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- Multiple choice Question one3 Carefully explain what is happening in the following market. Indicate the impact , if any on demand, supply,price and quantity. Chose from the following what will happen to each ; increase towards equilibrium, no impact,excess supply, change in price uncertain, decrease equilibrium quantity, increase equilibrium price, change in quantity uncertain, decrease towards equilibrium, decrease equilibrium price, shift outward to right, shift inwards to left , excess demand , increase towards equilibrium. 1a) In Academics year 2020/21 , the university of the west indies mandated that all students must take principles and economics as a core requirement for their major. Concurrently , the university bookshop made their order for the principle and economics text books based on the number of registered students in the last academic year (2019/2020).1b) The price of input for the production of BrandX handbags have increased .Concurrently, taste and preferences has…(d) What will happen in the market for tomatoes if a new study is released that shows tomatoes contain antioxidants (may help prevent cancer)? (e) What will happen in the market for corn if a new crop rotation technique is discovered that allows the corn to be grown more easily and the price of green beans, a substitute, decreases? (f) What will happen in the market for gasoline if the price of oil increases and there is a vast increase in the population (e.g., another baby boomer generation)?or each of the following situations relating to the supply of pizza: • Identify the factor affecting supply • Demonstrate on the axes provided, and explain, the effects of the change. (ii) an increase in the price of flour Factor: ____________________________________ Explanation: ____________________________________
- Question 14 Use the following chart to answer questions 14–18. Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. In a normal year, what is the price of wapanzo beans? Question 14 options: a) $3 per pound b) $4 per pound c) $2 per pound d) $1 per pound Question 15 Suppose that in normal years demand is represented by Case 2, and supply is represented by Case B. In a normal year, what is the equilibrium quantity of wapanzo beans? Question 15 options: a) 8 million pounds b) 4 million pounds c) 6 million pounds d) 2 million pounds Question 16 Suppose that in normal years demand is…True/False The market supply increases as the price level in the market rises.The market in question is the wheat market. Wheat farmers have been given subsidies (they are given money by the government to grow wheat). What do you expect to happen to the supply of wheat? A). Will the supply change (shift of the curve) of will the quantity supplied change (movement along the line)? Answer:______________________________________ B). If supply changes, will the curve shift to the right (increase in supply) or shift to the left (decrease in supply)? Please draw this on the graph above. C). If the supply changes, what is the factor or determinant affecting the change? If the curve did not shift, there is no determinant. Please see Supply/Demand Cheat Sheet...Hint: Natural Disasters, Price of inputs, technology, and expectations Answer:_____________________________________
- Carefully explain what is happening in the following markets. Indicate the impact if any on demand,supply,price and quantity. Choose answer from the following ; no impact, excess supply,shift inwards to left,increase equilibrium price,shift outwards to right, decrease equilibrium quantity,increase towards equilibrium,increase equilibrium quantity, decrease towards equilibrium, change in quantity uncertain, excess demand,decrease equilibrium,change in price uncertain 1d) Electricity is a major input the production of aluminum,and aluminum is substitute in supply for steal ,the effect of an increase in price of electricity.g) There are four possible ways that demand and supply can simultaneously shift in a market. These ways are listed below. For each case, draw two demand and supply graphs and show the demand change on the first graph and the supply change on the second graph. On each graph, indicate the direction of the change in P*and Q*. Finally, in each case, give your prediction for the overall net impact on P* and Q* for the market when both the demand and the supply change simultaneously. ● Simultaneous Increase in Demand and Increase in Supply Simultaneous Decrease in Demand and Decrease in Supply Simultaneous Increase in Demand and Decrease in Supply Simultaneous Decrease in Demand and Increase in SupplyWhy are prices of agricultural commodities volatile? Discuss, drawing on economic theory and using examples. taking the wheat market as an example. What happens to the income of all wheat growers if the wheat supplied increases, with no other changes? What happens to the income of all wheat growers if the wheat supplied decreases, with no other changes?
- Question 2Identify what sort of effects the following listed events have.You are required to define the market under study (for example: the labour market, oil market, etc). Explain whether the event acts on the demand or supply side, and whether the event leads to a quantity or price change, or leads to a shift in demand and/or supply.Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply.a) An increase in oil prices as a consequence of a price dispute in the world oil marketsb) The implementation of a minimum wagec) The implementation of subsidies to milk producers in Australiad) The implementation of a Carbon tax in the economy. A Carbon tax is charged according to the level of emissions of greenhouse gases in an economy.e) The implementation of an increase in tuition in University studiesQUESTION 17 "Supply" is best defined as the relationship between: the quantity supplied and the price people are willing to pay for a good. the current price of a good and the quantity supplied at that price. the price of a good or service and the quantity supplied by producers at each price during a period of time. the cost of producing a good and the price consumers are willing to pay for it. QUESTION 18 Suppose the price of movies seen at a theater rises from $6 to $12. The theater manager observes that the rise in price causes attendance at a given movie to fall from 150 persons to 100 persons. What is the absolute value of arc price elasticity of demand for movies? 0.59 1.2 1.0 0.88IV. 2. The pandemic causes closure of some businesses due to prolonged lockdowns. This leads to more people being unemployed. What non-price determinants will affect the demand and in what way? How will it affect the country’s economy?