ased on the information given in the following scenarios, graphically illustrate the following changes in the equilibrium price and/or equilibrium quantity: Note: You may use fictitious figures to motivate your answer. Your answer must include a discussion of the graph. The market for coffee has been relatively stable in the past. However, following a labour union strike among factory workers, the wage rate of factory workers in the coffee industry was renegotiated upwards (increased). At the same time, a study was published claiming significant health benefits coffee from drinking coffee daily. Therefore, coffee has become more attractive to consumers.

Using the supply and demand framework, predict the impact on the equilibrium quantity of cars if consumer incomes decrease. Group of answer choices -Not enough information -Quantity stays the same -Quantity Decreases -Quantity Increases

Hand written solutions are strictly prohibited

The following graph input tool shows the daily demand for hotel rooms at the Peacock Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Initial Value Average American household income $40,000 per year Roundtrip airfare from New York (JFK) to Las Vegas (LAS) $200 per roundtrip $250 per night Room rate at the Grandiose Hotel and Casino, which is near the Peacock Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (?) Market for Peacock's Hotel Rooms 500 Price 350…