Define the current status of supply and demand for gas. Identify at least one factor that has caused the supply curve to shift for that product or service. Identify at least one factor that has caused the demand curve to shift for that product or service
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- Define the current status of supply and demand for gas.
- Identify at least one factor that has caused the supply curve to shift for that product or service.
- Identify at least one factor that has caused the demand curve to shift for that product or service
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- Explanation of possible effects of higher oil prices on different types of firms and consumers.Problem 1: American Company is interested in obtaining quick estimates of the supply and demand curves for coal. The firm's research department informs you that the elasticity of supply is approximatively 1.7, the elasticity of demand is approximatively -0.85, and the current price and quantity are $41 and 1,206 respectively. Price is measured in dollars per ton, quantity the number of tons per week. a. Find the supply and demand equations b. Calculate the new demand curve if the demand shifted by + 5%. c. If the government refused to let Americans raise the price when demand increased in (b) above, what shortage is created? d. Show the shortage in a graph. Label your graph.Why do increased gas prices result in less consumer demand on other goods and services? The demand for gas is elastic The demand for gas is inelastic The demand for gas is unit elastic People like buying gas more than other goods
- Own price elasticity of demand for vibranium has been estimated at 0.8. As a result a mining accident, quantity decreases 3%. What is the predicted percent change in price? In calculating changes, you may be tempted to use midpoints. Don't. Trust me. Round the percent change to two decimal places and do not enter the % sign. If you predict a 10.125% decrease in price, enter -10.13.) Correct Answer 3.75QUESTION 2 Gas prices recently decreased by 50%. In response, purchases of gasoline increased by 5%. The price elasticity of demand for gas is: O-5 O-2 O-0.2 -0.1Assuming the Petroleum Company of Barbados did not issue a directive for an increase in supply and a decrease in demand, explain the problem that would exist in the economy and how would this be corrected over time. Discuss one factor EACH that you think influence demand and supply for water heaters. Provide examples
- If crude oil prices rise significantly, then heating oil prices will most likely: Decrease Increase Stay the sameThe yearly demand for bags of Chinese fortune cookies on the European market is given by Price (in GBP per bag) Quantity supplied (in 100,000,000 units) 0.50 0.60 0.70 0.80 0.90 1.00 1.10 19 16.5 14 12 7.5 5 4 As a result of a shock to the demand side, the equilibrium price changes from £0.80 to £0.70 mln. Calculate the price elasticity of supply.The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95e−3p2 + p, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥400. E = _____ Interpret your answer. The demand is going down/up by ____ % per 1% increase in price at that price level. Thus, a large price decrease/increase is advised. (b) At what price will revenue be a maximum? ____ hundred yen (c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) ______ paint-by-number sets per month
- A AWB Company is interested in obtaining quick estimates of the supply and demand curves for coal. The firm's research department informs you that the elasticity of supply is approximately 1.7, the elasticity of demand is approximately -0.85, and the current price and quantity are $41 and 1,206, respectively. Price is measured in dollars per ton, quantity the number of tons per week. Estimate linear supply and demand curves at the current price and quantity. Illustrate both curves on a diagram. What impact would a 10% increase in demand have on the equilibrium price and quantity? Illustrate this impact on similar diagram in part (i) If the government refused to the price increase when demand increased in (ii) above,how much shortage is created?. Mark the shortage on the diagram in part (ii)The demand and supply equations for product A are given by the following equations respectively : ?=40−5? ?=10+2.5?. Compute the price elasticity of demand and price elasticity of supply at equilibrium.Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel (b) demand. [Tunjukkan secara gambar rajah dan terangkan apa terjadi kepada pasaran minyak sekiranya harga tidak berubah meskipun permintaan bahan bakar.] wujud kebimbangan terhadap