Carefully explain what is happening in the following market.  Indicate the impact if any on demand, supply, price and quality. Electricity is a major input into the production of aluminum, and aluminum is a substitute in supply for steel.  In the market for steel the effect of an increase in price of electricity Impact on supply impact on price impact on quantity impact on demand

Question 2     Consider a good with a price floor that is above the equilibrium price. If demand decreases, what will happen to the price in the market and the amount produced? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a The price will increase and the amount produced will stay the same. b The price will stay the same and the amount produced will increase. c The price and the amount produced will increase. d The price will stay the same and the amount produced will decrease.

1. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price?

Refer to the above graph, which shows the market for beef where demand shifted from D₁ to D₂. The change in equilibrium from E, to E, cannot be a result of Multiple Choice a health report warning of the dangers of beef consumption a decrease in the productivity of cattle farms. buyers' expectations of lower prices for beef in the very near future. a widespread concern about mad - cow disease. Price Per Pound Nº a E2 Q₂ Quantity UT Supply D₂ 3 Refer to the above graph, which shows the market for beef where demand shifted from D₁ to D₂. The change in equilibrium from E₁ to E2 cannot be a result of