Homework Answers
A shortage , increase due to rise in input costs for production of hamburgers
B additional demand, increase due to complimentarity of 2 goods.
C decreasing demand, decrease due to inferiority of goods i.e, hamburgers
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QUESTION 18 Continue to consider what would happen in the market for hamburgers in the following...
Market SHOCKS Graphs. For each graph 17–25, show the Shift in Demand or Supply that will happen...
Market SHOCKS
Graphs.
For each graph 17–25, show the Shift in
Demand or Supply that will happen ON EACH GRAPH given event
described. Below each Graph predict what happens to Equilibrium
Price and Quantity (up or down). Put: Up, Down, or “?” (can’t
tell).
DOUBLE SHIFT -- Incomes FALL, and frozen French Fries
are considered an INFERIOR good to consumers; while at the same
time, Potato crops are abundant this year, due to excellent
weather!
P: _____ Q: _____
Price S,...
What happens to the market demand for McDonald’s hamburgers when ______? -McDonald’s reduces the price of...
What happens to the market demand for McDonald’s hamburgers when ______? -McDonald’s reduces the price of its hamburgers, while the price of Burger King’s hamburgers remains unchanged The question presents a change in the demand environment for McDonald’s hamburgers. The assumption of "ceteris paribus" (other things being equal) is made in each case. For each question, you should begin by drawing a typical market demand curve for McDonald’s hamburgers. For each question, you must both explain your answer verbally and...
What happens to the market demand for McDonald’s hamburgers when ______? Burger King increases the price...
What happens to the market demand for McDonald’s hamburgers when ______? Burger King increases the price of its hamburgers, while the price of McDonald’s hamburgers is unchanged. The question is presenting a change in the demand environment for McDonald’s hamburgers. The assumption of "ceteris paribus" (other things being equal) is made in each case. You should begin by drawing a typical market demand curve for McDonald’s hamburgers. You must both explain your answer verbally and illustrate your answer graphically. Label...
What happens to the market demand for McDonald's hamburgers when? BI. McDonald's increases the price of...
What happens to the market demand for McDonald's hamburgers when? BI. McDonald's increases the price of its hamburgers, while the price of Burger King's hamburgers remains unchanged. B2. Burger King reduces the price of its hamburgers, while the price of McDonald's hamburgers is unchanged. B3. Scientific stadies show that eating McDonald's hamburgers improves your These are three questions, each presenting a change in the demand environment for McDonald's hamburgers. chance of finding a great boyfriend or girlfriend. each question, you...
Explain what would happen to either the supply curve, the demand curve, the price of gasoline...
Explain what would happen to either the supply curve, the demand curve, the price of gasoline and the quantity of gasoline traded at equilibrium if the following scenarios occurred. Provide a simple sketch of the appropriate shift in the appropriate curve. If President Johnson (now “who is he?” hypothetically) relaxed the rules on “fracking” to extract oil from the ground, leading to higher efficiencies and lower costs in the production of oil, what would happen in the market for gasoline?
Suppose the market for coffee is in equilibrium. Explain (using graphs) what would happen to the...
Suppose the market for coffee is in equilibrium. Explain (using graphs) what would happen to the equilibrium price and equilibrium quantity of coffee in each of the following scenarios. Please place your final equilibrium effects on price and quantity in the SNoodle box below (Ge,just say Equilibrium price increase/decreased etc and equilibrium quantity increased/decreased etc.). Be sure to put your graphical analysis on your scratch paper to be turned in. Credit will be given not only for the correct answers,...
Consider the table above. If the price in the market is initially set at $2, what...
Consider the table above. If the price in the market is initially set at $2, what is the result in the market, and what will eventually have to happen to move the market to equilibrium? a. Shortage, price increase b. Shortage, price decrease c. Surplus, price increase d. Surplus, price decrease Suppose a market is initially in equilibrium. Then a change occurs and the equilibrium price decreases while the equilibrium quantity increases. What change occurred in the market to cause...
36) What would happen in the red apple market if the price of golden apples decreases?...
36) What would happen in the red apple market if the price of golden apples decreases? 36) A) The demand for red apples would increase B) The quantity demanded of red apples would increase C) The demand for red apples would fall. D) Nothing, they are separate and unrelated commodities. 37) Market demand shows: 37) A) the quantity of a good that one seller will sell at a given price B) the quantity of a good that one buyer will...
(below) to the following question: What is an example of (just) one thing that could happen...
(below) to the following question: What is an example of (just) one thing that could happen today in the United States, which would result in an increase in the Supply (Curve) of a product that you are familiar with? Before posting your answer, make sure to read the answers others have posted, to ensure that your example is different than the examples that they have used in their postings. Your posting should be at least two paragraphs long, and reference...
1. Based on the following information for the state of Montana, a. Draw the Production Possibilities...
1. Based on the following information for the state of Montana, a. Draw the Production Possibilities Curve. b. Determine the opportunity costs for a move from A to B; B to C; and C to D. CHOICE OIL / barrels WHEAT / bushels A 15000 0 B 12000 10000 C 7500 20000 D 0 25000 a.) b.) A to B: _____________ B to C: __________________ C to D: _________________ 2. State whether the following issues are macroeconomic or microeconomic in...
Market SHOCKS
Graphs.
For each graph 17–25, show the Shift in
Demand or Supply that will happen ON EACH GRAPH given event
described. Below each Graph predict what happens to Equilibrium
Price and Quantity (up or down). Put: Up, Down, or “?” (can’t
tell).
DOUBLE SHIFT -- Incomes FALL, and frozen French Fries
are considered an INFERIOR good to consumers; while at the same
time, Potato crops are abundant this year, due to excellent
weather!
P: _____ Q: _____
Price S,...
What happens to the market demand for McDonald's hamburgers when? BI. McDonald's increases the price of its hamburgers, while the price of Burger King's hamburgers remains unchanged. B2. Burger King reduces the price of its hamburgers, while the price of McDonald's hamburgers is unchanged. B3. Scientific stadies show that eating McDonald's hamburgers improves your These are three questions, each presenting a change in the demand environment for McDonald's hamburgers. chance of finding a great boyfriend or girlfriend. each question, you...
Suppose the market for coffee is in equilibrium. Explain (using graphs) what would happen to the equilibrium price and equilibrium quantity of coffee in each of the following scenarios. Please place your final equilibrium effects on price and quantity in the SNoodle box below (Ge,just say Equilibrium price increase/decreased etc and equilibrium quantity increased/decreased etc.). Be sure to put your graphical analysis on your scratch paper to be turned in. Credit will be given not only for the correct answers,...
36) What would happen in the red apple market if the price of golden apples decreases? 36) A) The demand for red apples would increase B) The quantity demanded of red apples would increase C) The demand for red apples would fall. D) Nothing, they are separate and unrelated commodities. 37) Market demand shows: 37) A) the quantity of a good that one seller will sell at a given price B) the quantity of a good that one buyer will...
(below) to the following question: What is an example of (just) one thing that could happen today in the United States, which would result in an increase in the Supply (Curve) of a product that you are familiar with? Before posting your answer, make sure to read the answers others have posted, to ensure that your example is different than the examples that they have used in their postings. Your posting should be at least two paragraphs long, and reference...
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