How will the equilibrium price of apples and the quantity of apples sold in the U.S....
How will the equilibrium price of apples and the quantity of apples sold in the U.S. be effected by these events?
1. A new federal program requires one apple to be included in each subsidized school lunch throughout the country.
2. A fungus wipes out many of the apple orchards in the state of Washington. (Washington produces well over 50% of the U.S. apple crop each year).
3. What will happen to the equilibrium price of apples and the quantity of apples sold in the United States if the events in 1 and 2 happen at the same time?
4. How will the two events in 1 and 2 affect the lives of vegetarians in the U.S.?
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How will the equilibrium price of apples and the
quantity of apples sold in the U.S....
Part 2. Show how the factors listed below would impact equilibrium price and quantity in the...
Part 2. Show how the factors listed below would impact equilibrium price and quantity in the market for apples. Start each part with a sketch of a market equilibrium diagram similar to Figure 3.7 on page 66 of the text. Label the initial equilibrium as P1 and Q1 and then show the new equilibrium as P2 and Q2. Provide arrows to show the direction of change for equilibrium price and quantity. Draw the Following: e) A frost kills one third...
without taxes, the market price per bag of apples is $5 and the equilibrium quantity is...
without taxes, the market price per bag of apples is $5 and the equilibrium quantity is 100 bags of apples. with a $2 tax per bag of apples, what will be the cost of production at the priginal equilibrium quantity?
How would the U.S. Market price of clothing and the quantity sold be impacted with the...
How would the U.S. Market price of clothing and the quantity sold be impacted with the following changes? Draw a separate diagram for each scenario a. Imposing Quotas on the import of foreign clothing b. An increase in income of U.S. citizens c. A decrease in the U.S. industry’s costs of producing U.S. clothing, due to advanced sewing methods.
5. How would each of the following events affect the equilibrium price and quantity of the...
5. How would each of the following events affect the equilibrium price and quantity of the new textbooks? Please show in three different graphs. a) The price of a used textbook reduces. b) The price of college tuition increases. c) More high school graduates decided to attend college.
1. What will happen to the equilibrium quantity and price of a product in a competitive...
1. What will happen to the equilibrium quantity and price of a product in a competitive market when the increase in demand exactly offsets the decrease in supply? A)Equilibrium quantity will increase and equilibrium price will decrease B)Equilibrium quantity will decrease and equilibrium price will increase C)Equilibrium quantity will increase and equilibrium price will stay the same D)Equilibrium quantity will stay the same and equilibrium price will increase 2. Which statement is not correct? A)If demand increases and supply decreases,...
Suppose Home has 300 units of labor. It can produce two goods, apples and bananas. In...
Suppose Home has 300 units of labor. It can produce two goods,
apples and bananas. In Home a worker can produce 3 apples or 5
bananas.
a. Graph Home's PPF, with apples in the horizontal axis
. b. What is the opportunity cost of apples?
c. In the absence of trade – when Home is isolated ‐ what would
the relative price be?
d. Now suppose there is another country, Foreign, with a labor
force of 200. In Foreign a...
Effect on equilibrium price and equilibrium quantity
Each of the following examples gives a non price factor that could change demand or supply. Illustrate this change graphically and then note the effect on equilibrium price and equilibrium quantity. Also, indicate the reason for the change.1. What is the effect in the market for family home swimming pools as consumers' income increases? 2. What happens in the market for albums by a recording group when it falls from popularity? 3. What will happen in the market for surfboards if the...
What would happen to the equilibrium price and quantity for automobiles if a war shut down...
What would happen to the equilibrium price and quantity for automobiles if a war shut down production of several automotive companies in the region? Explain and illustrate with a correctly-labeled graph. A false rumor that a precious metal necessary to make smartphones will soon be in desperately-short supply spreads among consumers. How will this affect the smartphone market? Explain and illustrate with a correctly-labeled graph. A fungus wipes out a significant percentage of tomato crops worldwide. How might this affect...
1. How does a market reach its equilibrium? What will happen if the market is not...
1. How does a market reach its equilibrium? What will happen if the market is not at the equilibrium and how to achieve the equilibrium back? (Based on the key terms: equilibrium price, equilibrium quantity, surplus and shortage). Question 2. What can cause a movement along a fixed demand curve and what causes shifts in the demand curve? (Based on key terms: determinants of demand). Question 3. What is the relationship between apple juice and orange juice? (hint: substitute or...
In answering the following questions, show whether the event is causing a change (shift or movement) in demand and/or supply and the consequent impact on the equilibrium price and equilibrium quantity.
a. Market for Flowers (Roses): Valentine's Day will definitely have an impact on the market for flowers. Suppose there is also severe frosty weather that affects growing flowers in days leading to Valentine's Day. Due to these events, what happens to the (1) demand for flowers, and (2) supply of flowers, and how will the (3) equilibrium price and (4) equilibrium quantity of flowers change?b. Market for Ice Cream: Suppose we are in summer and firms that produce ice cream...
Part 2. Show how the factors listed below would impact equilibrium price and quantity in the market for apples. Start each part with a sketch of a market equilibrium diagram similar to Figure 3.7 on page 66 of the text. Label the initial equilibrium as P1 and Q1 and then show the new equilibrium as P2 and Q2. Provide arrows to show the direction of change for equilibrium price and quantity. Draw the Following: e) A frost kills one third...
Suppose Home has 300 units of labor. It can produce two goods,
apples and bananas. In Home a worker can produce 3 apples or 5
bananas.
a. Graph Home's PPF, with apples in the horizontal axis
. b. What is the opportunity cost of apples?
c. In the absence of trade – when Home is isolated ‐ what would
the relative price be?
d. Now suppose there is another country, Foreign, with a labor
force of 200. In Foreign a...
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