Ethanol is again viewed as one part of a solution to the problem of shortages of petroleum products. Ethanol is made from a blend of gasoline and alcohol derived from corn or sugarcane. What would you expect the impact of this program to be on the price of corn, soybeans, and wheat?
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Ethanol is again viewed as one part of a solution to the problem of shortages of petroleum products. Ethanol is made from a blend of gasoline and alcohol derived from corn or sugarcane. What would you expect the impact of this program to be on the price of corn, soybeans, and wheat?
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- Ethanol and sugar are both made from sugarcane, and ethanol can be used as a fuel substitute for oil. Increasing oil prices cause the demand for ethanol to increase. This will cause the ______ sugar to ______ and its price to ______. demand for; increase; increase supply of; decrease; increase demand for; decrease; decrease supply of; increase; increaseAnswer the question on the basis of the given supply and demand data for wheat.Answer the question on the basis of the given supply and demand data for wheat. What would be the eguilibrium price for this market?
- What effect will each of the following have on the supply of auto tires? A technological advance in the methods of producing tires.MicroEconomics Practice: Ethanol is a motor fuel manufactured from corn. Ethanol and Gasoline are both used independently to power the engines of automobiles. Suppose bad weather negatively affects Corn production. Explain the effect of the bad weather on demand and supply of Corn. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Corn on demand and supply of Ethanol. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Ethanol on demand and supply of Gasoline. What is the effect on equilibrium price and Quantity.You are the Economic Consultant for Zuku Farms Ghana Limited. Zuku produces cowpea in a community where producers are able to switch back and forth between cowpea and groundnut depending on market conditions. Consequently, you were tasked by the management of Zuku and you estimated the demand function for cowpea as follows: where is the quantity of cowpea demanded in bags per month, is the average price of cowpea in Ghana Cedis, is the average price of groundnut in Ghana Cedis, and Y is the income of consumers. Assuming is initially GH¢31.00 per bag, Y is GH¢1001.50. Also that your estimated supply function for cowpea is as follows: QS = -25 + 3.5PC -1.5Pf – 0.5Pg + 0.25R Where Qs is the quantity supplied of cowpea in bags, Pc and Pg are as defined above, Pf is the price of fertilizer per bag, R is the amount of rainfall (in inches). If Pf = GH¢10, R= 40 inches and Pg= GH¢31.00 Find the resulting supply function for cowpea and determine the equilibrium price and quantity.…
- Assume the Witcher video games only have Nintendo switch versions. CD Projekt Red announces the highly anticipated Witcher 4 game will be released next month. No new Nintendo switches are available for the next 6 months due to covid related supply issues. What will the impact of this announcement be on the market for USED Nintendo switches? Explain by Microeconomics only. (i.e. quantity demand, supply; demand curve)Think about a product or service that has undergone a dramatic increase in popularity in recent years, such as electric vehicles (EVs) or streaming services. Discuss how changes in consumer preferences and technological advancements have influenced the demand for this product or service. How have companies responded to this increase in demand? Have there been any shifts in the supply curve due to changes in production capacity or costs? How have these changes affected pricing and competition in the industry? Can you predict how supply and demand for this product or service might evolve in the future?Many countries are predominantly agricultural. how would changes in the supply of fertilizer affect the marginal product, and thus the income, of farmers in such countries?
- Starlink is a satellite-based internet service. It is set to be rolled out elsewhere on the continent, including the Democratic Republic of Congo (DRC), Kenya and Tanzania, later this year”.What effect will this announcement have in the market for internet services in the DRC, Kenya and Tanzania?a) a) A decrease in demand for internet servicesb) b) An increase in supply of internet servicesc) c) An increase in quantity supplied of internet servicesd) d) A decrease in quantity demanded of internet servicesIf A New Breakthrough in Manufacturing technology reduces the cost of producing Blu-ray Players By Half what Will Happen to supply of blu-ray players6. A record company estimates the industry demand for "hard alternative rock" albums to be: QD-1000 -125 P. It estimates the industry supply to be: QS = 125-P a. Given these estimates, what does it expect the industry output and price to be? b. A government commission announces that lyrics on "hard alternative rock" albums are offensive and should be banned. This causes consumers to purchase 20% more of such albums at any given price, compared to question 6a. What effect will this have on industry output and the price? c. Calculate the consumer surplus for parts a and b above. Are consumers better or worse off given the commission's recommendation?