Which three subsistence crops supply over 50% of human caloric needs worldwide? a.) Corn, rice, and potatoes b.) Wheat, com, and rice c.) Barley, rice, and corn d.) Rice, potatoes, and wheat
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- The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price. Price Quantity ($) Demanded (thousands) Supplied (thousands) 40 50 60 70 100 Quantity 270 250 230 210 150 0 160 320 480 960 C (a) What is the price as a function of the quantity demanded? p=0 (Type an expression using q as the variable. Type your answer in slope-intercept form.) (b) What is the price as a function of the quantity supplied? p= (Type an expression using q as the variable. Type your answer in slope-intercept form.) (c) What is the market equilibrium price?Assume gasoline is sold in a competitive market, the equilibrium price is $50 per barrel, and the equilibrium quantity is 1000 barrels. (a) Using the numerical values above, draw a correctly labeled graph of the gasoline market and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $40 per barrel, will there be a surplus or a shortage in the market? Explain. (c) Assume new oil wells are discovered. On your graph from part (a), show how this change will affect the equilibrium price and quantity in the market for gasoline. (d) Assume instead there is an increase in the price of gasoline-operated automobiles. How will this change affect the market for gasoline? Explain. (e) If both changes in part (c) and part (d) occurred simultaneously, what will happen to the equilibrium price and quantity of gasoline?1. Which of the following variables does not directly impact the quantity of a good the firm is willing to produce? a. the price of the good b. the income level of the people who buy the good c. the number of firms producing the good d. the cost of a key input used to produce the good
- Question 30 Panel (a) shows which of the following? Group of answer choices an increase in quantity demanded and an increase in supply an increase in demand and an increase in supply an increase in quantity demanded and an increase in quantity supplied an increase in demand and an increase in quantity suppliedAssume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. (a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain. (c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets. (d) Assume instead there is an increase in the price of tin, a major input in producing gadgets. What will be the effect of an increase in the price of tin on the market for gadgets? (e) If both changes in part (c) and part (d) occurred simultaneously, will the equilibrium quantity of gadgets increase, decrease, remain unchanged, or be indeterminate? Explain.Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units.(a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following.(i) The equilibrium price(ii) The equilibrium quantity(b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain.(c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets.(d) Assume instead there is an increase in the price of tin, a major input in producing gadgets. What will be the effect of an increase in the price of tin on the market for gadgets?(e) If both changes in part (c) and part (d) occurred simultaneously, will the equilibrium quantity of gadgets increase, decrease, remain unchanged, or be indeterminate? Explain.
- Module 5 Homework i 2 eBook Refer to the figure. Price (dollars) 10 8 7 4 3 2 1 0 Market for Artichokes 50 100 D 150 S 200 Quantity (pounds of artichokes) 250 Tools PS Saved Ⓡ The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market. Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph, show the area representing producer surplus in this market, and then determine how much producer surplus will be generated by the market each week. Instructions: Use the tool provided “PS” to illustrate this area on the graph. Producer surplus: Help Save &Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will a.decrease the supply of corn. b.decrease the supply of soybeans. c.increase the supply of corn. d.have no effect on the supplies of corn and soybeans. e.increase the supply of soybeans.Activity 1. Show Me The Plot 1 Directions: Plot the following hypothetical demand 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 90 P 140.00 100 P 100.00 130 P 75.00 150 P 60.00 170 P 40.00 200 Price of Bangus (Per Kile) Quantity Supplied (in Thousands) P 120.00 700 P 100.00 650 P 90.00 600 P 75.00 500 P 60.00 400 P S0.00 300
- 6. Individual and market supply Suppose that Hubert and Kate are the only suppliers of pizza slices in a particular market. The following table shows their weekly supply schedules: Price Hubert's Quantity Supplied Kate's Quantity Supplied (Dollars per slice) (Slices) (Slices) 1 2 4 9. 12 4 7 14 5 8 15 On the following graph, plot Hubert's supply of pizza slices using the green points (triangle symbol). Next, plot Kate's supply of pizza slices using the purple points (diamond symbol). Finally, plot the market supply of pizza slices using the orange points (square symbol).Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But farmers,…Please no written by hand solution
