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Illustrate and explain how the market for milk in the US economy will maintain equilibrium over time given the problem that will exist with current demand conditions
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- What are some general factors that can impact the demand for a product and the supply of a product? Identify at least two factors for each and explain the different ways these determinants can shift supply and demand either left or right.Suppose both supply and demand increase. What effect will this have on the equilibrium quantity? Explain; graphs are recommendedHow will an increase in population growth in Rock Hill affect the equilibrium price and quantities of residential houses? Plot a chart with supply and demand curves to illustrate your idea.
- Begin with the market for chocolate in equilibrium. What will happen to the supply of chocolate if producers and consumers expect the price of chocolate to rise in the future? Will the supply of chocolate increase, decrease, or stay the same if producers expect prices to rise in the future? A increase B decrease C) stay the sameDraw a supply and demand curve for oil. The government says we can no longer import oil from overseas, what happens to the supply or demand of oil? Why?What is the difference between a change in demand and a change in quantity demanded? Supply and quantity supplied? Give an example of what could cause a change in each? Explain how a freely operating market could eliminate shortages and surpluses.(Go through the steps in the process). What role do prices play in this process? What is the U.S. GDP for the 1st quarter of 2017? What some of the reasons economists have given for the rather dismal growth rate? How has our GDP done over the past 10 years? List out each year's GDP. How has China done over the same period? India? On April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What will the likely effect of this policy be? When comparing the GDP of different countries, two issues immediately arise. What are these issues and how does one account for these while comparing the GDP for different countries? Say that the average worker in…
- Demand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.Begin with the market for chocolate in equilibrium. What will happen to the demand of chocolate if producers and consumers expect the price of chocolate to rise in the future? Will the demand of chocolate increase, decrease, or stay the same if consumers expect prices to rise in the future? A increase B decrease stay the sameNow suppose that a political crisis in the Middle East lead to a decrease in the supply of petrol by 8 liter per day at every price. Show the change in the graph paper and show the new equilibrium position. What is the new equilibrium price of petrol, what is the new equilibrium quantity of petrol? Price (RM) Quantity demanded (liter per day) Quantity supplied (liter per day) 0.80 8 24 0.75 10 22 0.70 12 20 0.65 14 18 0.60 16 16 0.55 18 14 Table 1
- Suppose that there is an increase in the equilibrium price (=rent) and quantity (=units rented) of condos in Santa Barbara. Which of the following could be the cause of this change? The demand for condos increased and the supply did not change. The supply of condos increased and the demand for condos did not change. Both the demand and supply of condos decreased. Both the demand and the supply for condos increased and supply increased by more than the demand.Describe and give a reason for the law of supply. The law of supply indicates that producers will produce and sell ( more, less ) of their product at a high price than at a low price. This means that there is a ( positive, negative ) relationship between price and quantity supplied. The basic explanation is that, given product costs, a higher price means greater profits and thus more incentive for business to increase the quantity suppliedWhich of the following is true about quantity supplied? * The quantity supplied of a good is equal to the difference between the quantity available and the quantity desired by all consumers and producers. The quantity supplied of a good is the same thing as the quantity demanded at each price. The quantity supplied of a good is the amount that the producers are planning to sell at a particular price during a given time period. The quantity supplied of a good is the amount the firm would sell if it faced no resource constraints.
