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- 10. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for calendars. Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quantity supplied at that price. You will not be scored on any changes you make to this graph. Graph Input Tool Market for Calendars 80 12 I Price (Dollars per calendar) 24 64 Supply 56 Quantity Demanded (Calendars) Quantity Supplied (Calendars) 500 48 40 32 Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Calendars) PRICE (Dollars per calendar)Why are prices of agricultural commodities volatile? Discuss, drawing on economic theory and using examples. taking the wheat market as an example. What happens to the income of all wheat growers if the wheat supplied increases, with no other changes? What happens to the income of all wheat growers if the wheat supplied decreases, with no other changes?9. The economy is currently in the long-run macroeconomic equilibrium. a) Using a graph, show the economy's current state. b) Suppose, the government decides to raise the military spending. Using an appropriately labelled diagram explain what will happen in the economy now. c) What policies can the government take that might bring the economy back to long-run macroeconomic equilibrium? Show and explain the effect of one such policy with an appropriately labelled diagram. d) If the government did not intervene to close this gap, would the economy return to long-run macroeconomic equilibrium? Explain and illustrate with an appropriately labelled diagram.
- 12. Market equilibrium and disequililbrium The following graph shows the monthly demand and supply curves In the market for calendars. Use the graph Input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white fleld, the graph and any corresponding amounts In each grey field will change accordingly. Graph Input Tool Market for Calend 100 90 I Price (Dollars per calendar) 30 80 Quantity Demanded (Calendars) Quantity Supplied (Calendars) Supply 500 70 60 50 40 Demand 30 + 20 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Calendars) The equilibrium price In this market is s per calendar, and the equlibrium quantity Is calendars bought and sold per month. Complete the following table by Indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus…12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for calendars. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Figure 34-3 PRICE LEVEL aaa" LRAS B Y, Y₂ QUANTITY OF OUTPUT SRAS. SRAS AD Refer to Figure 34-3. In Figure 34-3, point B represents a short-run equilibrium and a long-run equilibrium. short-run equilibrium, and Point A represents a long-run equilibrium. long-run equilibrium, and Point A represents a short-run equilibrium. long-run equilibrium, and Point C represents a short-run equilibrium.
- Assume that the housing market is in equilibrium in year 1. In year 2, the mortgage rate that banks charge consumers decreases, but producers are not affected. Also in year 2, the cost of lumber used to build homes increases. Which of the following is most likely to be the equilibrium change? Price S 8 E C D 0 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The equilibrium will be at point C before the change in expectations and point B after the change b The equilibrium will be at point A before the change in expectations and point B after the change с The equilibrium will be at point A before the change in expectations and point E after the change d The equilibrium will be at point E before the change in expectations and point C after the change la QuantityWhich of the following curve(s) is drawn vertically on a GDP / Y / Production / employment graph?Group of answer choices 1No curve is vertical in the above described graph. 2The demand curve. 3There is a curve that is vertical but it is neither the supply curve nor the demand curve. 4The short run supply curve.12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for teapots. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Teapots 60 54 Price (Dollars per teapot) 18 48 Supply Quantity Demanded (Теарots) Quantity Supplied Teapots) 1,000 420 42 36 30 24 Demand 18 12 6 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Teapots) The equilibrium price in this market is $ per teapot, and the equilibrium quantity is teapots bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount…
- 10 Which of the following is NOT a macroeconomics statement? The real domestic output increased by 2.5 percent last year. The price of wheat declined last year. Unemployment was 9.8 percent of the labor force last year. The general price level increased by 4 percent last year.6. Why the aggregate supply curve slopes upward in the short run In the short run, the quantity of output that firms supply can deviate from the natural level of output if the actual price level in the economy deviates from the expected price level. Several theories explain how this might happen. For example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. Consider a soybean farmer who expects a price level of 100 in the coming year. If the actual price level turns out to be 90, soybean prices will and if the farmer mistakenly assumes that the price of soybeans declined relative to other prices of goods and services, she will respond by the quantity of soybeans supplied. If other producers in this economy mistake changes in the price level for changes in their relative prices, the unexpected decrease in the price level causes the quantity of output supplied to the natural level of output in…6. Why the aggregate supply curve slopes upward in the short run In the short run, the quantity of output that firms supply can deviate from the natural level of output if the actual price level in the economy deviates from the expected price level. Several theories explain how this might happen. For example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. Consider a soybean farmer who expects a price level of 100 in the coming year. If the actual price level turns out to be 90, soybean prices will and if the farmer mistakenly assumes that the price of soybeans declined relative to other prices of goods and services, she will respond by the quantity of soybeans supplied. If other producers in this economy mistake changes in the price level for changes in their relative prices, the unexpected decrease in the price level causes the quantity of output supplied to the natural level of output in…