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- Draw a supply and demand curve for oil. The government says we can no longer import oil from overseas, what happens to the supply or demand of oil? Why?In autarky, what would the equilibrium price and quantity be in Peru and Moldova?The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity demanded (lb) Cameroon quantity supplied (lb) Nigeria quantity demanded (lb) Nigeria quantity supplied (lb) 8 180 500 155 210 7 200 460 180 180 6 250 410 200 160 5 280 360 220 140 4 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries?
- what bring about an increase in the number of a new product in the Nigeria marketHow might companies such as Mars and Nestlé react to an increase in the price of sugar?“Explain what will happen to the UK market price and market quantity of tea if there is an increase in the price of coffee combined with an increase in transportation cost in the country.”
- Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand for wheat was Q = 3244 - 283P. Of this, total domestic demand was QD = 1700 - 107P, and domestic supply was QS =1944 + 207P. Suppose the export demand for wheat falls by 40%. a. U.S. farmers are concerned about this drop in export demand. What happens to the free-market price of wheat in the United States? Do farmers have much reason to worry? b. Now suppose the U.S. government wants to buy enough wheat to raise the price to $3.50 per bushel. With the drop in export demand, how much wheat would the government have to buy? How much would this cost the government?Final Exam (4 HR) (page 24 of 26) - Google Chrome mpuslife.ca/Ims/mod/quiz/attempt.php?attempt-6982998cmid=14397319&page=23 The demand schedule for sugar is: 24°C The demand schedule for sugar is: Price (dollars per kilogram) 3 5 9 12 Quantity Demanded (millions of kilograms per year) 20 Paragraph a. What happens to total revenue if the price of sugar rises from $3 to $7 per kile c. At what price is total revenue a maximum? 16 12 b. What happens to total revenue if the price rises from $7 to $12? BIEE 3 2The major BP oil spill in the Gulf of Mexico substantially reduced the harvest of shrimp and other seafood in the Gulf, but had limited impact on the prices that U.S. consumers paid in 2010 (Emmeline Zhao, “Impact on Seafood Prices Is Limited,", Wall Street Journal, June 20, 2010). The reason was that the United States imports about 83% of its seafood and only 2% of domestic supplies come from the Gulf. Use a supply-and-demand diagram to illustrate what happened.
- Consider the world market for wheat, in which Russia is a larger producer. Suppose there is a major failure in Russia's wheat crop due to a severe drought. Explain the likely effect on the equilibrium price and quantity in the world wheat market. Also, explain why Canadian wheat farmers certainly benefit from this droughtSuppose 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.How did an expert ban on onion by india affected the price of local onion in Bangladesh? Can show this change /effect in a diagram.