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- c. Consider the demand for wheat illustrate the following scenario: A gluten free (wheat free) diet has become an increasingly popular fad diet. More people, now than ever, are eating a wheat - free diet. d. Consider the supply of cotton illustrate the following scenario: Government regulations cause the production of cotton to become more expensive per unit. Can you draw the graphsExplain whether each of the following statements describes a change in demand or a change in quantity demanded. specify whether each change represents an increase or a decrease. d. Given the existing problems with its airbag system, Honda Motors has experienced a decline in sales of its Accord automobile. e. Ian, a manager at Kiddles Supermarket, decides to forego his vacation to New York when he learns that all employees’ salaries will be cut by 5 percent at the end of the month. The demand for stoves is given by QD=450−20? and the market supply is given by QS = 20 + 100P i. In equilibrium, how many stoves would be sold and at what price? ii. What would happen if suppliers set the price of stoves at $15? Explain the market adjustment process. iii. Using the response in part (i), calculate the price elasticity of demand for stoves when price changes to $10. b. The rent for apartments in Bridgetown has seen a significant increase during the pandemic. However demand has also seen a sharp…aloud Homework 1: Intermediate Microeconomics Name: please type your name here 3 b. C Edbp Ed = From Unit 2: A demand equation for beef is given below: Qd₂=4850-5 P₁+1.5 p,+0.11 where Qd, is the quantity demanded of beef, P, and P, represent the prices of beef and pork and I stands for income. Currently, I = $ 10,000, P, – $ 200 and P, = $ 100. Use the space beneath each question to type your answer. Feel free to add more space by hitting the return key. 5 Predict the quantity demanded of beef at the given values. Predicted Qdi Calculate the own-price elasticity of beef. The manager wants Total Revenue to increase. What should she do to the price of beef ? Calculate the cross-price elasticity between beef and pork ? Interpret this number. Calculate the income-elasticity of demand for beef. Will demand for beef be high during recessions? DU Q Search A _Ú L O - O í
- 8. Shifts in supply or demand I The following graph plots the market for scones in Denver, where there are always over 1,000 bakeries. Suppose the municipal government, in an attempt to increase the local tax base, issues $1,000 vouchers to each household that moves to Denver. As a result, many new families move into the city. Show the effect of this change on the market for scones by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per scone) QUANTITY (Scones) Supply Demand Demand Supply ? Now suppose Congress passes a tax cut that increases the income of Denver residents. If scones are a normal good, this will cause the demand for scones to increaseWhat is the difference between a "change in demand" and a change in "quantity demanded"? Holding demand constant, what is the only thing that can cause a change in quantity demanded and how it will be shown on a graph? What are the things that cause a change in demand and how it will be shown on a graph?Define law of demand? Also discuss the limitation of this law.
- 14. A supply and demand puzzle The following graph shows the market for roses in 2007. Between 2007 and 2008, the equilibrium quantity of roses remained constant, but the equilibrium price of roses increased. From this, you can conclude that between 2007 and 2008, the supply of roses and the demand for roses Adjust the graph to illustrate your answer by showing the positions of the supply and demand curves in 2008. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. (? Supply Demand Supply Demand QUANTITY (Roses) MacBook Air PRICE (Dollars per rose)HWICH DA) The following graph presents the market for bikes in 2017. Between 2017 and 2018, the equilibrium quantity of bikes remained constant, but the equilibrium price of bikes decreased. Given this information, you can conclude that between 2017 and 2018, the supply of bikes Increased and the demand for bikes increased Make changes to the graph to illustrate your answer by showing the positions of the supply and demand curves in 2018. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps backe to its original position, just drag it a little farther." PRICE (Dollars per bike) Supply Demand Demand Supply X ?What is meant by demand? Differentiate between the change in demand and quantity in demand. Also explain with diagram.
- Explain the following statements use supply-and-demand diagram where necessary. “An increase in the demand for notebooks raises the quantity of notebooks demanded but not the quantity supplied.” Is this statement true or false? Explain. Over the past 20 years, technological advances have reduced the cost of computer chips. How do you think this affected the market for computers? For computer software? For typewriters?Suppose that the demand and supply of liter of petrol are given in table 1 below: Price (RM) Quantity demanded (liter per day) Quantity supplied (liter per day) 0.80 8 24 0.75 10 22 0.70 12 20 0.65 14 18 0.60 16 16 0.55 18 14 Table 1 What is the equilibrium price and quantity of petrol, use a graph paper to draw a demand curve and supply curve based on the tableConsider each scenario independently. In each of the following cases tell me, usingwritten and graphical analysis (a - g). For Question 1. – 7. please see details below:Include the correct increase / decrease in the demand or supply include correct labelsinclude what will happen to the equilibrium priceinclude what will happen to the equilibrium quantityInclude a brief explanation1. What will happen in the market for wine if the price of cheese increases (wine andcheese are complements