The price elasticity of demand for food tends to be O unrelated to per capita wealth. the same in rich and poor nations. O lower in richer nations. higher in richer nations.
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- What does the term "import demand" describe? O A. Relative demand for the importing country. B. The excess of domestic demand over domestic supply. OC. The excess of foreign supply over foreign demand. O D. Demand for a good the country would like to import because it does not produce this good domestically.Suppose there is a soda tax to curb obesity. Whatshould a reduction in the soda tax do to the supply ofsodas and to the equilibrium price and quantity? Can youshow this graphically? Hint: Assume that the soda tax iscollected from the sellers.How does a price floor 521 above the equilibrium level affect quantity demanded and quantity1 supplied?
- Why is it importat to determine the determinants of supply?# I am guessing, the price of imports will decrease is wrong.A product's price and the quantity consumed both increased from one year to the next. Which of the following could have happened? A Demand decreased and supply remained constant. В Demand increased and supply remained constant. C Supply increased and demand remained constant. Supply decreased and demand remained constant. More
- Is sugar and tea Substitute goods?Suppose a decrease in the world demand for desktop computers causes the price of desktop computers to fall from $600 to $500. Before the fall in demand, Juna, a local computer dealer in Japan, used to produce 9,000 desktop computers and exported 50 percent of it to other countries every week. However, after the fall in demand, Juna reduced its production to 8,000 units and exports only 40 percent of its total output.a. What are the changes in the quantity sold to domestic consumersb. What are the changes in the consumer surplus?c. Sketch a diagram to illustrate the changes for Juna."Cell phones have quickly become taken as much for granted as electricityor water supply. They have had a major impact on our lives and the way that weperform everyday tasks. Many of these changes are apparent, while others wemay not even be aware of. People nowadays really don’t rememberquite well how life was before cell phones existed!"Use the demand-supply model to illustrate the changes in the market for cell phones over thelast twenty years. Try as much as possible to relate the demand-side factors and the supplyside factors we studied in class to the market under study. Although drawing graphs is notnecessarily required, yet it could help you to illustrate your answer. Support your answer withrelevant real-life data.
- Suppose an economic boom causes incomes toincrease. Explain what will happen to the demandand supply of phones, and predict the direction ofthe change in the equilibrium price and quantityfl you know that Linda's consumption of potatoes fell from 200 pounds a year to 150 pounds a year when her income went up from $50,000 to $60,000 a year, you are able to calculate Linda's incomeelasticity of demand for potatoes. What is it? What do economists call this kind of a good?Suppose that United States produces 10, 000, 000 barrels of oil and 1,000 bushels of wheat each week. Suppose that China produces 11305 barrels of oil and 11305 bushels of wheat each week. In autarky, what is the largest amount of wheat United States can consume every week?