There has been a decrease in people’s income and a rise in the price of sugar (an input for making Tea) in Pakistan during 2020 due to COVID-19 crisis simultaneously.
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There has been a decrease in people’s income and a rise in the
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- Covid-19 backed by Lockdown generated many economic anomalies. The weeklychange in the price of the mask in a town is given below.Time March1 stweekMarch2 ndweekMarch3 rdweekMarch4 thweekApril1 stweekApril2 ndweekApril3 rdweekApril4 thweekMay1 stweek Price(₹)100 150 175 200 200 175 70 50 50Forecast the Expected price of Mask for the 2 nd week of May.Strangely the Actual price of Mask in the city in the 2 nd week of May was 10 rupees.State at least four economic reasons why your calculated Expected price of Mask didnot match the Actual price of Mask.Now assume when the price of the Mask was 200 rupees per unit 5 lakh customersbought it. As the price reduced to 50 rupees only 1 lakh customers bought it.Calculate elasticity of demand and state which laws of economics are violated in thiscase, and how?a) Due to Covid-19, meatpackers are facing substantially higher costs and people are panic buying meat. As a result, we can expect (at least temporarily) Lower prices and no change in quantity Higher prices and an uncertain change in quantity Higher prices and a certain increase in quantity Higher prices and a certain decrease in quantity b) If, against the request of the US, Saudi Arabia decides to further increase the supply of crude oil to the world market, we would expect as a result that (all else equal) the Equilibrium price of crude oil will decrease, and the equilibrium quantity will increase Equilibrium price of crude oil will increase, and the equilibrium quantity will decrease Equilibrium price and quantity of crude oil will increase Equilibrium price and quantity of crude oil will decreaseThe Organisation of Petroleum Exporting Countries (OPEC) is holding a regular meeting to decide on its production policy. Current data shows that global demand for oil stands at 99.50 million bbl/d and global oil supplies stand at 97.1 million bbl/d including 31 million bbl/d from OPEC. In order to balance the market, which of the following decisions should the organization consider: OPEC should consider cutting its production by 2.4 million bbl/d OPEC should consider increasing its production by 2.4 million bbl/d OPEC should consider keeping its production fixed at 31 million bbl/d OPEC should consider cutting its production by 1.4 million bbl/d
- There are several variables that contribute to today's food security problem. In today's instance, what are the impact of COVID-19 pandemic on food security?Summarize this While the major economies slid into recession and industries suffered great losses to the COVID-19 pandemic, E-commerce sales saw explosive growth. In this rapid movement of consumers to online purchasing and delivery services, there has been a large increase in the demand for packaging materials, such as cardboard boxes. Supporting this, Parcel Shipping Index by Pitney Bowes Inc. (2020) finds global parcel volume exceeding 131 billion, a 27% increase from 2019. Corrugated cardboards are largely and versatilely used for secondary packaging of goods, up to the tertiary packaging of large packs into mass cargo (Saxon Packaging, 2020). In addition to its relatively low cost, its strength and durability are also remarkable in protecting a variety of products from damage, notably during the shipment process. Given this, businesses have been largely reliant on the material as a practical, secure, and sustainable way of containing their products from production centers to…Bird Flu Hits Malaysia A deadly strain of bird flu that has killed many people in Asia this year has hit Malaysia. The outbreak is a blow for Malaysias thriving poultry industry. Neighboring countries which import live chickens and ducks from Malaysia suspended all imports, driving poultry stocks down. The government has confirmed the continuing ability of the H5N1 virus to transmit to people. To avoid the spread of the disease, the chickens and ducks in the areas affected by the H5N1 virus are culled. This has reduced the supply of chicken in the country. The bird flu scare has caused a drastic change in consumer diet from chicken to other substitutes such as other meats and fish. This has resulted in lower chicken production that has further plunged the poultry industry into uncertainty. The drop in business may also force some chicken farmers to close shop, further decreasing supply. The government is now concerned over a looming shortage in supply of chicken when consumption…
