18. The two graphs below show the markets for orange juice and apple juice, which are initially in equilibrium: Orange Juice Price P₁ Q1 Quantity per period D Apple Juice Price P₁ QI Quantity per period D S a) Show what will happen to the prices and quantities traded of both products if a severe frost in Florida were to seriously damage the orange crop. b) Briefly explain your answer.
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- In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. There have recently been some important cost-saving inventions in the technology for making paint. Paint is lasting longer so that property owners need not repaint as often. Because of severe hailstorms, many people need to repaint now. The hailstorms damaged several factories that make paint, forcing them to close down for several months.Use the four-step process to analyze the impact of a Deduction in tariffs on imports of iPods on the equilibrium price and quantity of Sony Walkman-type products.Suppose that Carlos and Deborah are the only suppliers of pieces of cake in some hypothetical market. Their annual supply schedules are given by the following table: Carlos's Quantity Supplied Deborah's Quantity Supplied (Pieces) ITT 20 30 35 40 PRICE (Dollars per piece) (Dollars per piece) 5 Price 0 0 1 2 3 4 5 20 On the following graph, plot Carlos's supply of pieces of cake using the green points (triangle symbol). Next, plot Deborah's supply of pieces of cake using the purple points (diamond symbol). Finally, plot the market supply of pieces of cake using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. (?) 40 60 80 QUANTITY (Pieces) 100 (Pieces) 120 20 40 55 65 70 Carlos's Supply Deborah's Supply O Market Supply
- 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.3. Suppose that the market for bananas in Binghamton on an average weekday is given by the following equations: P = 48 – 2Q P = 24 + 2Q demand: supply: where P is the price of a bushel in dollars and Q is quantity in bushels. a. What is the equilibrium price and quantity? Show graphically. b. Assume that the National Institutes of Health issues a study showing that bananas reduce the risk of cancer. The demand for bananas increases to: demand': P = 60 – 2Q At the original equilibrium price, is there a shortage or a surplus? Of how much? c. What is the new equilibrium price and quantity? Show graphically.Show graphically, in one graph, what would happen to the equilibrium price and quantity of beef if the price of chicken (a substitute) were to decrease.
- 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 300Tips ps Chapter 04 Homework The following table presents the monthly demand and supply in the market for oat milk in New York City. PRICE (Dolars per gallon of oat milk) 2 On the following graph, plot the demand for oat milk using the blue point (circle symbol). Next, plot the supply of oat milk using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for oat milk. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. ? H 10 0 13 Price (Dollars per gallon of oat milk) 2 4 6 0 8 10 400 Quantity Demanded (Gallons of oat milk) 2,200 1,600 1,200 800 400 800 1200 1600 QUANTITY (Gations of oat mig 2000 Quantity Supplied (Gallons of oat milk) 400 1,000 1,800 2,000 2,400 12400 O Demand -P Supply + EquilibriumWill the equilibrium price and quantity of ventilators increase or decrease if a new cost-saving technology is discovered?Select one: a. The discovery of this new technology is a supply shifter and will result in an increase in the quantity and decrease in the price of ventilators. b. The discovery of this new technology is a demand shifter and will result in an increase in both the quantity and price of ventilators. c. The discovery of this new technology is a supply shifter and will result in an increase in the price and decrease in the quantity of ventilators. d. The discovery of this new technology is a
- 12. The following news was printed in the Economic Times: "Petrol and diesel prices were cut by 2 per litre each as international oil prices slumped to a five-year low." Use a diagram and economic theory to analyse the impact on the demand for cars in India.5.4 For each of the following statements, draw a diagram that illustrates the likely effect on the market for eggs. Indicate in each case the impact on equilibrium price and equilib- rium quantity. a. The surgeon general warns that high-cholesterol foods cause heart attacks. b. The price of bacon, a complementary product, decreases. c. The price of chicken feed increases. d. Caesar salads become trendy at dinner parties. (The dress- ing is made with raw eggs.) e. A technological innovation reduces egg breakage during packing.QUESTION ONE 1.1 With the aid of a fully labelled diagram, explain what would happen in the market for homemade mask if the price of surgical facial masks increases ceteris paribus. 1.2 Explain, with the aid of a graph, how a negative research finding about the impact of homemade masks on peoples' health will affect the demand for homemade masks 1.3 Why is it important to differentiate between a change in demand and a change in the quantity demanded? 1.5 Suppose the market price of facial masks $1.50 is set above the above the equilibrium price of $1. With the aid of a diagram, explain what would happen to the market of facial masks
