Comment on whether the following statement is true or false. Explain your reasoning in 1-3 sentences. Because producers are profit-maximizers, the high price of electric vehicles will lead to an increase in the supply (ceteris paribus).
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- Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 29.0. When the price is $7.75, the quantity supplied of motorcycles is 65.0 and the quantity supplied of pancakes is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.When an economist states the supply of a product has decreased, he or she has concluded that a) A smaller quantity will be produced at every price b) The price is too high for equilibrium c)a greater quanity will produced at every price d) the price is too low equilibrium. e) demand was too high for producers to make a profit.Explain any 5 (five) factors that will lead to a decrease in supply of a good
- QUESTION 2 Mike notices that taking an Uber (ride-share service where price fluctuates with supply and demand) from his law firm's office in the city to his home normally costs $9 Monday to Thursday nights (x1 rate). But on Friday nights, as there are many people in the city drinking, the Uber costs up to $27 (x3 rate). Which of the following statements are true: Ceteris paribus, there should be less Ubers driving around on a Friday night due to the increased prices according to the law of supply. Ceteris paribus, Mike is more likely to take the bus home on a Friday night. Ceteris paribus, an Uber driver's working hours (individual quantity supplied) should increase on a Friday Night according to the law of supply. Ceteris paribus, an Uber driver will work more on a Tuesday night rather than a Friday night because of the higher rates, according to the law of supply.What is a relevant example of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Talk about the article and its findings, then include the URL.What is wrong with this statement? Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period.
- X is an inferior good. If there is an increase in incomes, then (quantity supplied,quantity demanded, supply, demand) for good X will (increase, decrease). This will cause the equilibrium price to (increase, decrease) and quantity to (increase, decrease). If a new type of fertilizer is invented that makes coconut trees twice as productive, the (quantity supplied, quantity demanded, supply, demand) for coconuts will (increase, decrease). This will cause the price to (increase, decrease) and quantity to (increase, decrease).Multiple Choice O O O D2 to D1 D3 to D1 Point b to point A Point a to point bThe task I am struggling with: Determine the supply and demand function and the equilibrium point.Graph the results.Demand. If a given product is priced at $7 per unit, there is a demand for 4 units;if a given product is priced at $6 per unit, there is a demand for 8 units.Supply. If a given product is priced at $9 per unit, suppliers are willing to produce4 units; if a given product is priced at $23 per unit, suppliers are willing toproduce 12 units. Thank you very much.
- 4:33 ◄ Search .5G 8+ 1) You are the admissions director at a college. You know there is high demand for your product. However, you only have space for a certain number of students. USE Some of the KEY TERMS listed to explain why you would (or would not) increase the price of attendance. 2) You are the admission director at a College. How do you convince graduating high school seniors to attend your college, instead of the University of Georgia. USE the KEY TERMS in the chapter. KEY TERMS are opportunity cost, budget constraint, comparative advantage, marginal analysis, opportunity set, positive statement, utility, allocative efficiency, invisible hand.Question 1 According to a researcher at the FDA, vegan foods are “the way if the future”. More persons have become health conscious and are looking for foods which will fit this lifestyle. One such food is the Beyond Burger, a plant-based alternative to beef. Notably, despite strong demand for beef burgers, the supply chain has seen a host of disruptions that are preventing producers from getting their products to market. Beyond Burger’s sales in Canada totaled $3.0 billion at the end of 2021, accounting for 20% of all retail sales of burger patties (meat used in burgers), and 40% of the larger market for vegan foods. By the end of 2025, sales of Beyond Burgers are projected to make up 40% of all burger sales. i. Illustrate and explain the effect of the increased use of Beyond Burgers on (i) the burger patties market and (ii) the vegan market. ii. How the supply chain issues affected the beef burger market and describe how this would be corrected without the introduction of the vegan…If there is an increase in supply for a product, how will market equilibrium be restored? As the product's price decreases, the quantity demanded increases until a new equilibrium is gained. As the product's price increases, the quantity demanded decreases until a new equilibrium is gained As the product's price increases, the quantity demanded increases until a new equilibrium is gained. As the product's price decreases, the quantity demanded decreases until a new equilibrium is gained.