Homework Answers
6. A) If the new research shows that eating Lay's potato chips is linked to having a high IQ, it will increase demand for Lay's potato chips. Therefore, (i) Demand curve will shift Rightward and (ii) As a result equilibrium market clearing price will Rise.
B) A tornado destroys a large percentage of potato fields, decreasing the supply of potato chips. Demand for French onion dip skyrockets. French onion dip is a complimentary good of potato chips. So increase in demand for French onion dip will also increase demand for Lay's potato chips.
Decrease in supply increases equilibrium price of Lay's potato chips and decreases equilibrium quantity of Lay's potato chips. Increase in demand increases both equilibrium price and Quantity of potato chips. As a combined result, equilibrium price increases and equilibrium quantity may increase or decrease.
Therefore, (iii) supply curve shifts L.
iv) Demand curve shifts R.
v) Market clearing price R.
C) The event will decrease supply of Lay's potato chips. This will shift the supply curve leftward. As a result equilibrium price increases and equilibrium quantity decreases.
Therefore, (vi) S curve shifts L.
vii) Market clearing price R.
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6. For each of the following events, indicate (1) which curve will shift on the graph...
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2. For each of listed events, identify the figure above [i.e. Figures 1-16) that best represents...
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Please help with these questions
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Which of the following events could have caused the demand curve
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a technological advance in the application of computer for each following events, - indiacte which curve(s)...
a technological advance in the application of computer
for
each following events,
- indiacte which curve(s) of the thai economy--the aggregate
demand(AD),short-run aggregate supply(SRAS),long-rub aggragte
supply(LRAS),or any combination of the three-- will initally
shift;
-specify the direction of the shift of the curve(s)moving to
the right or to the left.
(i) A technological advance in the application of computers. i) A drought in Thailand's North and Northeast.
Indicate how you think each of the following would shift demand in the indicated market: a. The incomes of buyers in the market for used Ford Fusions decreases. The demand curve would [ (Click to select) b. Buyers in the market for pizza read a study linking pepperoni consumption to weight gain. The demand curve would (Click to select) c. Buyers in the market for gas-powered cars learn of a decrease in the price of electric cars (a substitute for...
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5. How is each of the following events likely to shift the supply curve or the demand curve for fast-food hamburgers in the United States? Make sure you indicate which curve (curves) is affected and if it shifts out or in. a. The price of beef triples. b. The price of chicken falls by half. c. The number of teenagers in the economy falls due to population aging. d. Mad cow discase, a rare but fatal medical condition caused by...
2. For each of listed events, identify the figure above [i.e. Figures 1-16) that best represents the stated outcome. In each case, identify the ultimate impact on market equilibrium u quantity and price generally expected given the course of events (indicate by stating either "increase" decrease", "no change", or "indeterminate"). Example: Farmed salmon market "Changes in government regulations reduced the number of firms provided formed salmon. At the same time i.e. simultaneous to the regulatory change), the consuming public's opinion...
Please help with these questions
Question 5 0.4 pts Which of the following lists three main characteristics of a competitive market? many buyers and few sellers, similar products, easy entry into the market O many buyers and sellers, differentiated products, easy entry into the market many buyers and few sellers, unique products, barriers to entry into the market O many buyers and sellers, similar products, barriers to entry into the market O many buyers and sellers, similar products, easy entry...
1. Consider the market for oranges in North America. For each of the events listed here, identify the figure above [i.e. Figures 1-16) which best represents the outcome in the orange market. Hints: See pp. 76-83 in Chapter 4 of the course text book. See also Sections 4.2 and 4.3 in the Chapter 4 Student Package, along with TYU Problems and Applications and their answers. Example: Average household income increases in the ice cream market. Answer: Figure 1 [i.e. an...
Which of the following events could have caused the demand curve
to shift?
Figure 2.5 Price $10- 0 2 4 6 5 10 Quantity 75. (Figure 2.5) Which of the following events could have caused the demand curve to shift? I. The price of a substitute good decreased. II. The price of a complement good increased. III. The income of consumers increased. IV. The number of buyers in the market increased. A) B) C) D) I, II, III and IV...
Instructions: In group of 2 or 3 students, discuss the following problems. Graph a D or S curve for each of the situations below and clearly show if there is a movement or shift of the curve. If there is a shift of the curve, write below the graph the factor shifting the curve. Clearly label your graphs and indicate the factor shifting the curves, 13. Suppose the demand and supply for milk are described by the following equations: Q...
a technological advance in the application of computer
for
each following events,
- indiacte which curve(s) of the thai economy--the aggregate
demand(AD),short-run aggregate supply(SRAS),long-rub aggragte
supply(LRAS),or any combination of the three-- will initally
shift;
-specify the direction of the shift of the curve(s)moving to
the right or to the left.
(i) A technological advance in the application of computers. i) A drought in Thailand's North and Northeast.
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