Homework Answers
It can be mentioned that there would be a shift in the supply of gasolinefrom S1 to S2 due to the positive effect of the non-price factors such as better technology improvement and this is because of the fact that if there is better technology the productivity would increase as a result of which is efficiency increases and with the increase in efficiency the supply curve shift from left to right it due to the increase in supply as a result of which the equilibrium supply level increases and equilibrium price decreases on the whole in that is the reason why it can be mentioned that
(d) is the answer to this question
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Price (per gallon) 2.50 0 100 200 300 400 500 600 Quantity of gasoline (per month)...
Even though the economy has been doing quite well in recent years (prior to the Covid-19...
Even though the economy has been doing quite well in recent years (prior to the Covid-19 pandemic) there are many places in the US where homeless populations are rising. If you were in charge of public spending to address the issue of homelessness what would you suggest? Provide at least two specific programs. HTML Fditan Price per gallon 5.00 8, 4.00 3.00 $ 2.00 1.00 0 100 200 300 400 500 600 Quantity of gasoline per month Afactor that may...
Question Completion Status: QUESTION 18 Price (per gallon) $5 S1 4 S2 3 2.50 2 1.50...
Question Completion Status: QUESTION 18 Price (per gallon) $5 S1 4 S2 3 2.50 2 1.50 D 0 100 200 300 400 500 600 Quantity of gasoline (per month) The figure above shows the gasoline market. Assuming the market is currently at equilibrium with S1, what would happen if a price was set at $2.00? Demand decreases O Pressures the price to rise O No effect on price O Pressures the price to fall
Question Completion Status: QUESTION 18 Price (per gallon) $5 S1 4 S2 3 2.50 2 1.50...
Question Completion Status: QUESTION 18 Price (per gallon) $5 S1 4 S2 3 2.50 2 1.50 D 0 100 200 300 400 500 600 Quantity of gasoline (per month) The figure above shows the gasoline market. Assuming the market is currently at equilibrium with S1, what would happen if a price was set at $2.00? Demand decreases O Pressures the price to rise O No effect on price O Pressures the price to fall
Scarcity exists when: O making choices among two or more alternatives is not necessary. individuals can...
Scarcity exists when: O making choices among two or more alternatives is not necessary. individuals can have more of any good without giving up anything. individuals can have more of one good but only by giving up something else. O resources are unlimited. Question 2 The slope of the PPF: O is the opportunity cost of the goods on each axis. O is the opportunity cost of the good on the horizontal axis. O is the opportunity cost of the...
Price (Dollars per TV set) Quantity Demanded Quantity Supplied 100 900 200 700 200 500 300...
Price (Dollars per TV set) Quantity Demanded Quantity Supplied 100 900 200 700 200 500 300 400 550 400 600 900 Use blue points (circle symbol) to plot Venezuela's demand curve on the following graph. Use orange points (square symbol) to plot Venezuela's supply curve. Then use the black point (cross symbol) to indicate the domestic market equilibrium. (Hint: Use all of the given points to plot the demand and supply curves.) Demand O Supply PRICE (Dollars per TV set)...
Question 41 Price (dollars per month) $2,500 Supply 2,000 1,500 1,000 500 Demand 0 200 400...
Question 41 Price (dollars per month) $2,500 Supply 2,000 1,500 1,000 500 Demand 0 200 400 600 Quantity In the figure above, suppose the government imposes a price floor of $2,000. What is the quantity demanded at the new price? 200 300 500 none of the above
Price Quantity demanded Quantity supplied 1 700 300 2 600 400 3 500 500 4 400...
Price Quantity demanded Quantity supplied 1 700 300 2 600 400 3 500 500 4 400 600 5 300 700 6 200 800 7 100 900 8 0 1000 Suppose that the production of good X generates external value of $3 per unit (due to lowering production of cost of another good Y) for the economy. What is the value of the appropriate corrective tax or subsidy? a) Subsidy - $3 b) Subsidy - $2 c) Tax - $3...
700 2 600 500 300 200 400 600 Tons of Agricultural products per year Figure 2.1...
700 2 600 500 300 200 400 600 Tons of Agricultural products per year Figure 2.1 9) Refer to Figure 2.1. If you choose to produce only agricultural products, what is the maximum quantity you can produce per year? A) 200 tons B) 400 tons C) 600 tons D)> 600 tons 10) Refer to Figure 2.1. What is the opportunity cost of increasing production of manufactured products from 500 tons to 600 tons per year? A) 200 tons of agricultural...
