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- Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand.(b) There are no exceptions to the law of demand.(c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term(e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.1. Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. 2. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. 3. If the United States can increase its production of automobiles without decreasing its production of any other good, the United States must have been producing at a point on its PPF. within its PPF. beyond its PPF. None of the above is correct because increasing the production of one good without decreasing the production of another good is impossible. 4. Which of the following is true? productive or technical efficiency occurs anywhere on the production possibilities curve opportunity cost can be measured by the slope of the PPC curve (frontier) allocative efficiency occurs at a…Price Panel (a) Panel (b) Z D₁ Quantity Quantity Panel (c) Panel (d) XX Quantity Quantity Figure 3 a. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for women's clothing. Which panel best describes what happens in this market when the wages of seamstresses rise? b. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for almonds. Which panel best describes what happens in this market when there is an increase in the productivity of almond harvesters? c. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for Fruitopia, a soft drink. Which panel describes what happens in the market for Fruitopia when the price of Snapple, a substitute product, decreases? d. Refer to Figure 3. Assume that the graphs in this figure represent the demand and supply curves for potatoes and that steak and potatoes are complements. What panel describes what happens in this…
- (ii) Demonstrate and discuss each of the following would have on demand or supply ofcoffee. Additionally, show how equilibrium price and quantity have changed.a. A better method of harvesting coffee beans is introduced.b. Medical researchers found that intake of more than two cups of coffee per daydrastically decreases risk of liver cancer.c. Currently, the price of coffee is ₹15 per cup above equilibrium.d. Consumer income falls because of a recession and coffee is considered anormal good.e. . Protesting liberal milk powder import policy, farmers dump millions of litresof milk, causing milk prices to rise.1. The graph below shows the Demand Curve and Supply Curve for a particular item (a) Label the Demand Curve and the Supply Curve. (b) Explain how you know which curve is the Demand curve and which curve is the Supply curve. (c) Label the Equilibrium Point (re. Pe) and mark z, and p, on the appropriate axes. (d) Shade and label the region whose area represents the Producer Surplus. (e) Shade and label the region whose area represents the Consumer Surplus. Show Transcribed Text S 2. The demand function for a product is p product is p²+12r+23. C and the supply function for the same (a) Sketch the graph of both the supply and demand functions (on the same axes) for 0 ≤ ≤ 10. Clearly label the axes and the curves (b) Find the equilibrium point (hint: do this with your calculator). Label the equi- librium point on your graph above. (c) Find the consumer's surplus at the equilibrium point. Show your organized work.Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qd) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change? Question 1 - Learning Activity 4.4 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated…
- Please assistNote:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.An upward-sloping supply curve shows that:(a) Buyers are willing to pay more for particularly scarce products.(b) Suppliers are willing to increase production of their goods if they receive higher prices for them.(c) Suppliers expand production as the product price falls.(d) Buyers are willing to buy more as the product price falls.