Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter P2, Problem 6KC
To determine
The impact of the increased wage of the grape pickers.
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Condider the market for grapes.an increase in the wage paid to grapes picker will causea.demand curve for grapes to shift to the right,resulting in a high equilibrium price for grapes and a reduction in the quantity consumed.b.demand curve for grapes to shift to the left,resulting in a lower equilibrium price for grapes and a increase in the quantity consumed.c.demand curve for grapes to shift to the left,resulting in a lower equilibrium price for grapes and a decrease in the quantity consumed.d.demand curve for grapes to shift to the left,resulting in a higher equilibrium price for grapes and a increase in the quantity consumed.
The figure above shows a market that is originally at equilibrium at Point A, the intersection between been supply curve S1 and demand curve D1.
Which of the following events would result in the market reaching a new equilibrium at Point C?
Question 10Answer
a.
An increase in supply and a decrease in the quantity demanded.
b.
A decrease in supply and an increase in the quantity demanded.
c.
A decrease in the quantity supplied and a decrease in demand.
d.
A decrease in supply and a decrease in the quantity demanded.
2. Explain what will be the result of cheaper sugar used in production of cakes at Bread Talks.
What factor is this? Draw the graph and show the change.
3) Discuss the results of an increase in the price of crude oil for production of petroleum.
Discuss how supply and price of petroleum will be changed?
What factor is this? Draw the graph and show the change.
Ⓒ
If the price of chicken increases, discuss the changes in the market demand for beef.
What factor is this? Draw the graph and show the change.
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