using separate demand and supply diagrams explain the effect on the price and quantity of smartphones if the electronic worker's wages rises
In the market for smartphones, electronic workers are hired as labor units to produce smartphones. When their wages are increased, cost of production is increased. This reduces the production and hence, supply decreases. As a result, there is a leftward shift of the supply curve and at the new equilibrium, price is increased but quantity is reduced
using separate demand and supply diagrams explain the effect on the price and quantity of smartphones...
using separate demand and supply diagrams explain the effect on the price and quantity of smartphones if the price of music streaming subscription falls?
Using separate demand and supply diagrams for A), B), and C) below, explain the effect on the price and quantity of smartphones if: A) The price of a music streaming subscription falls (4 marks) B) Electronics workers’ wages rise (4 marks) C) The events described in A) and B) above occur together (4 marks)
Consider the market for smartphones. Suppose the price of a smartphone rises. Explain the effect of this event on the quantity of smartphones demanded and on the demand for smartphones. O A. The quantity of smartphones demanded increases and the demand for smartphones is unchanged. O B. The quantity of smartphones demanded increases and the demand for smartphones also increases. OC. The quantity of smartphones demanded decreases and the demand for smartphones is unchanged. O D. The quantity of smartphones...
1. Explain each of the following statements using supply-and-demand diagrams. a. “When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country.” b. “When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets.” c. “When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls.” Hints: • Draw both supply and demand curve of...
Using Supply and Demand Diagrams, Show the effect of the following eventson the market for computers, Draw one graph for each part. All universities mandate income Freshmen to have access to computers. Show in a diagram the direction that demand curve moves what happened to the equilibrium price and quantity? Several components used in the construction of computers become cheaper. Show in another diagram the direction the supply curve moves what happens to the equilibrium price and quantity?
17. Using separate diagrams for each of the following events, show the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the events. a) A FDA report reveals that consumption of mint leads to a decrease in body fat. What happens to the mint market? b) A survey indicates that chocolate is American’s favourite ice cream flavour. What is the effect on the chocolate ice cream market if a new innovation...
Explain, with the use of demand and supply diagrams, the effect of the following events on the market for solar panels: i. The price of solar panels has fallen to below the market equilibrium price. ii. The price of electricity for an average household has increased by 50 percent
Using supply-and-demand diagrams, show the effect of the following events on the market for Pickles. Comment on what happens to the equilibrium price and quantity 24. (5pts.) Half the population suddenly became allergic to cucumbers 25. (5pts.) The government removes tariffs on cucumber imports
5. If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or 6. If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on Under which circumstances does the tax burden fall entirely on consumers? İpts on price? Ipts quantity? 1pts 8. What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower...
Using supply-and-demand diagrams, show the effect of the following events on the market for Pickles. Comment on what happens to the equilibrium price and quantity. 22. (5pts.) An early frost cut cucumber production by 25 percent 23. (5pts.) Fast food restaurants were required to put pickles on all hamburgers