Cocoa (Cacao) beans and imported from South America. The government has decided to increase the tax on imported goods such as cocoa. What effect would this have on the market for hot cocoa?

Explain how each of the factors would or would not affect the price elasticity of demand for a good or service that your company (or a company for which you have an interest) produces?Help your classmates expand or re-focus on what they have observed.

Draw a supply and demand curve for oil. The government says we can no longer import oil from overseas, what happens to the supply or demand of oil? Why?

Suppose that the percentage change in supply is 15%, the price elasticity of supply is 3, and the percentage change in the equilibrium price is 3%. What is the price elasticity of demand? A) 3 B) 0 C) 1     D) 2   Suppose that the percentage change in supply is 25%, the price elasticity of demand is 1, and the percentage change in the equilibrium price is 5%. What is the price elasticity of supply? A) 2 B) 5 C) 4     D) 0   Suppose that the percentage change in demand is 16%, the price elasticity of demand is 1, and the percentage change in the equilibrium price is 4%. What is the price elasticity of supply? A) 2 B) 1 C) 3     D) 0

The market demand for milk in country x is 18 billion gallons per month,but the supply is 10 billion gallons per month. What must happen in order to achieve market equilibrium

If E were the old equilibrium in the market for wheat in the figure below, and E' the new one, which of the following could have caused the change? E' (E D' D2 Consumer income rose, causing a supply shift. Bad weather caused a supply shift. Supply and demand both shifted. Consumer income rose, causing a demand shift. All of the above are plausible descriptions. а. b. c. d. e.

Demand Assignment Turn in hard copy at the beginning of class on Tuesday (02/06). It will be easier to draw the graphs by hand as opposed to electronically but be sure they are legible and to scale. Use the following demand schedule for a market for oranges to answer the following questions. Price ($/1b) Quantity Demanded (1000 lbs) 50 40 30 20 10 0 0 1 2 3 4 5 1. Plot the demand curve. 2. Suppose average incomes in this market increase. Illustrate how this will impact the oranges market. Label the 'new' curve. 3. New scenario. Suppose the price of apples decreases. In a new chart, illustrate how this will impact the oranges market. 4. Provide another specific example of a factor that would increase the demand for oranges. 5. Provide another specific example of a factor that would decrease the demand for oranges.

LGlve Ust O Hint Question 15 of 24 Check Answer The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (Ib) 180 500 155 210 200 460 180 180 6. 250 410 200 160 5. 4 280 360 220 140 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? lb I quantity demanded, Cameroon: price, Cameroon: lb quantity demanded, Nigeria: price, Nigeria: %24 %24

The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity demanded (lb) Cameroon quantity supplied (lb) Nigeria quantity demanded (lb) Nigeria quantity supplied (lb) 8 180 500 155 210 7 200 460 180 180 6 250 410 200 160 5 280 360 220 140 4 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries?

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