- The Government of Canada recently signed new preferential trade agreement, and has agreed to paysubsidies to turkey farmers to compensate for increased competition they may face from imports. Youare employed as an analyst by AAFC. In order to determine the dollar value of compensation, AAFCrequires an estimate of how the Canadian price of turkeys and the quantity of imported turkeys willchange as a result of the new trade agreement.You are provided with the following information about the Canadian turkey market:1. The world price of turkey is $5.2. The Canadian turkey market is currently (before the new trade agreement) protected by a tariffrate quota (TRQ) of the following format:a) the in-quota tariff is $1 per unitb) the import quota volume is 100 unitsc) the over-quota tariff is $10 per unit.3. An excess demand (ED) (for imports) function for turkey has been estimated as? = 28 − 0.14?. Note: Canada is a small importing country in the world market for turkeys. Note: The data given…The Government of Canada recently signed new preferential trade agreement, and has agreed to paysubsidies to turkey farmers to compensate for increased competition they may face from imports. Youare employed as an analyst by AAFC. In order to determine the dollar value of compensation, AAFCrequires an estimate of how the Canadian price of turkeys and the quantity of imported turkeys willchange as a result of the new trade agreement. You are provided with the following information about the Canadian turkey market:1. The world price of turkey is $5.2. The Canadian turkey market is currently (before the new trade agreement) protected by a tariffrate quota (TRQ) of the following format:a) the in-quota tariff is $1 per unitb) the import quota volume is 100 unitsc) the over-quota tariff is $10 per unit.3. An excess demand (ED) (for imports) function for turkey has been estimated as? = 28 − 0.14?. a) Draw the diagram for imports in this market, and solve for the Canadian turkey price and the…COVID-19 has sent the economy of Classica into recession. The finance ministry has advised the government to lower stamp duty and other purchase service charges for those wanting to buy existing houses in order to boost economic growth. As well, the finance ministry wants the government to also cut company taxes as this will lead to firms increasing their level of investment in the economy. The President of Classica has asked you, as her chief economic advisor, for your views. In particular, she wishes to know the following: Would a cut in stamp duty and other purchase charges on the purchase of existing houses really boost the economy? Your advise on this is ____________________ (provide your answer and justification on both the immediate and future impact. Feel free to use external resources to assist you in your answer if you prefer). Is the claim that lower company taxes adding to investments correct or is it…
- COVID-19 has sent the economy of Classica into recession. The finance ministry has advised the government to lower stamp duty and other purchase service charges for those wanting to buy existing houses in order to boost economic growth. As well, the finance ministry wants the government to also cut company taxes as this will lead to firms increasing their level of investment in the economy. The President of Classica has asked you, as her chief economic advisor, for your views. In particular, she wishes to know the following: Would a cut in stamp duty and other purchase charges on the purchase of existing houses really boost the economy? Your advise on this is ____________________ (provide your answer and justification on both the immediate and future impact. Feel free to use external resources to assist you in your answer if you prefer).COVID-19 has sent the economy of Classica into recession. The finance ministry has advised the government to lower stamp duty and other purchase service charges for those wanting to buy existing houses in order to boost economic growth. As well, the finance ministry wants the government to also cut company taxes as this will lead to firms increasing their level of investment in the economy. The President of Classica has asked you, as her chief economic advisor, for your views. In particular, she wishes to know the following: Would a cut in stamp duty and other purchase charges on the purchase of existing houses really boost the economy? Your advise on this is ____________________ (provide your answer and justification on both the immediate and future impact.COVID-19 has sent the economy of Classica into recession. The finance ministry has advised the government to lower stamp duty and other purchase service charges for those wanting to buy existing houses in order to boost economic growth. As well, the finance ministry wants the government to also cut company taxes as this will lead to firms increasing their level of investment in the economy. The President of Classica has asked you, as her chief economic advisor, for your views. In particular, she wishes to know the following: Your father has just stated that countries with high levels of debt-to-GDP ratios are poor countries and that countries with low levels of debt-to-GDP ratios are rich countries. Explain why you agree or disagree with this statement and provide real world evidence to support your argument.