the industry, an incumbent firm decides toincrease its spending on advertising.BIn the table below, draw the following diagrams.Description of event DiagramAs a new fim entersthe industry, anincumbent firmdecides to increase itsspending onadvertising

The entry and exit of various form have impacts on the supply and demand for goods and services in…

Answered: The population for the local area…

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The population for the local area increases A new firm enters the industry creating competition for the existing firm

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Question b

A)In the table below, identify the change in supply or demand. Tick R
your answer(s)
Demand Demand Supply
Right
Supply
Right
Description of event
Left
Left
The population for the local area increases
A new firm enters the industry creating competition for the
existing firm
A firm decides to increase its spending on advertising
レ
The price of a substitute product decreases
There is an increase in the minimum wage
e
A subsidy is given to producers of solar panels
9 The winter fuel payment given to Pensioners increases.
The government implements a tax on sugary drinks
Farmers producing rise experience a severe drought
レ
The cost of raw materials decrease
レ
K
There is an increase in income tax
レ
There is an outbreak of foot and mouth disease
M As a new firm enters the industry, an incumbent firm decides to
increase its spending on advertising.
BIn the table below, draw the following diagrams.
Description of event Diagram
As a new fim enters
the industry, an
incumbent firm
decides to increase its
spending on
advertising

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