EBK MICROECONOMICS
EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
Question
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Chapter 1, Problem 1.3P
To determine

(a)

To analyze: the effect of a booming economy in China on the price of world oil.

To determine

(b)

Effect of recession in economies on the price level of oil.

To determine

(c)

Effect of increase in production capacity of Iraq on the price level of the oil.

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Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.
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In April 2020, international oil prices fell down drastically, due to two major reasons, including the oil supply war going on between Saudi Arabia and Russia as well as the Covid-19-driven global crisis. Imagine a standard supply-demand model for the international price of oil. Which of the two curves (supply and/or demand) in your model need to shift in order to explain the observed drastic reduction in the oil prices due to the two above events? In which direction do they shift?   The supply curve shifts to the left and the demand curve shifts to the right. The supply curve shifts to the left and the demand curve shifts to the left. The supply curve shifts to the right and the demand curve shifts to the right. The supply curve shifts to the right and the demand curve shifts to the left. Only the supply curve shifts to the right. Only the demand curve shifts to the left
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