Homework Answers
An improvement in technology will increase the quantity and decrease the price of the gas and an increase in the demand will increase the quantity and increase the price of the gas. Here, in one case the price is increasing and in other it is decreasing.
In both the cases the quantity is increasing. We are sure that the given changes in the market condition will increase the quantity of gas in the market.
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Suppose improvements in technology cause the supply of natural gas to increase and at the same...
in the market for natural gas which of the following would cause an increase QUESTION 2...
in the market for natural gas which of the following would
cause an increase
QUESTION 2 In the market for natural gas, which of the following would cause an increase in equilibrium quantity combined with a decrease in equilibrium price? (Choose all that apply) An increase in the cost of equipment needed to extract natural gas. An increase in the number of producers in the industry An increase in the income of buyers of natural gas. A decrease in the...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n)...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n) _____ in the amount _____ at each price point.A.demand; right; increase; demandedB.supply; left; decrease; suppliedC.demand; left; decrease; demandedD.supply; right; increase; supplied6. Assume a farmer’s land is equally productive in growing corn or potatoes and is currently producing both. If the price of corn increases but the price of potatoes does not change, the farm’s supply curve for potatoes will:A.shift to the...
41) Which of the following best explains the increase in the price of natural gas that...
41) Which of the following best explains the increase in the price of natural gas that accompanied the increase in the price of oil during the Persian Gulf War? Increased oil prices raised supply of natural gas, a substitute good. Increased oil prices raised demand for natural gas, a substitute good Increased oil prices reduced supply of natural gas, a substitute good Increased oil prices raised the quantity demanded of natural gas by movement along the natural gas demand curve.
2. Suppose the market supply function for natural gas is P = 10 + 2Q and...
2. Suppose the market supply function for natural gas is P = 10 + 2Q and the market demand function of natural gas is P = 70 - Q, where P is the price of the natural gas per cubic feet and Q is the quantity of natural gas bought and sold. 1) What are the equilibrium price and quantity of natural gas in a competitive market? 2) Compute the consumer surplus and producer surplus. Assume the government imposes a...
Somewhere in Pennsylvania, a natural gas company is extracting natural gas from a well using hydraulic...
Somewhere in Pennsylvania, a natural gas company is extracting natural gas from a well using hydraulic fracturing. This technology requires the use of large amounts of water, which they pump out of a nearby river. Downstream from the natural gas well, a farmer also uses water from the river to irrigate his crops. Since the natural gas company has started pumping water out of the river, there isn’t enough flow left in the river to fully irrigate the farmer’s crops....
Because of a new pipe line from Canada, the supply of natural gas to Connecticut has...
Because of a new pipe line from Canada, the supply of natural gas to Connecticut has increase by 10% and the price of natural gas has fallen by 5%. What can you say about the price elasticity of supply? What can you say about the price elasticity of demand?
in the market for oranges suppose a left ward shift in supply causes an increase in...
in the market for oranges suppose a left ward shift in supply
causes an increase in the equilibrium price of oranges. the
movement from the original to the final equilowould entail
QUESTION9 In the market for oranges, suppose a leftward shift in supply causes an increase in the equilibrium price of oranges. The movement from the original to the final equilibrium would ental an increase in the demand for oranges as they become more scarce. As a result of the...
Which one of the following would cause an increase in the aggregate supply?
QUESTIN 18 Which one of the following would cause an increase in the aggregate supply? a. insecurity about jobs and future income. b. improvements in economic conditions in other countries. C. a decrease in labor supplied d. new discoveries of raw materials QUESTIN 19 Which one of the following statements is correct? I. A drop in the foreign exchange value of the dollar would increase aggregate demand II. A decrease in the amount of money in circulation would increase aggregate demand a. I only b. Il only c. Both I and II d....
Natural gas and coal are both inputs to electricity production. Which of the following would cause...
Natural gas and coal are both inputs to electricity production. Which of the following would cause a movement along the supply curve for electricity? All three choices here are correct. A decrease in the price of coal. An increase in the incomes of electricity consumers. A decrease in the price of natural gas.
"The price of compact fluorescent light bulbs fell because of improvements in production technology. As a...
"The price of compact fluorescent light bulbs fell because of improvements in production technology. As a result, the demand for incandescent light bulbs decreased. This caused the price of incandescent light bulbs to fall; as the price of incandescent light bulbs fell the demand for incandescent light bulbs decreased even further. Evaluate this statement. O A. The statement is false because compact fluorescent light bulbs producers would not reduce their prices as a result of improvements in technology, doing so...
in the market for natural gas which of the following would
cause an increase
QUESTION 2 In the market for natural gas, which of the following would cause an increase in equilibrium quantity combined with a decrease in equilibrium price? (Choose all that apply) An increase in the cost of equipment needed to extract natural gas. An increase in the number of producers in the industry An increase in the income of buyers of natural gas. A decrease in the...
41) Which of the following best explains the increase in the price of natural gas that accompanied the increase in the price of oil during the Persian Gulf War? Increased oil prices raised supply of natural gas, a substitute good. Increased oil prices raised demand for natural gas, a substitute good Increased oil prices reduced supply of natural gas, a substitute good Increased oil prices raised the quantity demanded of natural gas by movement along the natural gas demand curve.
in the market for oranges suppose a left ward shift in supply
causes an increase in the equilibrium price of oranges. the
movement from the original to the final equilowould entail
QUESTION9 In the market for oranges, suppose a leftward shift in supply causes an increase in the equilibrium price of oranges. The movement from the original to the final equilibrium would ental an increase in the demand for oranges as they become more scarce. As a result of the...
"The price of compact fluorescent light bulbs fell because of improvements in production technology. As a result, the demand for incandescent light bulbs decreased. This caused the price of incandescent light bulbs to fall; as the price of incandescent light bulbs fell the demand for incandescent light bulbs decreased even further. Evaluate this statement. O A. The statement is false because compact fluorescent light bulbs producers would not reduce their prices as a result of improvements in technology, doing so...
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