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- Question 23 Which of the statements below is true? ORAfim eaming zero economic profits is not earning its opportunity cost OA The value of service provided by the miltary is included in GDP at market value Oc hcome resulting from unemployment benefts is included in GDP O& Other things equal in a market in equilbrum, any change in a determinant of demand will change the equilibrium quantity suppliedCarefully explain what is happening in the following markets. Indicate the impact if any on demand,supply,price and quantity. Choose answer from the following ; no impact, excess supply,shift inwards to left,increase equilibrium price,shift outwards to right, decrease equilibrium quantity,increase towards equilibrium,increase equilibrium quantity, decrease towards equilibrium, change in quantity uncertain, excess demand,decrease equilibrium,change in price uncertain 1d) Electricity is a major input the production of aluminum,and aluminum is substitute in supply for steal ,the effect of an increase in price of electricity.What would be the predicted impact on the labor market of a decrease in the productivity of labor? a. An increase in equilibrium wage, and an increase in equilibrium quantity of labor. b. A decrease in equilibrium wage, and a decrease in equilibrium quantity of labor. C. An increase in equilibrium wage, and a decrease in equilibrium quantity of labor. d. A decrease in equilibrium wage, and an increase in equilibrium quantity of labor.
- Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.Describe the mechanism by which supply creates its osi1 demand.Suppose one thousand (1000) units of product Aare produced by XYZ limited and the quantity demade for the product is two thousand (2000)units .All other things remaining constant,$18 change in price of product A results in change quantity demaded and supplied of 6 and 9 respectively.XYZ limited has a work force of 500 people who Pay income tax of $200 each . Calculate the equilibrium price and equilibrium quantity.
- Suppose thne supply and deman in the figure below. Answer the following questions. curves for gas are shöwn A Hat BIG to 5 Quantity (1,0005 gailns)In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand.i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time. iii. Illustrate the effect of major gasoline suppliers increasing supply as well as usersreducing their demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price…In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time.
- IV. Before the pandemic, face masks were only used in certain hospitals handling highly contagious pulmonary diseases such as San Lazaro Hospitals and the ICUs of every hospital. However, studies and other health organizations and agencies talk about it’s effectiveness to prevent people from contracting the virus. Which of the following non-price determinants will affect the demand and in what way? How will it affect the country’s economy?Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q The government imposed a P300 tax on Producers Draw the graph for item 2 Determine the New eQIn the market for a nonrenewable natural resource, the equilibrium price is the price that gives suppliers an expected profit equal to the The equilibrium quantity is OA. interest rate; constantly decreasing OB. inflation rate; constantly decreasing C. inflation rate; equal to zero in the long run D. inflation rate; the quantity demanded at that price E. interest rate; the quantity demanded at that price J % 5 6 3 Oll & 7 8 9 0 Next T tact L +