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- How would you use the theory of Demand and Supply to explain a historical event? Your answer needs to provide at least three paragraphs. The first paragraph identifies and explains in your own words the historical event. The second paragraph identifies the supplier and consumers in the historical event. The third paragraph explains how the supply and demand changed to explain the historical event.Explain as completely as you can what an economist means by supply?How are quantity supplied and quantity demanded affected by changes in prices? Give an example of how these quantities might change if the price decreases.
- Use the supply and demand model to predict how each of the following events would affect the auto market. Tell whether the demand or supply curve shifts, whether it is an increade and decrease, and report your predicted changes in price and quantity. 1. The price of gasoline falls significantly. 2. Improved technology raises productivity on auto assembly lines by 20% 3. The government starts giving sizable subsidies to public transportation.Draw a graph: new equilibrium price supply and demand where as quantity is predicted and unpredicted?Name the three cases when both the demand and supply increases at a certain period of time?
- In each of the following cases, determine how supply or demand shifts and how the equilibrium changes. Select the correct answer in each blank space (_______) a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the __________________( *Supply of and demand for, *Supply of, or *Demand for) smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall) b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the _____________ ( *Supply of and demand for, *Supply of, or *Demand for) ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to __________ (*Rise, fall or remain unchanged, *Rise, *Fall) and the equilibrium quantity to __________ (*Rise, fall or remain…Demand, Supply, and Market Equilibrium - Think of a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc...). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? What would cause a change in demand versus a movement along the same demand curve for this product? How would you determine the new equilibrium price and quantity that result from these changes? Can you demonstrate some of these changes graphically? Price Elasticity of Demand - Consider a product that you have purchased recently. If the price of this item increases, how would you adjust your purchases? Is the Demand for this product Price Elastic or Price Inelastic? Justify your classification by applying the determinants of elasticity to…By using diagram, show the impact of a shift of demand or supply on the equilibrium point.
- With the aid of diagrams, evaluate why the price of commodity may increase using supply and demand analysis.Discuss how prices are determined in a market economy. Find a good/service for which the price has recently changed and try to provide an explanation as to why the price changed the way it did using the concepts of supply and demand. That is, if the price of that good/service increased (or decreased), explain why.The price of a gallon of gasoline has been rising in the last few weeks. Using the model of supply and demand, explain how this could happen