Draw a demand curve for economics classes at HCCC, showing the trade-off between price and quantity. Now draw another demand curve to the right of the original (i.e. showing an increase in demand). Give three reasons that demand for economics classes might shift to the right like this.
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- Draw a demand curve for economics classes at HCCC, showing the trade-off between
price and quantity. Now draw another demand curve to the right of the original (i.e. showing an increase in demand). Give three reasons that demand for economics classes might shift to the right like this.
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- Draw a correctly labelled demand and supply graph for the market for toilet paper in the US with an equilibrium price of $20 per pack: You should label your vertical axis as "Price" and the horizontal axis as "Quantity". Draw a downward-sloping demand curve and an upward-sloping supply curve. Label the point where they intersect as the equilibrium point, with a price of $20 per pack.Assume the demand curve for gasoline is downward sloping and the supply curve is upward sloping. Start by considering the gasoline market in 2020. Draw a graph that shows supply and demand analysis for gasoline in this city. Label the supply curve as S0; demand curve as D0; the equilibrium price as P0; and equilibrium quantity as Q0.“I’m working as a restaurant consultant. My clients are Amy’s Diner and Joe’s Burger Stop. Both restaurants are in the same neighborhood. They have similar menus that include hamburgers, French fries, and soft drinks. This week, Amy’s supplier raised the price of hamburger meat, but Joe’s has not. Can you help me explain how the supply and demand model works in the situations described below?”
- A new technology reduces the time it takes to make a pair of khaki pants. The price of the cloth used to make khaki pants falls. The wage rate paid to garment workers increases. The price of jeans increases. People's incomes increase. Assignment Draw a demand-supply graph and label the axes with the price and quantity of khaki pants. Create one graph that shows each of the demand-supply curves for the five scenarios listed Above Use five different colors to represent each of the five scenarios. Clearly identify your finished graph.The demand and supply curves for T-shirts are given by the following equations, where P is the price and Q is the quantity. Demand: Q = 65000 – 50P Supply: Q – 5000 = 250P Find the equilibrium price and quantity.The introduction of new technology can affect the amount of supply a business will produce. Will it cause the supply curve to increase or decrease?
- Suppose that a combination of public health warnings, school programs, a ban on advertising, and warnings on package labelling cut the demand for cigarettes in half (that is, the demand curve shifted left for cigarettes at any price by 50%). Using a supply-and-demand diagram of a competitive market, show the likely effect on equilibrium price and equilibrium quantity. Would you expect equilibrium quantity to change by 50%? Show how the answer depends on the slope of the supply curve.Suppose one of your friends offered the following argument: a rightward shift in demand will cause an increase in price. The increase in price will cause a rightward shift of the supply curve, which will lead to an offsetting decrease in price. Therefore, it is impossible to tell what effect an increase in demand will have on price. Do you agree with your friend? If not, what is the flaw in your friend’s reasoning?Supply and Demand The law of demand and supply are important in business. The law of demand states that as price of a good or service increases, the quantity demand decreases and vice versa. While the law of supply states that as prices of goods and services increase, the quantity supplied increases. The law of demand is a good concept for businesses when setting prices. As businesses raise prices, consumers may buy less of the product because their incomes are mostly stagnant. For example, a parent may buy 4 loaves of bread at $2 each which is $8, but may decide to only buy 2 loaves of bread when the price of a loaf of bread increases to $4. This is because the parent’s income is stagnant and he or she has allocated only $8 for bread. Discussion question The law of demand states that as the price of a good or service increases, the quantity demanded goes down and vice-versa. Share an example of a good or service that follows the law of demand. Give an example of goods or services…
- You are advising Roy on the opening of his Original-Original Famous Pizzeria. By plotting the points below on a coordinate plane, you can show Roy the price points that would lead to a shortage of slices, a surplus of slices, and the point of maximum efficiency per slice. On the graph paper below: label your vertical axis with prices and your horizontal axis with quantity, plot each point of the demand and draw the curve with one color. plot each point of supply and draw the curve with a different color, identify the equilibrium point on your graphAssignment 1 Draw a demand curve for economics classes at HCCC, showing the trade-off between price and quantity. Now draw another demand curve to the right of the original (i.e. showing an increase in demand). Give three reasons that demand for economics classes might shift to the right like this. The following table contains information about the wheat market: Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000 0 4 34,000 4,000 6 28,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000Use the graph below to answer the following question. A straight increasing line labeled S1 with two data points labeled y and x is drawn parallel to another increasing line labeled S2 (to its right). In the market for automobiles, suppose there was a technological advance in the production process for producing automobiles. Which of the following statements correctly illustrates the effect on supply? Multiple Choice The supply curve will shift from S1 to S2. The supply curve will shift from S2 to S1. There will be movement from point x to point y. There will be movement from point y to point x.