Economy
Assignment: Supply and Demand of Coffee
A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week’s assignment, you get a chance to demonstrate your ability to analyze the effects of several “shocks” to the market for coffee. Answer all parts of each of the scenarios below.
Scenario 1: Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.
Scenario 2: Suppose the National Institutes of Health publishes a study finding that coffee drinking reduces the probability of getting colon cancer. How do you imagine this will affect the market for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.
Scenario 3: Combine parts 1 and 2. Suppose that the U.S. government reduces the tariff on imported coffee, and a reputable study is published indicating that coffee drinkers have lower rates of colon cancer. What will the combined impact be on the equilibrium price and quantity of coffee? Explain your reasoning and show graphically. Make sure you think this through carefully!
Criteria | Not Evident | Developing | Proficient | Distinguished | Weight |
Explain how tariffs impact the supply and demand of coffee | 4 | ||||
Graphically show the impact of tariffs on supply and demand | 3 | ||||
Explain how the NIH study impacts the supply and demand of coffee | 4 | ||||
Graph how the NIH study impacts the supply and demand of coffee | 3 | ||||
Explain and show what would happen with reduced tariffs and the NIH study on coffee | 6 |
Homework Answers
A key skill in economics is the ability to use the theory of supply and demand...
A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week’s discussion, you get a chance to demonstrate your ability to analyze the effects of several “shocks” to the market for coffee. Choose one of the three scenarios below. Scenario 1: Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for...
A key skill in economics is the ability to use the theory of supply and demand...
A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week's assignment, you get a chance to demonstrate your ability to analyze the effects of several "shocks' to the market for coffee. Answer all parts of each of the scenarios below Scenario 1: Suppose that, as part of ah international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the...
Please assist with each scenario. Thank you 8:40 ALO a ... * . 80% + Expert...
Please assist with each scenario. Thank you
8:40 ALO a ... * . 80% + Expert Q&A 0 + Question: A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. Below are three scenarios in which you will get a chance to demonstrate your ability to analyze the effects of several shocks to the market for coffee. Answer all parts to each of the scenarios. Scenario 1. Suppose that, as...
Analyze the effects of several “shocks” to the market for coffee. Choose one of the three...
Analyze the effects of several “shocks” to the market for coffee. Choose one of the three scenarios below. Scenario 1: Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain...
Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on...
Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.
Only provide your opinions when specifically called for. In all other cases your answer(s) should rely on the text...
Only provide your opinions when specifically called for. In all other cases your answer(s) should rely on the text and module materials and not on the internet, showing your capacity to apply the appropriate economic principles and concepts correctly. A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week's discussion, you get a chance to demonstrate your ability to analyze the 5 effects of several "shocks" to...
1) A key skill in economics is the ability to use the theory of supply and...
1) A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week’s discussion, you get a chance to demonstrate your ability to analyze the effects of a “shock” to the market for the automobile manufacturing in the U.S.. Make sure to support your idea with at least one source. State whether the reality is as you expected. Scenario: Suppose that the U.S. government increases the tariff on imported...
plz solve question 4 market for coflco? b) WhTCh o or show graphically with before- and...
plz solve question 4
market for coflco? b) WhTCh o or show graphically with before- and after-curves on the same axes, the shifn that occurs How will this change the equilibrium price and quantity of coffee? Explain your reasoning Suppose the Autoworkers Union representing workers at the Kentucky BMW plant negotiate a $5.00 an hour wage increase. a) How do you imagine this will affect the market for BMW cars/SUVs? b) Which determinant of demand or supply is being affected?...
Equilibriums and Tariffs 14. Cheap sunglasses. The demand for cheap sunglasses is given by D(p) = 100–2 p and the suppl...
Equilibriums and Tariffs
14. Cheap sunglasses. The demand for cheap sunglasses is given by D(p) = 100–2 p and the supply curve is given by S(p) = 3 p. (a) Compute the equilibrium price and equilibrium quantity of cheap sun- glasses. (b) Sketch both the demand and supply curves on the same graph (be sure to label your axes correctly). (c) Determine the value of consumer surplus and producer surplus at the equilibrium values. Suppose all sunglasses are imported from...
4. Using the long-run model of the economy developed in Chapter 3, explain and/or show graphically...
4. Using the long-run model of the economy developed in Chapter 3, explain and/or show graphically the impact of increased investment demand has on the economy. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction curves shift; and v. the terminal equilibrium values. Be sure to explain what happens to: i. the real interest rate; ii. national saving; iii. investment; iv. consumption; and v. output. 5. Using the long-run model of...
A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week's assignment, you get a chance to demonstrate your ability to analyze the effects of several "shocks' to the market for coffee. Answer all parts of each of the scenarios below Scenario 1: Suppose that, as part of ah international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the...
Please assist with each scenario. Thank you
8:40 ALO a ... * . 80% + Expert Q&A 0 + Question: A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. Below are three scenarios in which you will get a chance to demonstrate your ability to analyze the effects of several shocks to the market for coffee. Answer all parts to each of the scenarios. Scenario 1. Suppose that, as...
Only provide your opinions when specifically called for. In all other cases your answer(s) should rely on the text and module materials and not on the internet, showing your capacity to apply the appropriate economic principles and concepts correctly. A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week's discussion, you get a chance to demonstrate your ability to analyze the 5 effects of several "shocks" to...
plz solve question 4
market for coflco? b) WhTCh o or show graphically with before- and after-curves on the same axes, the shifn that occurs How will this change the equilibrium price and quantity of coffee? Explain your reasoning Suppose the Autoworkers Union representing workers at the Kentucky BMW plant negotiate a $5.00 an hour wage increase. a) How do you imagine this will affect the market for BMW cars/SUVs? b) Which determinant of demand or supply is being affected?...
Equilibriums and Tariffs
14. Cheap sunglasses. The demand for cheap sunglasses is given by D(p) = 100–2 p and the supply curve is given by S(p) = 3 p. (a) Compute the equilibrium price and equilibrium quantity of cheap sun- glasses. (b) Sketch both the demand and supply curves on the same graph (be sure to label your axes correctly). (c) Determine the value of consumer surplus and producer surplus at the equilibrium values. Suppose all sunglasses are imported from...
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