The quality of burgers in McDonalds have tanked in the recent years as workers are getting more lazy to make quality food. This would ______ the demand for McDonald's burger, and lead to a/an _______ in the quantity of burgers sold and a/an ________ in the price of burgers
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The quality of burgers in McDonalds have tanked in the recent years as workers are getting more lazy to make quality food. This would ______ the demand for McDonald's burger, and lead to a/an _______ in the quantity of burgers sold and a/an ________ in the price of burgers
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- What impact on the market for beef will result from a decreases in the price of corn? There will be no impact, as corn and beef are not related. The price of beef will increase The supply of beef will increase. The price of beef will decrease Thre will be a surplus of beef as long as corn prices don't recover. The demand for beef will increase as people substitute beed for corn. The quantity of beef will increase The demand for beef may increase, if beef and corn are complements in consumption for some consumers.Last year the average price for an airline ticket was $400, but the average price dropped to $350 this year due to a decrease in the demand for airplane travel due to Covid. The accompanying table contains information on the supply of air travel. Airfare (price per ticket) Quantity supplied (millions of seats) $0 0 $175 350 $350 700 $400 800 $575 1150 $750 1500 a) Draw the supply curve. b) Based on the above, what was the producer surplus last year? And what is the producer surplus this year? (show your calculations) c) How did the producer surplus change?1. Demand terminology Complete the following table by selecting the term that matches each definition. Definition The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices The amount of a good that buyers are willing and able to purchase at a given price Law of Quantity Demand Demand Demanded Curve Schedule Demand O O O O O O O O O Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your friend Bob struggles with understanding graphs. He shows you the following illustration and asks for your help interpreting it: O O O
- The table shows the quantity of tablets that is demanded and supplied at various prices. Quantity Demanded Quantity Supplied Price 50 75 100 125 120,000 112,500 105,000 97,500 100,000 102,500 105,000 107,500 Assume that the new equilibrium price is $50. How much would quantity supplied need to increase at each price to reach this equilibrium? A) 2550 B) 5050 C) 20,000 D) 112,499If advances in PC production technology increased the supply of PCs sharply. The demand for PCs will increase, but not nearly as much as the supply did. As a result what will happen, will the price of a PC rise or fall and the quantity of PCs sold increase or decrease?The following table gives the demand and supply schedules for widgets. Price {:[" Quantity "],[" Demanded "]:} Quantity Supplied $25 88 130 $20 92 120 $15 96 110 $10 100 100 $5 104 90 The equilibrium price in this market is $ The equilibrium quantity in this market is units. If the price in this market was $20, there would be a of units.
- Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity. In the market for airline tickets, airline carriers have drastically cut fares for international air travel resulting in 3% increase in ticket sales. Meanwhile, recent health considerations due to covid -19 have cause and 11% reduction in the demand for international travel. (i) Impact on Demand? (ii) Impact on Supply? (iii) Impact on Price? (iv) Impact on Quantity?How would a decrease in the cost of production affect the market for new washing machines? O Supply would decrease, leading to a reduction in price and a reduction in quantity sold. O Supply would increase, leading to a reduction in price and an increase in quantity sold. Supply would decrease, leading to an increase in price and a reduction in quantity sold. Supply would increase, leading to an increase in price and an increase in quantity sold.How might companies such as Mars and Nestlé react to an increase in the price of sugar?
- Q4 Which of the following statements about the consumers’ responses to rising gasoline prices is correct? Because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run. About 10 percent of the long-run reduction in quantity demanded arises because people drive less and about 90 percent arises because they switch to more fuel-efficient cars. About 90 percent of the long-run reduction in quantity demanded arises because people drive less and about 10 percent arises because they switch to more fuel-efficient cars. About half of the long-run reduction in quantity demanded arises because people drive less and about half arises because they switch to more fuel-efficient cars.Consider a market for Ice Cream an inferior good in Pakistan. For each of the given events, identify which of the determinants of the demand or supply are affected. Also indicate whether demand or supply increase or decreases. Then draw a diagram to show the effect on the price and quantity of Ice Cream and solve all the subparts: News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. There has been a decline in wages of all employees in Pakistan due to the third wave of coronavirus. People in Pakistan decide to have more children. Students of NED University develop new automated machinery for the production of Ice Cream. There has been a decrease in people’s income due to COVID-19 crisis. i News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. identify which of the determinants of the demand or supply are affected. Also indicate whether demand or supply increase or decreases…QUESTION 9 9. Imagine a small bakery that produces two types of bread: Whole Wheat Bread (Good A) and White Bread (Good B). Both of these bread types require similar production processes and are considered substitutes in production. The bakery has been operating in a stable market until recently. The demand for Good A (Whole Wheat Bread) increases due to a health trend that promotes whole wheat products. As a result, the increase in demand for Good A shift the a) demand curve for good B rightward. b) demand curve for good B leftward. c) supply curve of good B rightward. d) supply curve of good B leftward. (4
