Please answer the following questions: 1) What’s wrong with this way of thinking? “Economists claim that...
Please answer the following questions:
1) What’s wrong with this way of thinking? “Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges was really high and the supply of them was really low. Economists are wrong!”
2. Motels along Myrtle Beach, NC, charge $100 a night in the summer but sometimes as little as $25 a night in the winter. Use supply and demand analysis, including graphical and verbal explanation, for these winter "sales."
3. The demand for home computers has increased, yet the price has fallen. Using demand and supply analysis, explain this apparent paradox.
4. Suppose demand can be described with the equation
qd = 900 - 5p and supply with the equation qs
= 100 + 5p.
a.. Determine the equilibrium price and quantity.
b. Determine the surplus or shortage if the price were
$100.
Homework Answers
Add Answer to:
Please answer the following questions:
1) What’s wrong with this way of thinking?
“Economists claim that...
Using the Supply and Demand Schedules to answer the following questions Table 1 Quantity Quantity Supplied...
Using the Supply and Demand Schedules to answer the following questions Table 1 Quantity Quantity Supplied Demand Price 100 30 70 200 40 60 300 50 50 40 400 60 500 70 30 600 80 20 3a. Draw the Supply and Demand graph and label. Show the area for the shortage, surplus, and market equilibrium point demand curve to list inan of ft tw lis determinants of the supply curve to shift outward.
Using the Supply and Demand Schedules to...
Question 4. Choose the correct answer for each of the following 1) The above figure shows...
Question 4.
Choose the correct answer for each of the following
1) The above figure shows the supply
and demand curves for rice in the U.S. and Japan. Assume there is
no trade between the two countries. If bad weather causes the
supply curves in each country to shift leftward by the same amount,
then
the price will increase in both countries.
the price will decrease in both countries.
the change in price cannot be determined.
None of the above....
Please use this equation to answer questions 1 and 2: Qd = ƒ (P1, P2, T,...
Please use this equation to answer questions 1 and 2: Qd = ƒ (P1, P2, T, N, I, E) Qd is demand for Nike shirts P1 is price for Nike shirts P2 is price of related shirts (different brand names) T is consumer taste N is number of consumers I is consumer income E is expected price of Nike shirts in some future period a)What could cause the current demand for Nike shirts to increase? Be specific in your answers....
Second: Multiple Choice Questions, Please choose the Correct answer: (10 points) 1. If elasticity of demand...
Second: Multiple Choice Questions, Please choose the Correct answer: (10 points) 1. If elasticity of demand of health care services equal - 1, we recommend the health care firm to: A. Increase the price of health care services. B. Decrease the price of health care services. C. Make the price of health care services constant. D. All of the above are wrong. 2. In the monopolistic competition market of health care services: A. There are many sellers B. Individual firm's...
Help, Please with 2 questions, and please can u explain the answer. 1. Use the model...
Help, Please with 2 questions, and please can u explain the
answer.
1. Use the model of supply and demand to explain why the prices of
vegetables after a hurricane increase more than the prices of
candies. Support your answer with a graph.
2. Analyze the effects of a taxation in this market
a) Find the values of price and quantity that guarantee a market
equilibrium (Q*,P*)
b) If the government imposes a $1 tax per unit sold, What...
Please help with the following microeconomics question 3: 1. A city has a large number of...
Please help with the following microeconomics question 3: 1. A city has a large number of casinos. The demand by patrons for the games (in thousands per week) is Qd = 90 - 3P and the supply is Qs = 3P where P is the price charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? 2. Continue your analysis of the casino market in the city: demand by patrons for...
Please help with the following microeconomics question 2: 1. A city has a large number of...
Please help with the following microeconomics question 2: 1. A city has a large number of casinos. The demand by patrons for the games (in thousands per week) is Qd = 90 - 3P and the supply is Qs = 3P where P is the price charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? 2. Continue your analysis of the casino market in the city: demand by patrons for...
please answer all don't understand Short Answer 1. When the price of Kit Kats rises by 20 percent, Matt reduces th...
please answer all don't understand
Short Answer 1. When the price of Kit Kats rises by 20 percent, Matt reduces the amount of Kit Kats he eats from 10 to 9. Calculate the elasticity for Kit Kats. Are Kit Kats elastic or inelastic? Why? 2. If the price of chocolate increases by 20 percent and the total revenue generated from the sale of chocolate rises even though quantity does not fall, what can be said about the elasticity of chocolate...
No need to explain in detail. I just want to check my answer. But please provide...
No need to explain in detail. I just want to check my answer.
But please provide me a formula.
1. The principle of comparative advantage asserts that a. not all countries can benefit from trade with other countries. b. the world price of a good will prevail in all countries, regardless of whether those countries allow international trade in that good. c. countries can become better off by exporting goods, but they cannot become better off by importing goods. d....
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
Using the Supply and Demand Schedules to answer the following questions Table 1 Quantity Quantity Supplied Demand Price 100 30 70 200 40 60 300 50 50 40 400 60 500 70 30 600 80 20 3a. Draw the Supply and Demand graph and label. Show the area for the shortage, surplus, and market equilibrium point demand curve to list inan of ft tw lis determinants of the supply curve to shift outward.
Using the Supply and Demand Schedules to...
Question 4.
Choose the correct answer for each of the following
1) The above figure shows the supply
and demand curves for rice in the U.S. and Japan. Assume there is
no trade between the two countries. If bad weather causes the
supply curves in each country to shift leftward by the same amount,
then
the price will increase in both countries.
the price will decrease in both countries.
the change in price cannot be determined.
None of the above....
Second: Multiple Choice Questions, Please choose the Correct answer: (10 points) 1. If elasticity of demand of health care services equal - 1, we recommend the health care firm to: A. Increase the price of health care services. B. Decrease the price of health care services. C. Make the price of health care services constant. D. All of the above are wrong. 2. In the monopolistic competition market of health care services: A. There are many sellers B. Individual firm's...
Help, Please with 2 questions, and please can u explain the
answer.
1. Use the model of supply and demand to explain why the prices of
vegetables after a hurricane increase more than the prices of
candies. Support your answer with a graph.
2. Analyze the effects of a taxation in this market
a) Find the values of price and quantity that guarantee a market
equilibrium (Q*,P*)
b) If the government imposes a $1 tax per unit sold, What...
please answer all don't understand
Short Answer 1. When the price of Kit Kats rises by 20 percent, Matt reduces the amount of Kit Kats he eats from 10 to 9. Calculate the elasticity for Kit Kats. Are Kit Kats elastic or inelastic? Why? 2. If the price of chocolate increases by 20 percent and the total revenue generated from the sale of chocolate rises even though quantity does not fall, what can be said about the elasticity of chocolate...
No need to explain in detail. I just want to check my answer.
But please provide me a formula.
1. The principle of comparative advantage asserts that a. not all countries can benefit from trade with other countries. b. the world price of a good will prevail in all countries, regardless of whether those countries allow international trade in that good. c. countries can become better off by exporting goods, but they cannot become better off by importing goods. d....
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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