Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 3, Problem 12CQ
To determine
Explain the goods produced and quantity supplied in the market.
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Students have asked these similar questions
As a group, discuss different factors that would affect the market for donuts. Now, suppose that the price of sugar has increased and at the same time, it is January and many people have just done their New Year's resolutions, one of which is to eat less sugar. What will the impact be on the market for donuts?
Begin with the market for chocolate in equilibrium. What will happen to the demand of chocolate if producers and
consumers expect the price of chocolate to rise in the future? Will the demand of chocolate increase, decrease, or stay the
same if consumers expect prices to rise in the future?
A increase
B
decrease
stay the same
Does the change affect supply? If so, does supply increase or decrease?
Chapter 3 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
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- During the Civil war, if shopkeepers expected the price of butter to increase in the future, what would happen to the supply of butter today?arrow_forwardName the three cases when both the demand and supply increases at a certain period of time?arrow_forwardGraphically show how each of the following affects the supply curve. Also explain which factor of supply is being affected in each case: What happens to the supply of corn when price of wheat increases? If the price of tomatoes decreases, how does it affect the supply of Ketchup?arrow_forward
- Think of a relevant example in your own life of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Summarize the article and its findings, then include the URL in your discussion post. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardHow does the Law of Supply differ from the Law of Demand?arrow_forwardPlease explain what happens in a market when the price of the product decreases relative to its equilibrium price. Please illustrate the events on a graph and make sure to label everything you draw.arrow_forward
- On September 14th, 2023, the Canadian government threatened major grocers(Loblaws, Costco, Walmart, etc.) with new taxes if they failed to lower their food prices. Assume that the government imposes such taxes. Using a supply and demand diagram,show what effect this has on the equilibrium in the market for food. Does this help tolower food prices? If you were in charge of the government, how would you reduce food prices for Canadian consumers?arrow_forwardWhat would cause a change in demand, and a change in supply?arrow_forwardIllustrate by graph the equilibrium point in the market, then find the following: (Notes that you need to do three graphs). A) When the quantity demanded exceeds quantity supplied. B) When the quantity supplied exceeds quantity demanded. C) The equilibrium point.arrow_forward
- what will An increase (rightward shift) in the demand for a good will tend to causearrow_forwardThe table shows the demand and supply schedules for magazines. What is the market equilibrium? If the price of a magazine is $4.50, what is the situation in the market? How is market equilibrium restored? If a fall in the price of a newspaper decreases the quantity of magazines demanded by 11 a week at each price, how does the market adjust to its new equilibrium? The equilibrium price of a magazine is $ and the equilibrium quantity is magazines a week. Quantity demanded (magazines per week) 111 160 155 150 145 140 Price (dollars per magazine) 3.00 3.50 4.00 4.50 5.00 Quantity supplied 138 144 150 156 161arrow_forwardExplain why a demand curve will shift. Explain why a supply curve will shift. What are the differences between quantity demanded and demand? Provide examples from your personal or professional life where you believe a demand curve shifted and when you believed a supply curve shifted.arrow_forward
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