Refer to the picture. At a price of $2 there is a Price (dollars) -- -...
Refer to the picture. At a price of $2 there is a Price (dollars) -- - 150 250 350 Quantity surplus of 150 units shortage of 350 units surplus of 100 units shortage of 200 units Price Price (b) Quantity per period Quantity per period Price Price (d) Quantity per period Quantity per period A decrease in the fee charged for movie rentals would result in a change illustrated by: the move from j to k in Figure (c). the...
Pump prices slide as crude oil falls to six-year low The average price for regular gasoline...
Pump prices slide as crude oil falls to six-year low The average price for regular gasoline at U.S. pumps fell almost 4 cents in March to $2.50 a gallon. The price of crude oil dropped to $43.46 per barrel on March 17, the lowest since March 2009 Source: Bloomberg Business, March 23, 2015 Explain the effect of a lower crude oil price on the supply of gasoline. A fall in the price of crude oil will O A. lower the...
Even though the economy has been doing quite well in recent years (prior to the Covid-19 pandemic) there are many places in the US where homeless populations are rising. If you were in charge of public spending to address the issue of homelessness what would you suggest? Provide at least two specific programs. HTML Fditan Price per gallon 5.00 8, 4.00 3.00 $ 2.00 1.00 0 100 200 300 400 500 600 Quantity of gasoline per month Afactor that may...
Question Completion Status: QUESTION 18 Price (per gallon) $5 S1 4 S2 3 2.50 2 1.50 D 0 100 200 300 400 500 600 Quantity of gasoline (per month) The figure above shows the gasoline market. Assuming the market is currently at equilibrium with S1, what would happen if a price was set at $2.00? Demand decreases O Pressures the price to rise O No effect on price O Pressures the price to fall
Question Completion Status: QUESTION 18 Price (per gallon) $5 S1 4 S2 3 2.50 2 1.50 D 0 100 200 300 400 500 600 Quantity of gasoline (per month) The figure above shows the gasoline market. Assuming the market is currently at equilibrium with S1, what would happen if a price was set at $2.00? Demand decreases O Pressures the price to rise O No effect on price O Pressures the price to fall
Scarcity exists when: O making choices among two or more alternatives is not necessary. individuals can have more of any good without giving up anything. individuals can have more of one good but only by giving up something else. O resources are unlimited. Question 2 The slope of the PPF: O is the opportunity cost of the goods on each axis. O is the opportunity cost of the good on the horizontal axis. O is the opportunity cost of the...
Price (Dollars per TV set) Quantity Demanded Quantity Supplied 100 900 200 700 200 500 300 400 550 400 600 900 Use blue points (circle symbol) to plot Venezuela's demand curve on the following graph. Use orange points (square symbol) to plot Venezuela's supply curve. Then use the black point (cross symbol) to indicate the domestic market equilibrium. (Hint: Use all of the given points to plot the demand and supply curves.) Demand O Supply PRICE (Dollars per TV set)...
Question 41 Price (dollars per month) $2,500 Supply 2,000 1,500 1,000 500 Demand 0 200 400 600 Quantity In the figure above, suppose the government imposes a price floor of $2,000. What is the quantity demanded at the new price? 200 300 500 none of the above
700 2 600 500 300 200 400 600 Tons of Agricultural products per year Figure 2.1 9) Refer to Figure 2.1. If you choose to produce only agricultural products, what is the maximum quantity you can produce per year? A) 200 tons B) 400 tons C) 600 tons D)> 600 tons 10) Refer to Figure 2.1. What is the opportunity cost of increasing production of manufactured products from 500 tons to 600 tons per year? A) 200 tons of agricultural...
Refer to the picture. At a price of $2 there is a Price (dollars) -- - 150 250 350 Quantity surplus of 150 units shortage of 350 units surplus of 100 units shortage of 200 units Price Price (b) Quantity per period Quantity per period Price Price (d) Quantity per period Quantity per period A decrease in the fee charged for movie rentals would result in a change illustrated by: the move from j to k in Figure (c). the...
Pump prices slide as crude oil falls to six-year low The average price for regular gasoline at U.S. pumps fell almost 4 cents in March to $2.50 a gallon. The price of crude oil dropped to $43.46 per barrel on March 17, the lowest since March 2009 Source: Bloomberg Business, March 23, 2015 Explain the effect of a lower crude oil price on the supply of gasoline. A fall in the price of crude oil will O A. lower the...
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