Homework Answers
a. When the price of gasoline in future is expected to be lower, the demand for gasoline would decrease and the demand curve would shift to left
b. This expectation will cause the equilibrium price to decrease and the equilibrium quantity to decrease as the demand curve shifts to left
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26
The graph below depicts the market for gasoline. a. Use the diagram below to illustrate...
27 The graph below depicts the market for pretzels. a. Use the diagram below to illustrate...
27
The graph below depicts the market for pretzels. a. Use the diagram below to illustrate an increase in the price of potato chips Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Pretzels Tools S1 New line 01 Quantity of pretzels b. If the price of potato chips increases, the Click to select) pretzels wll Click to select). This...
The graph below depicts the market for cars. a. Use the diagram below to illustrate an...
The graph below depicts the market for cars. a. Use the diagram below to illustrate an increase in the price of steel Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Cars Tools New line D, Quantity of cars b. If the price of steel increases, the ((Click to select) and the equillbrium quantity to Click to selectl cars will...
29 The graph below depicts the market for shoes. a. Use the diagram below to illustrate...
29
The graph below depicts the market for shoes. a. Use the diagram below to illustrate that a less expensive material is developed for the soles of shoes. Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Shoes Tools New line 0 Quantity of shoes b. If a new, less expensive material is developed for the soles of shoes, the「TRT-e...
25 The graph below depicts the market for the market for an inferior good a. Use...
25
The graph below depicts the market for the market for an inferior good a. Use the diagram below to illustrate an increase in the income of buyers Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Good A Tools S, New ine 0, Quantity b. This increase in the income of buyers will cause the equilibrium price to Click...
29 The graph below depicts the market for shoes. a. Use the diagram below to illustrate...
29
The graph below depicts the market for shoes. a. Use the diagram below to illustrate that a less expensive material is developed for the soles of shoes. Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Shoes Tools New line Q1 Quantity of shoes
30 The graph below depicts the market for oranges. a. Use the diagram below to illustrate...
30
The graph below depicts the market for oranges. a. Use the diagram below to illustrate that research indicated that drinking orange juice might increase the risk of health disease, while at the same time the economy is experiencing perfect growing conditions for oranges. Instructions: Use the tools provided D2 and S2' to draw new lines that reflect the market effect of this event. Plot only the endpoints of each line Market for Orange Juice Tools D2 9 Q, Quantity...
The graph below depicts an economy where an increase in aggregate demand has caused Inflation. The...
The graph below depicts an economy where an increase in aggregate demand has caused Inflation. The economy's current level of real GDP (Y2) is above Its long-run equilibrium, which is illustrated by the long-run aggregate supply curve (LRAS), and a price level (P2) above the equilibrium value of Pe. Without any fiscal policy, we expect the economy to eventually return to full employment on its own. Use the graph below to illustrate this process. Instructions: Use the tool provided to...
The graph below depicts an economy where a decline in aggregate demandes caused a recession. This...
The graph below depicts an economy where a decline in aggregate demandes caused a recession. This economy current level of real GDP (Y) is below its long-run equilibrium, which is illustrated by the long run aggregate supply curve LRASL and price level P. below the equilibrium value of Without any fiscal policy, we expect the economy to eventually return to full employment on its own. Use the graph below to the Instructions: Use the tool provided to plot New Curve...
The figure to the right depicts the bond market. Show what will happen to interest rates...
The figure to the right depicts the bond market. Show what will happen to interest rates if prices in the bond market become more volatile. 1. Using the line drawing tool, show the effect of this shock on the bond market. Properly label your line, 2. Using the point drawing tool, indicate the new equilibrium bond price and quantity. Label the point 2. Carefully follow the instructions above, and only draw the required objects. The effect of this shock will...
Gasoline Price Controls. The equilibrium price of gasoline is $3.00 and the equilibrium quantity is 100...
Gasoline Price Controls. The equilibrium price of gasoline is $3.00 and the equilibrium quantity is 100 million gallons. Suppose the government sets a maximum price of $2.90. (For producers, each $0.01 increase in price increases quantity supplied by 3 million gallons.) Gasoline market 1.) Use the line drawing tool to show the maximum price. Label this line 'Price Max'. 2.) Use the point drawing tool to indicate the quantity supplied under the maximum price and label that point 'b'. Price...
27
The graph below depicts the market for pretzels. a. Use the diagram below to illustrate an increase in the price of potato chips Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Pretzels Tools S1 New line 01 Quantity of pretzels b. If the price of potato chips increases, the Click to select) pretzels wll Click to select). This...
The graph below depicts the market for cars. a. Use the diagram below to illustrate an increase in the price of steel Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Cars Tools New line D, Quantity of cars b. If the price of steel increases, the ((Click to select) and the equillbrium quantity to Click to selectl cars will...
29
The graph below depicts the market for shoes. a. Use the diagram below to illustrate that a less expensive material is developed for the soles of shoes. Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Shoes Tools New line 0 Quantity of shoes b. If a new, less expensive material is developed for the soles of shoes, the「TRT-e...
25
The graph below depicts the market for the market for an inferior good a. Use the diagram below to illustrate an increase in the income of buyers Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Good A Tools S, New ine 0, Quantity b. This increase in the income of buyers will cause the equilibrium price to Click...
29
The graph below depicts the market for shoes. a. Use the diagram below to illustrate that a less expensive material is developed for the soles of shoes. Instructions: Use the tool provided 'New line' to draw a new line that reflects the market effect of this event. Plot only the endpoints of the line. Market for Shoes Tools New line Q1 Quantity of shoes
30
The graph below depicts the market for oranges. a. Use the diagram below to illustrate that research indicated that drinking orange juice might increase the risk of health disease, while at the same time the economy is experiencing perfect growing conditions for oranges. Instructions: Use the tools provided D2 and S2' to draw new lines that reflect the market effect of this event. Plot only the endpoints of each line Market for Orange Juice Tools D2 9 Q, Quantity...
The graph below depicts an economy where an increase in aggregate demand has caused Inflation. The economy's current level of real GDP (Y2) is above Its long-run equilibrium, which is illustrated by the long-run aggregate supply curve (LRAS), and a price level (P2) above the equilibrium value of Pe. Without any fiscal policy, we expect the economy to eventually return to full employment on its own. Use the graph below to illustrate this process. Instructions: Use the tool provided to...
The graph below depicts an economy where a decline in aggregate demandes caused a recession. This economy current level of real GDP (Y) is below its long-run equilibrium, which is illustrated by the long run aggregate supply curve LRASL and price level P. below the equilibrium value of Without any fiscal policy, we expect the economy to eventually return to full employment on its own. Use the graph below to the Instructions: Use the tool provided to plot New Curve...
The figure to the right depicts the bond market. Show what will happen to interest rates if prices in the bond market become more volatile. 1. Using the line drawing tool, show the effect of this shock on the bond market. Properly label your line, 2. Using the point drawing tool, indicate the new equilibrium bond price and quantity. Label the point 2. Carefully follow the instructions above, and only draw the required objects. The effect of this shock will...
Gasoline Price Controls. The equilibrium price of gasoline is $3.00 and the equilibrium quantity is 100 million gallons. Suppose the government sets a maximum price of $2.90. (For producers, each $0.01 increase in price increases quantity supplied by 3 million gallons.) Gasoline market 1.) Use the line drawing tool to show the maximum price. Label this line 'Price Max'. 2.) Use the point drawing tool to indicate the quantity supplied under the maximum price and label that point 'b'. Price...
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