The statements given reflect either Micro or Macroeconomic issue. indicate in each case which you think is applicable. 1 A study of how south african farmers determine the price of their wool. 2. Bmw south africa exports many of its cars to europe. 3. it is exoected that the price of petrol will increase next month
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The statements given reflect either Micro or
1 A study of how south african farmers determine the price of their wool.
2. Bmw south africa exports many of its cars to europe.
3. it is exoected that the price of petrol will increase next month
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- Table 3 This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke. Buyer Willingness To Pay David $8.50 Laura $7.00 Megan $5.50 Mallory $4.00 Audrey $3.50 Refer to Table 3. If the price of Vanilla Coke is $6.90, who will purchase the good? Select one: a. all five individuals b. Megan, Mallory and Audrey c. David, Laura and Megan d. David and LauraConsider 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, solve all the parts and subparts and multi subparts as well. i. News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. ii. There has been a decline in wages of all employees in Pakistan due to the third wave of coronavirus. iii. People in Pakistan decide to have more children. iv. Students of NED University develop new automated machinery for the production of Ice Cream. v.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…TOPIC: Supply and demandIn the market for widgets, the supply and demand curve are “normal” 45° lines. The equilibrium price is £5 and the equilibrium quantity is 10 widgets. Show in a new graph how your answers would change if the supply curve was infinitely inelastic.
- Economics Write a brief summary on Demand, Supply, and Equilibrium in Markets for Goods and Services. Note: the summary should be of one page and its should be in paragraphs for all three topics) Please do not plagiarize. H Thank you1) You are the admissions director at the University of Georgia. You know there is high demand for you product. However, you only have to space for a certain number of students. USE Microeconomics KEY TERMS like (economics, exports, command, fiscal policy, macroeconomics, scarcity, traditional economy, etc) to explain why you would (or would not) increase the price of attendance. 2) You are the admission director at Georgia State College. How do you convince graduating high school seniors to attend your college, instead of the University of Georgia. USE the KEY TERMS in the economics.In each problem, you must explain the scenario’s effect on the market. If the quantity supplied or the quantity demanded changes, state how (increase or decrease). If one of the curves shifts, state why and the direction it shifts (left or right). You should then state the effect on price (increase or decrease). 1. Your product was declared one of "Oprah's Favorite Things." 2. You grow cotton and Eli Whetney just invented the cotton gin. 3. A hurricane is predicted to hit the rich coffee growing areas of Colombia. You sell coffee. 4. Congress just passed a tax credit for energy effiecent home improvements. You sell solar panels. 5. Soldiers comes home from WWII, get married, and need housing for their familes. You build houses.
- 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. i. News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. ii. There has been a decline in wages of all employees in Pakistan due to the third wave of coronavirus. iii. People in Pakistan decide to have more children. iv. Students of NED University develop new automated machinery for the production of Ice Cream. v. There has been a decrease in people’s income due to COVID-19 crisis.Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth acII. Determine the effect on equilibrium price and quantity sold if the following changes occur in a particular market" ceteris paribus". Use the comparative static analysis.
- Directions: Plot the following hypothe tical dem and schedule of pork and supply schedule of bangus in the market in a graphing paper and explain each graph. Price of Beef (Per Kilo) Quantity Demanded (In Kilos) P 150.00 P 140.00 90 100 P 100.00 130 6|Page P 75.00 150 P 60.00 170 P 40.00 200 Price of Bangus (Per Kilo) Quantity Supplied (In Thousands) P 120.00 P 100.00 P 90.00 P75.00 P 60.00 P 50.00 700 650 600 500 400 300When a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.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, solve all the parts and subparts. i. News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. ii. There has been a decline in wages of all employees in Pakistan due to the third wave of coronavirus. iii. People in Pakistan decide to have more children. iv. Students of NED University develop new automated machinery for the production of Ice Cream. v.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…