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Enumerate some (a) advantages and (b) disadvantages of learning the concept of demand and concept of supply.
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- Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand.(b) There are no exceptions to the law of demand.(c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term(e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.Plot the supply curve from the supply schedule information provided. (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change?The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price. Price Quantity ($) Demanded (thousands) Supplied (thousands) 40 50 60 70 100 Quantity 270 250 230 210 150 0 160 320 480 960 C (a) What is the price as a function of the quantity demanded? p=0 (Type an expression using q as the variable. Type your answer in slope-intercept form.) (b) What is the price as a function of the quantity supplied? p= (Type an expression using q as the variable. Type your answer in slope-intercept form.) (c) What is the market equilibrium price?
- Apply the concepts of supply and demand 'shifters' to a life experience. Pick a good or service from an own life which has had a significant change in price. Analyze the shifts in supply and demand.Enumerate Similarities of the concept of demand and concept of supply.Question: Explain the concept of supply and demand and how they interact to determine prices and quantities in a market.Please Dont use AI tool.
- Plot the supply curve from the supply schedule information provided. Price Quantity supply 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 Plot the demand curve from the demand schedule information provided. Price Quantity demanded 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth accarefully explain whats happening to the market for a regular cup of coffee. indicate the impact if any on demand supply price and quantity. a new study show many great health benefits of tea
- Provide examples and/or latest news or updates of the supply and demand in USAHow to identify supply and demandUse the supply and demand model to explain the change in price and/or quantity indicated. You will likely have to do some research to find the supply and/or demand shifters. Post your solutions including graphs and a detailed explanation of your reasoning.
