If the market for hula hoops is characterized by a very inelastic supply curve and a very elastic demand curve, an outward shift in the supply curve would be reflected primarily in the form of: Question 6 options: lower output. higher prices. lower prices. higher output.
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- The supply curve depicts the relationship between price and quantity supplied holding other thingsconstant. What are those other things?a) None of the aboveb) The price of related goodsc) The production technology, cost of inputs, government regulations and firms' expectationsd) The income of consumers and consumer preferences21. 11. A store is having a massive sale on margarine. What happens to the demand for the substitute item called butter-show on a demand graph. Label everything always.Price per lb. 0 Select one: Q₂ Q₁ Quantity Refer to the above graph, which shows the market for chicken where D₁ and D₂ represent different demand curves. A change from E₁ to E₂ is most likely to result from: a. b. Supply an increase in expectations of higher future prices for chicken. an increase in consumer incomes. C. a decrease in the price of beef products. O d. an increase in the cost of chicken feed to produce chickens.
- Question 12 For a particular good, a 5 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? O a. There are many substitutes for this good. Ob. The good is a necessity. Oc. The market for the good is broadly defined. Od. The relevant time horizon is short.starting from an initial equilibrium in the market for large gas-guzzler cars, determine the effect on the effect on the equilibrium price and the equilibrium quantity of gas-guzzler cards, resulting from steep increases in the price of gasoline. Illustrate with a demand and supply diagram Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sureQuestion 8 (1 point). If X and Y are substitutes, and if the marginal cost of producing X increases, which of the following WILL occur? 1. The quantity demanded of X will decrease. II. The equilibrium price of Y will increase. III. The supply of X will increase. OI, II and III. I only. Il only. I and II only.
- Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity. In the market for airline tickets, airline carriers have drastically cut fares for international air travel resulting in 3% increase in ticket sales. Meanwhile, recent health considerations due to covid -19 have cause and 11% reduction in the demand for international travel. (i) Impact on Demand? (ii) Impact on Supply? (iii) Impact on Price? (iv) Impact on Quantity?1) A relative price isA) the ratio of one price to another.B) the difference between one price and another.C) the slope of the supply curve.D) the slope of the demand curve.Use supply and demand curves to illustrate and explain how each of the following events would affect the market for petrol in Singapore. Please explain and draw the daigram An increase in the demand for cars. A decrease in excise tax on petrol. A continuation of conflict between global oil suppliers. A global recession. A government subsidy paid to electric car manufacturers.
- Identify the effect each scenario would have on the market for various products.For each scenario:- Label the P & Q of the graph as well as the original supply curve, demandcurve, and market equilibrium (S1, D1, E1).- Identify whether it would first cause a shift in supply or demand and draw andlabel the new curve and market equilibrium (S2 or D2, E2)-Identify whether the equilibrium price and quantity will increase or decreasea. Insects kill half the nation’s tomato crop. What will happen to the market fortomatoes?b. The price of salmon, a substitute for tuna, skyrockets. What will happen to themarket for tuna?c. New assembly line technology makes it cheaper to produce car parts. Whatwill happen to the market for cars?for the production of versace wallets the prices of input have increased. Simultaneously,for the past four(4) market-periods preferences including taste has shown to favored this brand-of-wallets.Using the list of options of possible impacts, select what is happening in the following markets. Select the impact if any on:i.Supplyii.Priceiii.Quanityiv.Demand(1) A verticle demand curve results in (a) no change in quantity when the supply curve shift (b) no change in price when the supply curve shift (c) no change in supply ,curve being possible (d) no change in quantity when the demand curve shift
