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- Suppose an economic boom drives up wages forthe sales representatives who work for cell phonecompanies. Explain what will happen to thedemand and supply of phones, and predict thedirection of the change in the equilibrium priceand quantityFor each of the events described below you are required to explain the market you are representing ie labor market or automotive market. Does the events act on the demand side or supply side or both sides of the market. Does the events lead to a quantity or price change or does the event lead to a shift0 in the demand side or supply side or both sides of the market Make sure to explicitly what sort of assumption you are making on the elastcities of demand and supply plotting Your demand and supply. Describe whether you are assuming an elastic or inelastic demand or supply. 1.the implementation of a maximum rent program in the housing rental market 2.the implementation of a minimum wages 3. The implementation of subsidies to agriculture production in Australia 4.the implementation of a carbon tax in the economy. The carbon tax is charged according to the level of emission of greenhouse gases in an economy. 5. The implementation of new loan program to university students in the…Question 39What would be the demand load for all of these items? (Show all ofyour calculations in your word-processing document.)
- Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demandThe Krampf Lines Railway Company specializesin coal handling. On Friday, April 13, Krampf hadempty cars at the following towns in the quantitiesindicated: Town Supply of Cars Morgantown 35 Youngstown 60 Pittsburgh 25 By Monday, April 16, the following towns will needthe numbers of coal cars listed: Town Demand for Cars Coal Valley 30 Coaltown 45 Coal Junction 25 Coalsburg 20 Using a railway city-to-city distance chart, the dis-patcher constructs a mileage table for the preceding towns. The result is shown in the table on this page.Minimizing total miles over which cars are movedto new locations, compute the best shipment of coalcars.LGlve Ust O Hint Question 15 of 24 Check Answer The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (Ib) 180 500 155 210 200 460 180 180 6. 250 410 200 160 5. 4 280 360 220 140 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? lb I quantity demanded, Cameroon: price, Cameroon: lb quantity demanded, Nigeria: price, Nigeria: %24 %24
- Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demandThe following graph depicts the electricity supply curve in a given electricity dispatch interval. Electricity Demand is 500 MWh. Due to some economic events, the cost at which the gas generator can offer electricity doubles. $/MWH 800 550 350 200 -200 200 300 450 570 A. The price at the electricity market before the gas price increase is.... A. The price at the electricity market before the gas price increase is B. The price at the electricity market after the gas price increase is... C. The amount of electricity (MWh) that is required to be dispatched by the gas generator before the gas price increase is.... B. The price at the electricity market after the gas price increase is... D. The amount of electricity (MWh) that is required to be dispatched by the gas generator after the gas price increase is... C. The amount of electricity (MWh) that is required to be dispatched by the gas generator before the gas price increase is... D. The amount of electricity (MWh) that is required to be…S ALGI ← Sign e-hal 1x. IXLI My/ 8 EdPi S Day S Day vbschools.schoology.com/common-assessment-delivery/start/596643342 S Schoology E Module 5: Credit an... My A S Test CD Tallwood Bookmarks End Of Year Assessment Relatively inelastic Demand Demand az ar as Which good would most likely be illustrated with this graph? O Toilet Paper O Jewelry O Antiques O Lumber
- Suppose an economic boom causes incomes toincrease. Explain what will happen to the demandand supply of phones, and predict the direction ofthe change in the equilibrium price and quantityConsider the market for minivans. For each of theevents listed here, identify which of the determinantsof demand or supply are affected. Also indicatewhether demand or supply increases or decreases.Then draw a diagram to show the effect on the priceand quantity of minivans.a. People decide to have more children.b. A strike by steelworkers raises steel prices.c. Engineers develop new automated machineryfor the production of minivans.d. The price of sports utility vehicles rises.e. A stock market crash lowers people’s wealth.Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply and quantity Impact on supply a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain fExcess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price Impact on demand a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price Impact on price a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in…